Financial Behavior of University Lecturers in Nigeria: The Impact of Education, Saving Habits, and Generational Differences.

Abstract:

This study investigates income and expenditure patterns among university lecturers in South-East and South-South Nigeria, focusing on the roles of generational traits, income levels, and saving behavior in shaping financial decisions. Using survey data from 147 lecturers across Federal, State, and Private universities and applying ordered logistic regression, the findings reveal a marked gap between earnings and financial stability. Most respondents report inadequate income for basic needs (76.2%) and difficulty affording luxury items (87.8%), indicating significant economic pressure. Expenditure is largely income-driven (79.5%), consistent with Ajzen’s Theory of Planned Behavior and the Life Cycle Hypothesis. Generational analysis shows younger lecturers (Gen Y) prioritize savings and lifestyle spending, while older cohorts focus on necessities and debt management. Regression results indicate that Gen Y spends more relative to income (p = 0.018), whereas senior academics are more financially cautious (p = 0.044). Savings positively affect consumption, moderated by age. The study highlights the need for age-specific financial literacy and institutional reforms to promote sustainable financial practices in Nigerian universities.