FINANCIAL LITERACY: A PANACEA TO POVERTY REDUCTION IN NIGERIA
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IAEME
Abstract
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There are a number of intelligences that humans’ are expected to possess in order
to maximise life on the earth. These intelligences include spiritual, mental, physical,
social and financial. Whereas all the different intelligences are important
determinants of wellbeing, financial intelligence (FI) is pivotal for individual/family
prosperity. Unfortunately, the configuration of Nigeria education curriculum at all
levels does not include financial intelligence. This lacuna in the educational system
has been reckoned to have contributed to the ever increasing rate of poverty in
Nigeria. This paper theoretically discussed financial intelligence as a panacea to
winning the war against poverty in Nigeria. The discussion covered an overview of the
laws of financial intelligence, personal financial statement, the psychology of wealth
creation and sources of passive income as well as the process of financial freedom
among others. The paper concludes that if financial intelligence is embraced at the
same level with other intelligence, the incidence of poverty in Nigeria will plummet
significantly.
Keywords
HF5601 Accounting