Financial literacy, cashless transactions, and financial management practices during policy-driven monetary reforms

The transition toward a cashless economy significantly alters financial behavior, particularly among youths exposed to rapid digital adoption. This study investigates youth financial management practices in Abuja, Nigeria, during the Central Bank of Nigeria’s Naira redesign policy (December ۲۰۲۲ – March ۲۰۲۳). Utilizing a descriptive survey design, the research analyzed data from ۱۵۰ respondents across five key districts: Garki, Wuse, Maitama, Kubwa, and Asokoro. Key dimensions of financial behavior, including budgeting, saving, spending, digital tool adoption, and financial literacy, were assessed using structured questionnaires. Findings reveal that the cash scarcity period fostered positive behavioral shifts: youths demonstrated improved budgeting (Mean = ۳.۸۴۲), prudent spending (Mean = ۳.۷۷۴), and increased financial literacy (Mean = ۳.۹۸۸). Notably, digital financial tool adoption was significantly high (Mean = ۴.۱۰۲), underscoring the policy’s role in accelerating fintech integration. While saving habits remained moderate (Mean = ۳.۶۱۵) due to income constraints, the overall results suggest the policy enhanced financial discipline. The study concludes that the Naira redesign induced positive adjustments but highlights persistent challenges regarding infrastructure disparities. It emphasizes the necessity for targeted financial literacy programs and inclusive policies to bolster long-term youth financial resilience within evolving, cashless digital economies.

کلیدواژه ها:

financial management ، Cashless transactions ، digital finance ، Financial Literacy ، Policy intervention