| Title | Chapter 9: Application and theoretical synthesis of financial literacy studies: A human capital aspect |
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| DOI | https://doi.org/10.4102/aosis.2025.BK497.09 |
| Landing page | https://books.aosis.co.za/index.php/ob/catalog/book/497 |
| License | https://creativecommons.org/licenses/by-nc-nd/4.0/ |
| Copyright | Martha Matashu, Lilian I Nwosu & Calvin Mahlaule (eds.). Licensee: AOSIS (Pty) Ltd. The moral rights of the editors and authors have been asserted. |
| Publisher | AOSIS |
| Published on | 2025-09-15 |
| Long abstract | This review identifies theories relevant to financial literacy research and conceptualises the relationship between financial literacy and human capital development. It examines how financial literacy is theoretically and conceptually related to human capital development. The motivation for this review stemmed from the scarcity of finance and accounting-related theories in financial literacy research. It explores various theories that could underpin financial literacy research to enhance human capital development. The conclusion is that financial literacy issues are best understood through a multi-theoretical approach, incorporating behavioural, learning, interpretivist and constructivist theories because of their relevance to human capital development. The method employed involved reviewing international publications on advancements in financial literacy from 2020 to 2023, highlighting several themes, including social class, gender and race. The review indicated a strong relationship between individuals’ behaviours and learning attitudes and their financial literacy and human capital development. This insight serves as a valuable resource for governments, ministries, parastatals, and both local and international organisations, emphasising the importance of financial education in improving financial literacy and human capital development. Such improvements could not only enhance human capital but also contribute to economic development. Future studies in this area could empirically examine the findings of this study. |
| Print length | 18 pages |
| Language | English (Original) |
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Oji Okpusa Oke is a chartered accountant registered at the Institute of Chartered Accountants of Nigeria (ICAN) and a lecturer in the Department of Management Accounting at CPUT, Cape Town, South Africa. Prior to joining CPUT, Oke lectured in cost and management accounting and financial management at Vaal University of Technology (VUT) for several years. He obtained his PhD from the University of Johannesburg, an MBA in Financial Management from Lagos State University and a Master of Technology (MTech) in Cost Management Accounting from VUT, Vanderbijlpark, South Africa. Additionally, he earned a Higher National Diploma (HND) from Kwara State Polytechnic in Nigeria and a Diploma in Education (Nigerian Certificate in Education [NCE]) from the then Lagos College of Education, now Adeniran Ogunsanya College of Education, Otto-Ijanikin, majoring in Economics and Geography. Currently, he teaches Cost and Management Accounting, Advanced Financial Management, Financial Accounting and Business Statistics at CPUT. He has practical experience in company audits, having worked in an audit firm, along with over 10 years of teaching experience in accounting and related subjects. His research interests include management accounting, financial management, company performance evaluation for sustainability and financial literacy. Oke has published in reputable journals and presented academic papers at international conferences.
Lawrence Ogechukwu Obokoh, a fellow chartered accountant (FCA), holds a PhD, an MBA and a BSc. He is a distinguished professor specialising in public finance and small business development. As a chartered accountant (CA) and Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), he earned his PhD from the University of Wales, Aberystwyth (now Aberystwyth University), United Kingdom, and graduated with cum laude honours in his MBA from Obafemi Awolowo University, Nigeria. He began his academic journey at Obafemi Awolowo University, starting as a graduate assistant and eventually rising to the rank of full professor in 2015. Currently, he serves as the director of MBA programmes at the Johannesburg Business School (JBS), University of Johannesburg, where he contributes to the institution’s digital transformation initiatives. Before his tenure at JBS, he held the position of Professor and Head of the Department of Cost and Management Accounting at the Cape Peninsula University of Technology (CPUT), Cape Town, South Africa. Additionally, he served as a professor and coordinator of the MBA programmes in the Department of Management and Accounting at Obafemi Awolowo University, Ile-Ife, Nigeria. With a career spanning over 25 years, Obokoh has excelled in various roles, including social researcher, management consultant and academic leader. He is a visiting research fellow at the Africa Polling Institute (API) and contributes as an expert evaluator and/or reviewer for the NRF and esteemed international journals such as the African Journal of Economic and Management Studies, Acta Commercii and Journal of Economics and Behavioural Studies. Obokoh’s expertise extends to serving on editorial advisory boards, including the International Journal of Contemporary Accounting Issues (IJCAI) and the Chartered Institute of Taxation of Nigeria (CITN). A prolific author, Obokoh has made significant contributions to scholarly literature, publishing extensively in international journals, contributing to book chapters and presenting academic papers at prestigious international conferences.
Kola Benson Ajeigbe holds a PhD in Accounting from NWU, South Africa, obtained in 2020. He is a self-motivated and vision-driven individual with an extensive background in accounting. He possesses a strong and unique work experience, a desire for teamwork and a zest for challenges. He is a growing researcher in accounting, with numerous publications in reputable journals indexed by the Department of Higher Education and Training (DHET), International Bibliography of the Social Sciences (IBSS), and Scopus. He has also presented at many local and international conferences. His most recent publications are with Springer Nature (Environment, Development and Sustainability) and Taylor & Francis (African Journal of Business Economic Research [AJBER]) journals in December 2023. He holds a PhD in Accounting, an MSc in Accounting, an MBA in Finance and a Bachelor of Science (BSc) in Accounting. He has over 10 years of teaching experience in higher education. He began his teaching career in 2005 at Osun State Polytechnic, Iree, where he rose to the position of Lecturer before leaving the institution. He departed from the polytechnic system to pursue his passion for becoming a professor. During his time at Osun State Polytechnic, Ajeigbe taught various Accounting subjects, which helped him become well versed in many Accounting modules. He is skilled in cost and management accounting, financial management, corporate finance, auditing, corporate governance and taxation. His research interests focus on company growth, governance, environmental accounting, sustainability accounting, and the overall performance of companies. He seeks to be part of an organisation where he can add value and contribute to achieving its overall goals while enhancing and developing his professional skills in teaching and research. Currently, Ajeigbe is participating in a postdoctoral research programme at Walter Sisulu University, South Africa, where he also teaches Accounting modules in the Department of Management, Accounting and Finance. Ajeigbe has received numerous community awards, Old Students’ Association awards from the University of Ilorin and Obafemi Awolowo University, academic awards for research outputs fromWalter Sisulu University and a church award of excellence.