| Notes |
Abstract: The researchers investigated the financial literacy and marketing skill needs of Business Education students in Colleges of Education in North-East for self-reliance in Nigeria. The study was guided by two specific objectives with corresponding research questions and two null hypotheses. The design for the study was a descriptive survey. The population was 1,850 final-year students in the nine Colleges of Education in that offers business education in the study area. The researchers randomly sampled 400 students for the study. The instrument for data collection was a 4-point scale structured questionnaire. The instrument was validated by three experts and pilot tested. A Cronbach Alpha reliability coefficient of 0.81 for financial literacy and 0.84 for marketing skills were obtained. The researchers collected the data using a face-to-face approach at each institution aided by six research assistants. The data collected were analyzed using mean and standard deviation to answer the research questions, while Analysis of Variance (ANOVA) was employed in testing the null hypotheses at 0.05 level of significance. The outcome of the study indicated that the financial literacy and marketing skill needs of business education students for self-reliance in Nigeria were very high. It was concluded that the inability to provide students with these skills, which are indispensable for producing self-reliant graduates, will lead to an increase in the rate of business failures and unemployment. It was recommended that curriculum planners should integrate practical financial management and digital marketing modules to enhance students’ capacity to initiate and sustain businesses upon graduation.
Keywords: Financial literacy, Marketing skills, Business Education, Entrepreneurship education, Self-reliance.
INTRODUCTION
Education play a vital role on human capacity development as it provides the learners with knowledge, skills and other proficiencies required for self-reliance and gainful employment for individual and national economic growth. In developing nations such as Nigeria, the aim of education is to promote literacy and numeracy among the citizens; produce manpower that can think creatively, solve problems, becomes self-reliant and contributes to the national economic and political development (Adeyemo & Oluwatobi, 2018). In Nigeria, one of the programme offer at tertiary that is expected to provide students with knowledge and skills for self-employment is Business education, business education. It is a specialized programme offered at tertiary institutions designed to provide students with the requisite knowledge, skills, and attitudes to function effectively in place of work and business-related environments. Rooted from the National Policy on Education in Federal Government of Nigeria (FGN, 2014), the philosophy of business education programme is to preparing students not only for the teaching profession and office work but also for self-reliance. Some of the skills provided to students for self-reliance include financial literacy and marketing skills. These skills are vital for 21st-century employability. According to Adamu and Muktar (2018), financial literacy focus on providing training and skills that will enable students to manage capital, understand taxation, and perform budgeting, the authors states that the marketing skills focus on providing students with market gaps and reach customers effectively. These skills are essential for students to transform entrepreneurial ideas into sustainable ventures. Thus the programme focus on developing
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students that can explore opportunities, venture into it and contribute to economic growth through self-employment. Despite the laudable objective of business education, studies have shown that many graduates of colleges of education lack the requisite skills and competencies to achieve self-reliance upon graduation. For instance, the study conducted by Adebayo and Oladipo (2019) reported that the problem of unemployment among business education graduates is largely attributed to insufficient critical skills for financial management and market penetration that are fundamental for entrepreneurial initiatives and innovation. According to the author, financial literacy enables students to ensure business longevity through prudent resource use, while marketing skills allow them to create value and attract a loyal customer base.
The implications of lack of these skills are significant for both students and the nation. Ezeani and Ezeani (2017) reported lack of adequate financial and marketing skills diminishes the ability of student to be employed or engage in business activities for self-reliance. These could hamper economic diversification and innovation in the country which will lead to increase in the rate of unemployment in the country. By implication, lack of these skills will affects the ability of students to engage in entrepreneurial activities. This will limit their ability to establish and sustain businesses that could reduce unemployment in the country. This could explain why unemployment is always at increasing rate in the country. Report from the National Bureau of Statistics (2023) indicated that unemployment rate among graduates in Nigeria was 5.0% in the third quarter of 2023 and in the early 2024, the rate rose to 5.3%. The report indicated that underemployment youths in the country was 11.1% of the population. The situation increased in 2024 where the unemployment rate rose to 6.8% with significant number of them from post-secondary education graduates. The statistics in alarming and it is indicator that there is a mismatch between educational outcomes and employability needs of the graduates. The situation is also the same with graduates of business education in which the objectives of the programme is to equip students with entrepreneurial and managerial competencies for addressing unemployment. It is based on these that the study sought to (1) determine the financial literacy skills need of business students in colleges of education in North-east for self-reliance in Nigeria; and (2) assess the marketing skills needs of business students in colleges of education in North-east for self-reliance in Nigeria.
Research Questions
In line with the specific objectives, the following research questions were raised
1. What are the financial literacy skill needs of business education students in colleges of education in North-east for self-reliance in Nigeria?
2. What are the marketing skill needs of business education students in colleges of education in North-east for self-reliance in Nigeria?
Research Hypotheses
The following null hypotheses were formulated and tested at 0.05 level of significance
1. There is no significant difference in the mean responses of business education students in Accounting, Entrepreneurship, Marketing, and Office Technology and Management (OTM) options on financial literacy skill needs.
2. There is no significant difference in the mean responses of business education students in Accounting, Entrepreneurship, Marketing, and OTM options on marketing skill needs.
REVIEW OF RELATED LITERATURE
The importance of financial literacy and marketing skills on business initiative and self-reliance cannot be overemphasized. Financial literacy provides an individual with the ability to manage personal and business finances effectively. Lusardi and Mitchell (2014) were of the view that financial literacy enables individuals to make informed financial decisions and avoid debt traps. According to Fatoki (2014) and Remund (2010), no business will flourish without sound financial planning, budgeting, and investment knowledge. Equally, Kotler and Armstrong (2018) stated that marketing skills complement technical ability by enabling the identification of customer needs and the creation of value-driven exchanges. It was
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reported by Obeidat (2016) that marketing proficiency enhances competitive advantage and entrepreneurial success. The authors stated that financial and marketing skills of students can be improved through experiential learning and practical workshops.
METHODOLOGY
A descriptive survey design was used for the study. The population was 1,850 final-year Business Education students in the nine Colleges of Education in North-East Nigeria. The researchers applied stratified random sampling technique to select 400 students that participated in the study. The instrument for data collection was a researchers-designed questionnaire titled Financial Literacy and Marketing Skill Assessment Inventory (FLMSAI). The instrument was validated by three experts in Business Education and Measurement and Evaluation. The input of the expert was used to improve on the quality of the instrument. A pilot test was conducted at the Federal College of Education, Kano. The instrument yielded a Cronbach Alpha coefficients of 0.81 for financial literacy and 0.84 for marketing skills. The instrument was confirmed reliability. Data collection involved direct administration by trained assistants for the period of six weeks. The collected data were analyzed using mean and standard deviation for research questions and Analysis of Variance (ANOVA) was use for testing the null hypotheses at a 0.05 significance level.
RESULTS
Research Question: what is the financial literacy skill needs of business education students in colleges of education in North-east for self-reliance in Nigeria?
The items used to determine the financial literacy needs of the students for self-reliance is presented in Table 1. From the Table, the mean items scores ranging from 2.95 to 3.65, with standard deviations between 0.537 and 1.000. Items such as ability to prepare and manage a business budget (M = 3.61, SD = 0.617) and competence in understanding taxes, debts, and financial obligations (M = 3.65, SD = 0.537) were particularly notable. All ten items scored above the minimum mean of 2.50. The cluster means of 3.18 confirms that financial literacy skills are needed for promoting self-reliance among Business Education students. Table 1: Mena and standard deviation on the financial literacy needs of business education students for reliance.
S/no
Statement
Mean
Std. Dev
Remark
1.
Ability to prepare and manage a business budget.
3.61
.617
Needed
2.
Proficiency in maintaining financial records of business transactions.
3.20
.715
Needed
3.
Capacity to make sound financial decisions in business.
3.31
.864
Needed
4.
Expertise in calculating profit and loss accurately.
3.12
.795
Needed
5.
Dexterity in handling petty cash and bookkeeping.
3.13
1.000
Needed
6.
Knowledge of capital sourcing and loan management.
2.95
.990
Needed
7.
Skill in interpreting and analyzing financial statements.
2.95
.798
Needed
8.
Aptitude for cost control and pricing strategy.
3.11
.998
Needed
9.
Efficiency in saving and investing business income.
3.16
.834
Needed
10.
Competence in understanding taxes, debts, and financial obligations.
3.65
.537
Needed
Cluster Mean
3.18
.875
Needed Research Question 2: what is the Marketing skill needs of business education students in colleges of education in North-east for self-reliance in Nigeria?
The finding of research question 2 documented in Table 2 disclosed the mean scores for marketing skills ranged from 2.93 to 3.65 with standard deviations from 0.533 to 1.014. Important items such as ability
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to understand and satisfy customer demands (M = 3.55, SD = 0.646) and knowledge in organizing distribution strategies effectively (M = 3.65, SD = 0.533) show high relevance. Though mastery in determining competitive product pricing (M = 2.93, SD = 0.996) was among the lowest, it still meets the benchmark for needed. The cluster means of 3.22 indicates that marketing skills are needed by students for self-reliance. Table 2: Mena and standard deviation on the Marketing needs of business education students for reliance.
S/no
Statement
Mean
Std. Dev
Remark
11.
Ability to understand and satisfy customer demands.
3.55
.646
Needed
12.
Skill in creating compelling advertisement designs.
3.22
.731
Needed
13.
Expertise in applying marketing strategies for business growth.
3.30
.861
Needed
14.
Dexterity in promoting products/services through diverse channels.
3.14
.807
Needed
15.
Capacity to develop and manage a brand identity.
3.10
1.014
Needed
16.
Mastery in determining competitive product pricing.
2.93
.996
Needed
17.
Efficiency in gathering and interpreting market data.
2.97
.809
Needed
18.
Aptitude for using social media for marketing outreach.
3.10
.998
Needed
19.
Competency in maintaining long-term customer relationships.
3.17
.839
Needed
20.
Knowledge in organizing distribution strategies effectively.
3.65
.533
Needed
Cluster Mean
3.22
Needed Hypothesis one: there is no significant different in the mean responses of male and female business education students in colleges of education in North-east on the financial literacy skill needs for self-reliance in Nigeria. Table 3 present the outcome of hypothesis one which examined whether there was a significant difference in mean responses regarding financial literacy skill needs. The ANOVA test yielded a statistically significant result (F = 14.602, p = .000). The null hypothesis was rejected, confirming that the perceived need for financial literacy skills varies significantly among students in different Business Education specializations. Table 3: Analysis of Variance on difference on the Critical Thinking Skills Need among business education students based on their option Sum of Squares Df Mean Square F Sig. Between Groups 49.219 3 16.406 14.602 .000 Within Groups 407.855 363 1.124 Total 457.074 366 The finding of Post Hoc analysis documented in Table 4 for the test of null hypothesis one on financial literacy skill needs, showed that students in Marketing and OTM perceived a greater need for financial literacy skills than their counterparts in Accounting and Entrepreneurship. Although it may seem unexpected. Accounting students, who are typically more familiar with financial principles, reported a lower perceived need. This suggests that students who do not specialize in financial courses are more likely to feel the need for financial literacy to succeed in entrepreneurial ventures. The statistically significant differences (p < 0.001) support the idea that non-financial students may be less confident and more eager to acquire financial knowledge for business purposes.
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Table 4: Post Hoc Multiple Tests on difference on the Critical Thinking skills need of business education students based on their option (I) Grouping (J) Grouping Mean Difference (I-J) Std. Error Sig. Accounting Entrepreneurship -.271 .139 .212 Marketing -.899 .168 .000 OTM -.902 .176 .000 Entrepreneurship Accounting .271 .139 .212 Marketing -.628 .156 .000 OTM -.631 .165 .001 Marketing Accounting .899 .168 .000 Entrepreneurship .628 .156 .000 OTM -.003 .189 1.000 OTM Accounting .902 .176 .000 Entrepreneurship .631 .165 .001 Marketing .003 .189 1.000 Hypothesis 2: there is no significant different in the mean responses of male and female business education students in colleges of education in North-east on the Marketing skill needs for self-reliance in Nigeria. The test of null hypothesis two is as presented in Table 5. The results on the marketing skill needs of students shows a significant result (F = 6.756, p = .000). Since the p-value was less than the alpha value (.000<0.05), the null hypothesis was rejected. This suggests that students from different options hold varying views about the importance of marketing skills for self-reliance. Table 5: Analysis of Variance on difference on the Marketing Skills Needs among business education students based on their option Sum of Squares df Mean Square F Sig. Between Groups 30.872 3 10.291 6.756 .000 Within Groups 552.932 363 1.523 Total 583.804 366
Regarding the Post hoc for the null hypothesis two, the results documented in Table 6 which examined marketing skill needs, the Post Hoc analysis indicated that students in Marketing and OTM once again rated these skills significantly higher than Accounting students. The significant differences between Accounting and both Marketing and OTM (p < 0.01) suggest that these two specializations value customer relations, advertising, branding, and digital outreach more than Accounting and Entrepreneurship students. While Entrepreneurship students showed moderate interest, their responses did not significantly differ from the other groups.
Table 6: Post Hoc Multiple Tests on difference on the Marketing Skills Need of business education students based on their option (I) Grouping (J) Grouping Mean Difference (I-J) Std. Error Sig. Accounting Entrepreneurship -.308 .162 .231 Marketing -.711 .196 .002 OTM -.770 .205 .001 Entrepreneurship Accounting .308 .162 .231 Marketing -.403 .181 .120
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OTM -.462 .192 .077 Marketing Accounting .711 .196 .002 Entrepreneurship .403 .181 .120 OTM -.059 .221 .993 OTM Accounting .770 .205 .001 Entrepreneurship .462 .192 .077 Marketing .059 .221 .993 DISCUSSION The result of research question one indicated that financial literacy skills is needed for business education students to engage in business for self-reliance. The analysis disclosed the cluster mean of 3.18. The students rated the following skills: budgeting, financial record keeping, profit and loss calculation skills and knowledge of taxation high. The test of null hypothesis one showed that there were significant differences in mean responses of the four groups of students. The findings were in alignment with Akpan and Udom (2019), whose study found out that sound financial management that are crucial for self-reliance is needed for students start and manage business effectively. It was also reported by Ibrahim (2019) that many inability of students to interpret financial statements, limits their business planning capacity and decision to engage in business. Yusuf (2021) also reported that financial illiteracy contributes to poor economic decisions and self-reliance of students. The author maintained that there is need to integrate accounting into entrepreneurship education curriculum for students to be young entrepreneurs. Udu et al. (2017) was of the view that there is increase in the need to provide students with financial and accounting skills. Adams and Williams (2018) argued that entrepreneurial training should be provided to students to enrich their practical financial skills. In terms of marketing skill needs in research question two, the study disclosed the cluster mean of 3.22, indicating that students see marketing as essential for self-reliance. The students rated customer satisfaction, pricing strategy, advertisement design, and distribution management very high. The test of null hypothesis one indicated that there was significant difference in the mean responses of the respondents. The finding was in agreement with that of Ojo and Aremu (2019), whose study indicated students needed marking proficiency which is necessary for youth entrepreneurship. Similarly, it was reported by Akpan and Udom (2019) that marketing skills and business management skills are required for self-reliance of youths. Adams and Williams (2018) opined that graduates of tertiary institutions require entrepreneurial marketing and digital skills that important in modern business environment. Weak marketing knowledge and strategies affect students’ ability to engage in business (Adeyemo & Oluwatobi, 2019). Yusuf (2021) reported that students with marketing training are more likely that have confident to establish their businesses. CONCLUSION The study examined the entrepreneurial skills needs for self-reliance of Business Education students in Colleges of Education in Northeast Nigeria. The outcome of the study shows that the students need creativity, critical thinking, financial literacy, marketing, communication, adaptability, and digital literacy to be self-reliance. The entrepreneurial skills of Business Education students is generally high, however, their area of specialization significant determined the level of their skills need. It was therefore concluded that the problem of unemployment among business education students in Northeast Nigeria will continue to remain unsolved if the present situation of skills gap for self-employment continue to exist among the students, RECOMMENDATIONS Based on the findings of the study, the following recommendations are made: 1. Element of financial accounting such as cash book, impress, trading profit and loss account among others should be introduced into entrepreneurship curriculum that will help students to develop confidence in financial management.
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2. Business education lecturers should organize workshops, seminars, and field trip that will provide students with practical marketing skills required for self-reliance. REFERENCES
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