This study was designed to assess the extent of Financial Education to Distributive Trade Business Sustainable Development. The structure of the research design was descriptive survey adopted for the purpose of describing the state of affairs as it existed and expected to be in the future.

1. ASSESSING THE EXTENT OF FINANCIAL EDUCATION TO DISTRIBUTIVE TRADE
BUSINESS FOR SUSTAINABLE DEVELOPMENT IN JOS METROPOLIS
CHRISTOPHER OSEGA OTUBOR
Department of Banking & Finance, University of Jos, Jos
AND
JOSHUA CHIBI DARIYE
Federal Senator, Federal Republic of Nigeria
AND
RICHARD GBANDE
Department of Business Management, University of Jos, Jos , Plateau State
AND
PATRICK ONUMAH
Department of Business Management, University of Jos, Jos, Plateau State

2. ABSTRACT
This study was designed to assess the extent of Financial Education to Distributive
Trade Business Sustainable Development. The structure of the research design was
descriptive survey adopted for the purpose of describing the state of affairs as it
existed and expected to be in the future. The population of the study was 700 of
different distributive trades and the age bracket was thirty five years and above.
The whole population was used and the selection of the distributive trade was by
the researcher visiting three major active business locations in Jos metropilis in
Plateau State forming them into strata within three weeks. The source of data used
for this study was primary and the instrument for the data collection used was a
self-administered questionnaire which comprised of both open-ended and close-
ended questions. The instrument was validated by four senior lecturers in the
departments of accounting and banking & finance by making available to each all
the questionnaires. The method of data analysis was by Chi-square statistical tool
employed to test the hypothesis to see deviations of the actual observations
(observed frequency) from the expected that led to the acceptance or rejection of
the null hypothesis. Findings among others revealed that most distributive business
investors did not have adequate knowledge and transaction dynamics on financial
education specifically on distributive business thereby jeopardizing the sustainable
development of that aspect of business. In conclusion, the importance of the
distributive trade business for both national economic and individual satisfaction
cannot be overemphasized. Recommended among others was that; considering
their importance, it behooves on all those concerned particularly the investors to
engage themselves in constant business training and make themselves constantly
available to seminars and symposia for sustainable development.
• Keywords: Assess, Financial, Education, Distributive, Trade, Development

3. INTRODUCTION
* Everyone needs understanding of money
management.
* Financial education is more than balancing
cheque book
* Most distributive trade businesses lack
money management skills.
* In-depth understanding and knowledge is
required
* Assessing is to determine the value and
significance
* Financial education is learning more about
money

4. continuation
• Nshantin (2010) said, Organization for Economic
Co-operation and Development (OECD), a highly
provider of international data by country, defined
financial education as “the process by which
financial consumers/investors improve their
understanding of financial products, concepts and
risks etc
• Stephanie and Kathryn (2012) posited that the
global economic crisis sparked an awareness for
financial education
• In the USA, there were lots of discussions on
Financial Education

5. continuation
• In Nigeria, financial education is seen in many
areas.
• Nkiruka (2014) posited that financial education
fosters business and economic growth
• The National Financial Educators Council (2013)
defined financial education as: “Possessing the skills
and knowledge on financial matters to confidently
take effective action that best fulfills an individual’s
personal, family and global community goals.”

6. The Rationale For Financial Education/Capability
• Globalization/Evolving Market Place
• Innovation in financial products and services
• Market Sophistication
• Information Asymmetry
• Market Power Imbalances
• Market Indiscipline
• Unsophisticated Consumers (low levels of knowledge
& Understanding)
• Shift of Financial Management risks from Governments
to individuals
• Weak or non-existing Consumer Protection regimes
• The quest for Financial Inclusion

7. STATEMENT OF THE PROBLEM
• Most distributive trade business investors rely
heavily and mainly on their financial might
• Due to the voluminous nature of the distributive
business that is complicated, the existing accounting
education system might not be helpful for business
sustainability.

8. PURPOSE OF THE STUDY
• The main purpose of this research is to assess the
extent of financial education to distributive trade
business for sustainable development in Jos
metropolis
Specifically, this study tends:
• To assess why distributive trade business investors
rely heavily and mainly on their financial might
• To investigate if the existing accounting education
system is helpful for sustainable development

9. RESEARCH QUESTION
• Why do distributive trade business investors rely
heavily and mainly on their financial might rather
than further their academic education?
• Is the existing accounting education system
commonly adopted by distributive business helpful
for sustainable development?

10. HYPOTHESES
• Ho: Distributive trade business investors do not rely
heavily on their financial might
• H1: Distributive trade business investors do rely
heavily on their financial might
• Ho: The existing accounting education system
commonly adopted by distributive business is not
helpful for business.
• H1: The existing accounting education systems
commonly adopted by distributive business is
helpful for business

11. LITERATURE REVIEW
Conceptual, theoretical frameworks and empirical studies
Conceptual Framework
• Simon and Aleš (2003) said the changes of economic in the
world led to responsibility in the field of financial activities
• Concept of Pay Yourself First (PYF): Signifies making
savings a priority at “expense” and saving money before
spending
• Concept of Wealth-Building Strategies: Council for
Economic Education mentioned three rules for wealth-
building over time: start investing early, buy and hold.
• Concept of Financial Goal-Setting: To be “actionable,”
financial goals to have a specific naira cost and time frame
• Concept of Risk-Reward Relationship: The more
uncertain the return on an investment, the higher its risk

12. Theoretical Framework
• Theory of Saving and consumption: Modigliani
and Brumberg (1954) and Friedman (1957) posited
the ability to save while consuming
• The Theory of Planned Behavior and Financial
Literacy: Kennedy, B. P c(2013) explained the
prediction of credit card debt to include the
construct of financial education
Empirical Review
• OECD (2006) posited the essential for the average
business man to decide how to balance its budget by
financial education

13. RESEARCH METHODOLOGY
• The design is descriptive survey conducted in Jos
metropolis,
• The population was 700 of age bracket of thirty five
years.
• The whole population of 700 was used
• The selection was by forming them into strata and
counting within three weeks
• The source of data was primary source and the
instrument questionnaire
• The questionnaire was a five-point Likert-scale
“strongly agree” to “strongly disagree” (1 =
‘Strongly Agree’, 2 = ‘Agree’, 3 = ‘Neutral’, 4 =
‘Disagree’ and 5 = ‘Strongly Disagree’).

14. continuation
• The instrument was validated by four senior
lecturers.
• The method of data analysis was by Chi-square
• To test the hypothesis to see deviations of the actual
observations (observed frequency) from the
expected

15. continuation
Table 1: Number of Responses from Distributive Trade Businesses
Distributive Provisions Electronics Building Machineries Poultry Total
Trade Business Materials Products
No. of Responses 110 199 126 105 160 700
Source: Researcher’s Survey
• Table 1 shows the distribution of the responses from
the distributive trade businesses which constituted
the sourced of data for this study

16. 0
20
40
60
80
100
120
140
160
180
200
Responses
110
199
126
105
160
Provisions
Electronics
Building Materials
Machineries
Pouitry Products

17. continuation
• Figure 1, shows the spread of the graphical
representation of the responses.
The null hypotheses are:
• Ho: Distributive trade business investors do not rely
heavily on their financial might rather furthering
their academic education.
• Ho: The existing accounting education systems
commonly adopted by distributive business is not
helpful for business sustainability and development.

18. continuation
• So what chi square does is compare these
numbers (the observed frequencies) with those
that would be expected by chance (the expected
frequencies).

19. Table 2: Observed and Expected Frequencies for the selection of majors
• Small O (observed E (expected
Businesses frequency) frequency) O-E (O–E)2 ( O–
E)2/E
• Provisions 110 140 -30 900 6.4
• Electronics 199 140 59 3481 24.9
• Building
Materials 126 140 -14 196 1.4
• Machineries 105 140 -35 1225 8.8
• Poultry 160 140 12 144 1.00
• TOTAL 700 700 9.8
Source: Researcher’s Calculations
• Decision Rule
If the P-value 0.098 is more than the level of significance 0.05 accept H0 and reject H1.
However, if the P-value 0.098 is less than the level of significance of 0.05 reject H0 and
accept H1.

20. DISCUSSION OF findings
• Table 2 showed each with different observed frequency.
• None of the observed frequency is the same.
• The level of significance is 0.05
• To get the expected frequency, one-fifth = (20%) . That is, 20%
multiply by the total observed frequency 20/100*700 = 140 common
to all.
• From the analysis of this study, the P-value of 0.098 is greater than the
level of significance of 0.05
• With the decision rule: If the P-value is more than the level of
significance 0.05 accept H0 and reject H1 and if the P-value is less
than the level of significance of 0.05 reject H0 and accept H1.
• Hence we accept H0 and reject H1
• Financial education stood out to be the best approach.
• They cannot be sustained and developed without financial education.
• The broader financial education, the better of sustainable development
• The existing accounting education system needs improvement

21. CONCLUSION
• Financial education is the ability to understand how
money works in the world
• The more of financial education, the ability for
informed decisions
• The problems of debt are severe for a distributive
trade business because of lack of adequate financial
education.
• A review of the literature and of specific education
initiatives reveals a broad range of approaches to
financial education.
• Financial institutions have a role in providing
financial education

22. Recommendations
• Read more financial education books, ask more
questions, more participation,
• Financial education on accounting systems should
be clearly distinguished from commercial advice
• Professional accountant should be encouraged to
established a fit and appropriate accounting system
• Start financial education on accounting system early
• Financial education on accounting system should be
part of the good governance
• Financial institutions should be encouraged to check
that clients read and understand information
• Focus financial education programmes on improving
the accounting system to add value to knowledge

23. References
• Annamaria, L. and Olivia, S. M. (2007) Financial
Literacy and Retirement Preparedness: Evidence and
Implications for Financial Education Business
Economics, 36-39
• Barbara, O. (2013) Key Financial Literacy Concepts,
Rutgers Cooperative Extension Rutgers, Monthly
Finance
• Chang, S. J (2005) A Theoretical Discussion on
Financial Theory: What Should We Teach and How?
Journal of Economics and Finance Education, 4 (2), 40-
46
• Friedman, Milton. 1957. A Theory of the Consumption
Function. Princeton: Princeton University Press.

24. THANK YOU