Financial Literacy and Skill Acquisition as Predictors of Entrepreneurship Intention among Undergraduates in Public Universities in Ogun State
*1Akorede Serifat Odumade and 2Simon Iruoghene Imoh
*1Department of Educational Management, Tai Solarin University of Education, Ijagun, Ogun State, Nigeria. Email: odumadeas@tasued.edu.ng*1 & simonimoh1@gmail.com ORCID: https://orcid.org/0000-0001-6958-0056*1 & ORCID: https://orcid.org/0000-0002-7596-5638
Abstract
Entrepreneurship is recognised as a key driver of economic well-being, job creation and innovation. However, a critical gap exists in equipping students with the financial knowledge and skills necessary to establish and sustain business ventures. The study investigated the relationship between financial literacy, skill acquisition and entrepreneurship intention among undergraduates in public universities in Ogun state. A descriptive research design of survey type was used, with a sample of 1,190 undergraduates using simple random sampling technique from Tai Solarin University of Education (TASUED) and Olabisi Onabanjo University (OOU). Data were collected using three standardized research instruments: the Financial Literacy Questionnaire (FLQ), Skill Acquisition Questionnaire (SAQ), and Entrepreneurship Intention Questionnaire (EIQ) with reliability coefficients of .947, .912, and .938, respectively. Findings from the revealed a significant relationship between financial literacy and entrepreneurship intention (r = .654, p < 0.05), a significant relationship between skill acquisition and entrepreneurship intention (r = .739, p < 0.05), and the combined effect of financial literacy and skill acquisition significantly predicted entrepreneurship intention (F(2, 1179) = 772.399, p < 0.05). The study concluded that financial literacy and skill acquisition are crucial determinants of entrepreneurship intention, as they equip students with the knowledge and practical abilities necessary for business success. It was recommended that government, private organizations, and university management should create funding opportunities such as grants, low-interest loans, and business incubation centers to support student entrepreneur, promotion of digital entrepreneurship education, and continuous entrepreneurship education
Keywords
Financial literacy, skill acquisition, entrepreneurship intention, entrepreneurship education, business success
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