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This paper seeks to explain the concept of financial literacy as a vehicle for economic
development in Nigeria. Adequate knowledge of finance is needed for individuals to
function properly in the area of economic decision making. Financial knowledge is neither
a luxury nor a matter of convenience. Rather it has become an integral tool for survival in
today’s economy. This is due to the fact that the lack or low levels of financial knowledge
could lead to the choice and implementation of poor financial decisions which could be
injurious to individuals and the entire society. It is against this background that this paper
argues that the promotion of financial literacy by financial institutions affects users of
financial products and services in a positive manner. The paper concludes that financial
literacy encourages financial access and savings which invariably increases economic
growth, reduces poverty levels, enhance livelihoods and leads to overall economic
development.
