DOI: 10.11648/j.ijfbr.20261202.12 ISSN: 2472-2278

The Impact of Financial Literacy on Savings, Entrepreneurship, and Economic Development in Fragile and Conflict-affected Settings

Dunbe Birsan
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This study investigates the impact of financial literacy on savings, entrepreneurship, and economic development in fragile and conflict-affected settings. Using a mixed-methods approach, we surveyed 500 individuals and conducted case studies of 10 local businesses in Adamawa state Nigeria. Our results show that financial literacy has a significant positive impact on savings, entrepreneurship, and economic development. The findings suggest that financial literacy programs can be an effective tool for promoting economic stability and resilience in fragile states. This study contributes to the existing literature by providing evidence of the importance of financial literacy in fragile and conflict-affected settings. Our results show that financial literacy has a significant positive impact on savings, entrepreneurship, and economic development. The findings suggest that financial literacy programs can be an effective tool for promoting economic stability and resilience in fragile states. The study's results indicate that individuals with higher financial literacy levels are more likely to save, invest, and engage in entrepreneurial activities, leading to improved economic outcomes. Furthermore, our case studies reveal that local businesses with financially literate owners are better equipped to manage risks, make informed decisions, and achieve sustainable growth. This study contributes to the existing literature by providing evidence of the importance of financial literacy in fragile and conflict-affected settings. The findings have implications for policymakers, practitioners, and researchers seeking to promote economic development and stability in fragile states. By highlighting the benefits of financial literacy, this study provides a foundation for designing and implementing effective financial literacy programs that can support economic resilience and growth in conflict-affected settings.

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