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Financial Socialization Theory and Financial Information Literacy: History
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Contributor: Happiness Ozioma Obi-Anike , Ogohi Cross Daniel ,
Ifeoma Joanes Onodugo
, Ikechukwu Joseph Attamah , Benedict Ogbemudia Imhanrenialena , Dipendr Dsa

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  • financial information literacy
  • financial innovations
  • strategic decision-making effectiveness
  • performance sustainability
  • skills

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3. Digital Infrastructure and Rural Dwellers’ Access to Information

Digital literacy entails the ability to accurately identify, assess, and use ICT platforms [30]. The analog information model has given way to digital platforms such as smart televisions, radio, and smartphones [31]. People are able to connect to television and radio programs through smartphones anywhere with the availability of internet connectivity. Rural dwellers are more likely to dedicate more time to viewing online TV and radio programs than urban residents due to the unavailability of entertainment centers such as football stadiums, museums, cinemas, and theatres in rural areas [32]. With banking services being conducted online, geographical barriers are being eliminated in financial transactions [33], particularly in rural areas [34]. The increasing use of internet-based gadgets such as smartphones, mobile tablets, gaming devices, and smart televisions highlights the need for available and reliable internet connectivity [35].
Making digital infrastructure available in rural areas will enable digital information service providers to integrate rural dwellers into the new digital age [36]. Rural dwellers need competency in digital operations to be able to access information from the platform for improved rural economic activities [30][37]. A large digital infrastructure disparity exists between urban areas and rural areas in Nigeria [30][38]. Similarly, the skills and educational capabilities that drive access and usage of digital information are deficient in rural areas [37]. Another problem hindering rural dwellers’ access to digital information services is the associated costs of these platforms [30][31][37]. Research indicates that adequate availability and accessibility of digital information services to rural dwellers are essential to a robust rural economy [30][38][39].

4. Strategic Decision-Making

Strategic decision-making capability is one of the critical factors that influence entrepreneurial profitability and overall performance [40] because the ability to take profitable risks, such as effective product invention and market innovation decisions, is linked to strategic decision-making [40][41]. To enhance decision-making capability, firms are expected to increase their awareness of developments in business environments [42]. It is documented in the literature that effective strategic decision-making capabilities include the ability to analyze, select, optimize, adapt, and update decisions [43]. Understanding the ever-changing trends in business environments enhances the effective strategic decision-making capabilities of firms [44]. This research concludes that to strengthen strategic decision-making capabilities, entrepreneurs must clearly understand and appreciate the influencing effects of these factors [45]. Knowledge management is also needed for effective strategic business decision-making processes among managers because valuable information is required in the decision-making process [41][46]. Demographic characteristics are said to be related to human capital, though with limited theoretical explanations [40], and this necessitates an understanding of how entrepreneurs’ financial information literacy impacts effective strategic decision-making.

This entry is adapted from the peer-reviewed paper 10.3390/su151310416

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