Financial inclusion remains a critical development challenge in Nigeria, where approximately 38% of the adult population is excluded from formal financial systems. While financial education has been widely proposed as a mechanism for improving financial inclusion outcomes, the extent to which income level moderates this relationship remains underexplored, particularly within the Nigerian context. Drawing on a large-scale cross-sectional survey of 7,774 respondents across Nigeria's six geopolitical zones, this study investigates how financial education influences financial inclusion and whether income level moderates this association. The study controls for participant age, prior education, and financial literacy. Using ordinary least squares (OLS) regression with robust standard errors, the findings reveal that financial education is a significant and positive predictor of financial inclusion. Income level is found to be a significant moderator: higher-income individuals derive greater financial inclusion benefits from financial education than their lower-income counterparts. Financial literacy and prior education emerge as important control variables that independently explain variation in financial inclusion outcomes. These results carry substantial implications for policymakers, financial regulators, and development practitioners seeking to design targeted interventions that bridge the financial inclusion gap in Nigeria. The study contributes to the growing body of literature on behavioral finance, financial development, and inclusive growth in Sub-Saharan Africa.
Onipe Adabenege Yahaya (Mon,) studied this question.
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