DIGITAL FINANCIAL LITERACY AND CASHLESS PAYMENT ADOPTION AMONG BUSINESS EDUCATION UNDERGRADUATES IN BAYELSA STATE, NIGERIA

Abstract

This study examined the relationship between digital financial literacy and cashless payment adoption among Business Education undergraduates in tertiary institutions in Bayelsa State, focusing on two dimensions of digital financial literacy: knowledge of digital financial tools and transaction skills. A correlational research design was adopted, guided by two research questions and two hypotheses. The population comprised all Business Education undergraduates in Bayelsa State, Nigeria, from which a sample was selected through proportionate stratified random sampling. Data were collected using a structured instrument titled “Digital Financial Literacy and Cashless Payment Adoption Questionnaire (DFLCPAQ)”, validated by three experts and subjected to reliability testing, yielding a Cronbach Alpha coefficient of 0.85. Pearson Product-Moment Correlation was employed to test the hypotheses at a 0.05 significance level. Findings revealed a strong positive relationship between knowledge of digital financial tools and cashless payment adoption, and a significant positive relationship between transaction skills and cashless payment adoption. The study concluded that digital financial literacy is a critical determinant of students’ readiness to adopt cashless payment systems. It was recommended that Business Education departments incorporate digital financial literacy training into their curriculum and that institutions organize workshops to build students’ competence in using cashless transaction tools.