Social Media and Financial Literacy among Select Youths in Abakaliki Metropolis, Ebonyi State, Nigeria

Background: The rise in the use of social media in Nigeria, particularly among youths in urban areas like Abakaliki Metropolis, offers potential for financial education, yet its impact on financial literacy remains underexplored amid prevalent misinformation. Objectives: This study assessed financial literacy levels among youths aged 18–35 in Abakaliki Metropolis, identified effective social media platforms for promoting financial literacy, and explored their challenges and opportunities. Method: A descriptive survey design was employed, collecting data from 398 youths using a 5-point Likert scale questionnaire, and descriptive statistics. Result: Findings reveal that 61–66% of youths exhibited low financial literacy, struggling with budgeting and compound interest. TikTok, Instagram Reels, and YouTube were the most effective platforms, with 60% engagement. However, 68–77% faced challenges like misleading advice and credibility issues. Key Finding: Social media, particularly TikTok, Instagram Reels, and YouTube, significantly influence financial literacy, but misinformation hinders effective learning among Abakaliki’s youths. Conclusion: The conclusion of this study is that social media is a powerful tool for financial education in Abakaliki, yet its effectiveness is limited by misinformation and low digital literacy, necessitating targeted interventions. Key Recommendation: Ebonyi State government in partnership with various high institutions in the state financial and media literacy into school curricula and leverage TikTok, Instagram, and YouTube for youth-focused financial education campaigns.