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Impact of Savings Education on Adults’ Ability to Set Personal Savings Targets

Abstract

Savings education refers to learning activities that equip adults with knowledge and skills for planning, managing, and achieving personal savings goals. The ability to set personal savings targets is important because clear savings goals can help adults plan their finances, prepare for future needs, and develop disciplined saving habits. However, limited knowledge of savings planning may make it difficult for adults to establish realistic and measurable savings targets. Therefore, this study examines the impact of savings education on adults’ ability to set personal savings targets. Savings education can expose adults to concepts such as savings goals, income allocation, saving frequency, target amounts, time frames, and methods of monitoring savings progress. Through practical exercises, examples, demonstrations, and financial planning activities, adults can learn how to establish savings targets based on their financial circumstances and intended objectives. Such education can also help learners understand the importance of setting specific and achievable savings targets. Adults’ ability to set personal savings targets refers to their capacity to determine a specific amount of money to save, establish an appropriate time frame, and develop a clear target for achieving a personal financial objective. Effective target-setting requires adults to consider their available resources, expected needs, saving periods, and desired outcomes. Savings education can strengthen this ability by providing practical knowledge and opportunities to practise developing realistic savings targets. The study will adopt a survey research design. The population will consist of adults participating in selected adult education programmes, while an appropriate sample will be selected using a suitable sampling procedure. Data will be collected using a structured questionnaire designed to measure exposure to savings education and adults’ ability to set personal savings targets. The data obtained will be analysed using appropriate descriptive and inferential statistical techniques. The study is expected to establish that savings education has a positive impact on adults’ ability to set personal savings targets. It is expected that adults exposed to relevant savings education will demonstrate improved ability to identify savings objectives, determine realistic target amounts, establish appropriate time frames, and organize their savings plans. The findings will have implications for teaching and learning in adult education programmes. Facilitators can incorporate practical savings exercises, personal financial scenarios, target-setting activities, and simple savings plans into adult education lessons. These approaches can help adults connect financial concepts with their everyday circumstances and develop practical skills for planning personal savings. The study will be significant to adult learners, adult education facilitators, community learning centres, financial literacy organizations, and policymakers. Adults may benefit from improved ability to establish clear savings objectives and organize their financial plans, while facilitators can use the findings to strengthen practical financial education. Organizations involved in financial literacy may also benefit from evidence on the value of savings education for adult learners. The study will recommend that practical savings target-setting activities be incorporated into relevant adult education programmes. Facilitators should use realistic financial examples, simple planning tools, and guided exercises to help adults develop specific and achievable savings targets. The study concludes that effective savings education can improve adults’ ability to establish personal savings targets and strengthen their capacity for purposeful financial planning.

Keywords: Savings education, adult education, savings targets, financial literacy, savings planning, personal finance, financial planning, savings goals, target setting, saving habits, financial awareness, money management, financial decision-making, personal budgeting, adult learners