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Effect of Adult Education on Adults’ Understanding of Financial Service Fees

Abstract

Financial service fees are charges associated with the use of financial products and services, including account maintenance, electronic transfers, withdrawals, card services, and other transactions. Understanding these fees is important because limited knowledge may lead adults to incur unexpected costs, make inappropriate financial decisions, or avoid useful financial services. Adult education can provide practical knowledge that enables adults to interpret fee information and make informed choices. Therefore, this study examines the effect of adult education on adults’ understanding of financial service fees. Adult education can introduce learners to common types of financial service fees and explain how such charges are applied to different transactions. Through practical lessons, examples, discussions, and demonstrations, adults can learn to identify transaction charges, distinguish between different fee categories, and recognize the conditions under which fees may apply. Such learning can improve their ability to examine financial service information before making transactions. Understanding financial service fees refers to adults’ ability to recognize, interpret, and explain charges associated with financial services. Adults who understand these fees are more likely to identify the cost of a transaction, compare charges across available services, and recognize additional costs before using a financial product. Adult education can therefore contribute to improved understanding by providing learners with practical knowledge and opportunities to apply fee information to everyday financial situations. The study will adopt a survey research design. The population will consist of adults participating in selected adult education programmes, while a sample will be selected using an appropriate sampling procedure. Data will be collected using a structured questionnaire designed to measure exposure to adult education and adults’ understanding of financial service fees. The data collected will be analysed using appropriate descriptive and inferential statistical techniques. The study is expected to establish that participation in adult education is positively associated with adults’ understanding of financial service fees. It is expected that adults who receive relevant educational instruction will demonstrate greater ability to identify different charges, interpret fee information, recognize transaction costs, and distinguish between stated and additional service charges. The findings will have implications for the teaching and learning of financial literacy within adult education programmes. Adult education facilitators can incorporate practical financial-service examples, sample fee schedules, transaction scenarios, and guided interpretation activities into lessons. This approach can make learning more practical and help adults apply financial knowledge to everyday decisions. The study will be significant to adult learners, adult education facilitators, financial service providers, community education centres, policymakers, and organizations involved in financial literacy development. Adults may benefit from improved understanding when selecting and using financial services, while facilitators can use the findings to strengthen financial literacy instruction. Financial service providers may also gain insight into areas where customers require clearer explanations of fees. The study will recommend the inclusion of practical financial service fee education in relevant adult education programmes. Adult education providers should use simple explanations, real-life transaction examples, and practical exercises to strengthen adults’ ability to interpret charges. Financial service providers should also present fee information clearly and accessibly. The study concludes that effective adult education can contribute to better understanding of financial service fees and support more informed financial decisions among adults.

Keywords: Adult education, financial literacy, financial service fees, transaction charges, service charges, financial awareness, consumer financial knowledge, financial decision-making, banking services, electronic transactions, account fees, withdrawal charges, transfer fees, fee interpretation, financial information