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Effect of Financial Literacy Campaigns on Budgeting Behaviour among Accounting Education Students in Nigerian Polytechnics

Abstract

Financial literacy is an important competency for Accounting Education students because it equips them with the knowledge and skills required to make informed financial decisions, manage income and expenditure, develop budgets, control spending, and plan for future financial needs. Despite their academic exposure to accounting and financial concepts, some Accounting Education students may experience difficulties applying financial knowledge to their personal financial decisions. Poor budgeting practices may contribute to unplanned spending, inadequate savings, difficulty managing limited income, and weak financial planning. Financial literacy campaigns provide an avenue for improving students’ understanding of budgeting, saving, expenditure control, financial planning, responsible borrowing, and other personal financial management practices. Through structured educational campaigns, students may acquire practical knowledge that can influence their budgeting decisions and financial behaviour. Against this background, this study investigates the effect of Financial Literacy Campaigns on budgeting behaviour among Accounting Education students in Nigerian polytechnics. The study will be anchored on the Financial Literacy Theory, Theory of Planned Behavior, and Social Cognitive Theory. Financial Literacy Theory explains how financial knowledge and understanding influence individuals’ ability to make appropriate financial decisions. The Theory of Planned Behavior emphasizes the roles of attitudes, subjective norms, perceived behavioural control, and behavioural intentions in shaping students’ budgeting practices. Social Cognitive Theory explains how financial behaviour may develop through observation, learning experiences, self-efficacy, reinforcement, and interaction with the social environment. Collectively, these theoretical perspectives provide a suitable framework for explaining how Financial Literacy Campaigns may influence budgeting behaviour among Accounting Education students. The study will adopt a quantitative quasi-experimental research design. The population will comprise Accounting Education students enrolled in selected Nigerian polytechnics. A multistage sampling technique will be used to select states, polytechnics, departments, levels of study, classes, and eligible students. Data will be collected using structured questionnaires, financial literacy assessment scales, budgeting behaviour scales, personal budgeting exercises, financial-planning tasks, budget preparation activities, expenditure-recording exercises, and pre-test and post-test assessments. Financial Literacy Campaigns will be assessed using indicators such as exposure to financial literacy sessions, frequency of campaigns, budgeting education, income-management education, expenditure planning, saving education, financial goal setting, spending control, needs-versus-wants education, responsible borrowing, debt management, emergency planning, financial record keeping, personal cash-flow management, financial decision-making education, digital financial literacy, banking awareness, investment awareness, financial fraud awareness, consumer rights awareness, financial information evaluation, financial counselling, peer financial education, practical financial exercises, financial workshops, seminars, educational materials, digital financial content, financial simulations, case studies, group activities, individual exercises, demonstrations, question-and-answer sessions, practical budgeting tasks, feedback, self-assessment, and follow-up activities. Students’ budgeting behaviour will be assessed using indicators such as budget preparation, income estimation, expenditure planning, spending prioritization, needs-and-wants differentiation, expense tracking, spending-limit setting, adherence to budgets, savings allocation, emergency-fund planning, financial goal setting, monitoring of financial goals, adjustment of budgets, avoidance of unnecessary expenditure, comparison shopping, financial record keeping, cash-flow monitoring, responsible use of credit, debt repayment planning, avoidance of excessive borrowing, evaluation of financial alternatives, planned purchasing, impulse-spending control, financial decision-making, savings consistency, expenditure review, monthly budget preparation, weekly spending planning, allocation of income, monitoring of deviations from planned expenditure, financial self-control, financial discipline, and overall budgeting behaviour. Descriptive statistics will be used to summarize students’ demographic and academic characteristics, financial literacy levels, exposure to Financial Literacy Campaigns, and budgeting behaviour. Inferential statistical techniques, including paired and independent t-tests, analysis of covariance (ANCOVA), chi-square tests, correlation analysis, and multiple regression analysis where appropriate, will be used to determine the effect of Financial Literacy Campaigns on students’ budgeting behaviour. Where a quasi-experimental design is adopted, budgeting behaviour scores before and after exposure to the campaign may be compared with those of a control group receiving conventional instruction to determine changes associated with the intervention. Diagnostic tests will also be conducted to assess the reliability, validity, and robustness of the findings. The study is expected to find that Financial Literacy Campaigns have a significant positive effect on budgeting behaviour among Accounting Education students in Nigerian polytechnics. Students exposed to structured financial literacy campaigns are expected to demonstrate improved ability to prepare budgets, plan expenditure, control spending, allocate income, save consistently, and make informed financial decisions. Budgeting education may strengthen students’ understanding of how to prepare realistic personal budgets. Income-management activities may improve students’ ability to identify available financial resources and allocate them appropriately. Expenditure-planning exercises may strengthen students’ ability to prioritize essential expenses. Needs-and-wants education may improve students’ ability to distinguish necessary purchases from discretionary spending. Expense-tracking activities may encourage students to monitor their actual spending patterns. Spending-limit exercises may improve students’ ability to control expenditure and remain within predetermined financial limits. Savings education may strengthen students’ commitment to regular saving and financial goal achievement. Emergency-planning activities may improve students’ awareness of the importance of preparing for unexpected financial needs. Financial-goal-setting activities may encourage students to establish and monitor short-term and long-term financial objectives. Practical budgeting exercises may improve students’ ability to apply financial knowledge to realistic personal financial situations. Responsible-borrowing education may strengthen students’ understanding of appropriate credit use and debt obligations. Debt-management activities may improve students’ ability to plan repayment and avoid excessive borrowing. Financial-record-keeping activities may strengthen students’ ability to maintain accurate records of income and expenditure. Digital financial literacy activities may improve students’ ability to use digital banking and financial-management tools responsibly. Financial fraud-awareness activities may strengthen students’ ability to recognize potentially fraudulent financial practices. Consumer financial education may improve students’ ability to evaluate financial information and make informed purchasing decisions. Financial counselling and peer-learning activities may provide additional support for developing responsible budgeting practices. However, the effectiveness of Financial Literacy Campaigns may be constrained by limited financial resources, peer pressure, family financial demands, social-media influence, inadequate access to financial education programmes, irregular income, rising living costs, impulsive spending tendencies, limited savings opportunities, poor financial self-control, and inadequate institutional support for practical financial education. The study therefore expects accessible, practical, continuous, and contextually relevant Financial Literacy Campaigns to contribute significantly to improved budgeting behaviour among Accounting Education students in Nigerian polytechnics. The study is expected to contribute to the literature on Financial Literacy Campaigns, budgeting behaviour, financial literacy, personal financial management, budgeting practices, savings behaviour, expenditure management, financial planning, responsible borrowing, debt management, financial decision-making, digital financial literacy, financial education, student financial behaviour, Accounting Education, practical financial education, financial self-control, financial discipline, and student development in Nigeria. The findings will provide useful information to the National Board for Technical Education, polytechnic administrators, Accounting Education departments, accounting educators, financial institutions, financial literacy organizations, curriculum developers, student-support units, professional accounting bodies, policymakers, and other relevant stakeholders regarding strategies for strengthening students’ financial management competencies. The study will also provide evidence-based recommendations for integrating financial literacy campaigns into Accounting Education programmes, providing practical budgeting education, strengthening students’ expenditure-planning and savings skills, promoting responsible borrowing and debt management, improving digital financial literacy, incorporating personal financial-management exercises into classroom instruction, organizing regular financial literacy workshops, providing accessible financial counselling, and developing sustainable financial education programmes for Accounting Education students in Nigerian polytechnics.

Keywords: Financial Literacy Campaigns, budgeting behaviour, financial literacy, personal budgeting, expenditure planning, savings behaviour, financial planning, financial management, financial decision-making, digital financial literacy, financial education, Accounting Education students, Nigerian polytechnics, Nigeria.