Marketing Communication and Financial Education: A Tool for Poverty Alleviation in Nigeria
Abstract
The disconnect between marketing communication and finance is a matter of concern in the 21st century, especially given the intense economic pressure in Nigeria. As a result, this study examined the influence of traditional and digital marketing communication and financial education on poverty alleviation. The specific objectives were to: Investigate the effect of word-of-mouth marketing on financial education in Nigeria; and examine the effect of social media marketing on financial education in Nigeria. The relevance of this study lies in its potential to contribute to poverty alleviation in Nigeria by employing tools such as word-of-mouth, Facebook, Instagram, and WhatsApp to educate Nigerians on various financial products they can invest in to improve their economic well-being. An exploratory research design was adopted. This research method aided in gathering concepts and variables from the fields of marketing, finance, and related disciplines. Two theories guided this study. Financial Intermediation Theory posits that there should be mediation between the providers and users of financial capital (Diamond, 1984). Portfolio Theory emphasizes providing investors and portfolio managers with methods of analysis and selection of securities that allow them to achieve optimal return in line with investor goals (Markowitz, 1952; Lekovic, 2021). Marketing communication comprises both traditional and digital forms. It is a combination of tools used in disseminating information to a target audience. It includes advertising, personal selling, public relations, sales promotion, direct marketing, and word-of-mouth. Digital marketing communication, on the other hand, is the application of digital platforms such as Facebook, Instagram, and WhatsApp to promote products to customers. Thus, it is also the use of mobile devices. Financial education is the combination of awareness, knowledge, skills, attitudes, and behaviors necessary to make sound financial decisions and ultimately achieve individual financial well-being (OECD, 2005). Hence, the application of marketing communication tools in financial education is essential for poverty reduction in Nigeria.
