Financial Literacy and Its Impact on Investment Decisions in Nigeria: a Theoretical Perspective
Malgit, Amos Akims
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Over the years financial literacy has gain prominence in the field of investment all over the world. This is attributed to its importance in investment decision making. This study sought to explore the theoretical perspective of financial literacy and its impact on investment decisions in Nigeria. Decision theory, prospect theory and theory of mental accounting were adopted for the study. These theories provided more insight on the impact of financial literacy on investment decisions. The study is of the view that financial literacy of individuals positively impacts on their investment decisions. Therefore, successful investment decisions depend on the level of financial literacy of investors.