Effect of Digital Literacy and Financial Education Program on Performance of Young Africa Works Program Participants; Equity Group Foundation

Abstract

Financial services firms provide the payment services and financial products that enable households and firms to participate in the broader economy. By offering vehicles for investment of savings, extension of credit, and risk management, they fuel the modern capitalistic society. Digital literacy has become more important in both emerging and developed economies because it has a substantial impact on financial decisions. Hence, the study sought to determine the effect of digital literacy and financial education program on performance of Young African Works participants. Specifically, the study aimed to: determine the effect of digital literacy on performance of Young African Works participants; to determine the effect of financial education on performance of Young African Works participants; and to determine the effect of digital financial products literacy on performance of Young African Works participants. It adopted a cross-sectional methodology. Descriptive research design was utilized for the survey. The study used simple random sampling method. This research concludes that the digital literacy, financial education, and digital financial products literacy affects the performance of Young African Works participants significantly. The study recommends that Young Africa Works should consider enrolling the program beneficiaries in financial literacy program or any other related programs to enhance their capability. The bankers association and communication authority should ensure that more policies on digital literacy, and financial education are developed with proper regulations to regulate the industry and ensure efficient utilization of services