Analyzing the factors influencing university students' financial literacy (original) (raw)
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Financial Literacy: A Study Among the University Students
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This research seeks to examine the financial literacy among university students. The study is used primary data by questionnaires and the sample consisted of 384 students and the target population of the study is from local Universities of Malaysia. Convenience sampling method is used in collecting the data and the results compiled by using SPSS software system. The result comprises of reliability, and multiple linear regression analysis. There are five independent variables such as age, gender, business major and non-business major, spending habit and year of study whereby the dependent variable is the financial literacy. The results revealed that the spending habit and year of study have a significant positive relationship with the financial literacy, whereby the age and gender are negatively associated with the financial literacy. Finally, the limitation and recommendation are included to help further researchers to have a better finding of the result.
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Financial literacy consists of financial knowledge, financial attitudes, and financial behavior. To be financially literate is important in order to make a good financial decision. Young adult especially college students are facing tough financial decision in today’s demanding financial environment which will affect their financial behavior. This research objective is to find out the influence of financial literacy on financial behavior and how financial behavior influences on financial decision among college students. The research applied quantitative method with 337 samples as respondents taken from President University students. This research applied convenience sampling technique. The results of this research show that there’s a significant relation between financial literacy to financial behavior and from financial behavior to financial decision. Since parents are the first people for the children, they should give good understanding about financial matter towards their childre...
Investigating the level of financial literacy of university students
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Considering that the quality of financial decisions taken by individuals depends on their financial knowledge, abilities and attitudes, it is possible to state that the well-being of a population depends on how financially literate it is. In this context, the aim of this study was to measure the financial literacy level of university students in north of Mexico. The research method used was the survey and the data collected were analyzed using the structural equation modeling technique. As results, it was possible to confirm that financial attitudes of university students of north of Mexico influence their financial behavior. However, it was not confirmed that financial knowledge of these students impacts their financial behavior. As a high relationship between financial attitudes, financial behavior and financial knowledge of analyzed individuals was not found, it is concluded that the level of financial literacy of university students in the north of Mexico is low. It implies in t...
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Financial literacy is increasingly vital as it has become essential that individuals acquire the skills to be able to survive in modern society and cope with the increasing diversity and complexity of financial products and services available. Financial literacy is the ability to take effective and sound decisions regarding the use and management of money. In the current era, no one can deny the importance of proper decision-making in the finance sector. If someone is not having enough financial literacy, how can he or she plan for a secure future! Especially when we talk about financial literacy among the students it is always a big matter because ultimately, they are the future of the country. The main objective of the study is to analyse the impact of financial literacy on the financial behaviour of college students. And also, the study examines the level of financial literacy among college students in India by evaluating the influence of various demographic factors like gender, ...
International Journal of Business and Applied Social Science
Earlier surveys showed students inadequate knowledge of personal finances and pointed out the need to develop financial education. Researchers had stated that female students tend to display a lower level of personal financial literacy than male students as they have lower self-confidence and less interest to learn about Personal Finance. This study used the data gathered from Estonian university students (210 women, 326 men) by survey questionnaire. The study focused on gender differences in financial knowledge and the choices and opinions that may affect financial literacy. Results showed that females who had chosen the math-based academic discipline had a higher level of financial literacy than male students did. Furthermore, 79% of women had the interest to improve their knowledge in Personal Finance and their self-confidence was slightly higher than male students. The results obtained give the direction for future research and enable it to enhance financial education.
Financial literacy of university students
7Th European Conference on Innovation and Entrepreneurship, 2012
The current financial crisis highlights real problems profoundly related to the level of financial knowledge. Some studies suggest that many individuals, including small business owners, do not have adequate financial skills to be able to handle their finances. The term "financial literacy" summarizes the set of knowledge, skills and attitudes necessary to enable recognition and understanding of the foundations of personal finance. Informed and literate individuals are able to make responsible decisions. Our paper presents the preliminary results obtained with the Portuguese StudentFinance2012 survey. A total of 612 university students from seven different institutions agreed to participate and complete the survey. The sample has an average age of 23.67 years and is gender balanced. Students were classified in three course areas such as engineering, business and management, or design and tourism. Most respondents frequent a degree course, being the university mostly a public institution. A majority of our students has solely funded by their parents or family. By analyzing the total amount of financial products, we obtained an average of 2.57 financial products by student. To analyze financial literacy, our study developed measures such students' financial involvement, financial knowledge and parents influence and explore it as a function to issues such as age, gender, course area, course type, type of university and parental funding. The results suggest that the financial involvement of students evolves over time (as age increases, the financial involvement also increases) and confirm significant dependence with demographic variables such as gender, age, or course, among others. For the financial knowledge the results are encouraging, with students to show interesting levels of knowledge. We also identified relations of dependence with age, gender and course, among many others. Parental influence was analyzed by the level of agreement with statements related to the perceptions of the influence and behavior of parents about money, budgeting, saving and paying bills. The main results indicate that parents are a positive influence and that students are experiencing a financial behaviour that integrates the family.
Media Ekonomi dan Manajemen, 2022
Financial literacy is a crucial variable for researchers and policymakers because financial literacy's contribution encourages inhabitants to organize future financial planning and decision improvement. The study aims to empirically investigate the determinants of financial literacy such as financial education, parents' socioeconomic status, and gender. The authors used a cross-sectional survey approach with N = 325 samples. The result of measuring students' financial literacy showed a moderate condition (moderate level). The multiple linear regression models showed that parents' socioeconomic status significantly improved students' financial literacy. Meanwhile, financial education and gender did not prove significant in influencing students' financial literacy. The empirical study generated that encouraging parents is one of the essential policy elements in improving students' financial literacy. The higher students' socioeconomic status tends to en...
FINANCIAL LITERACY OF STUDENTS IN BUSINESS AND ECONOMICS HIGHER EDUCATION
The Annals of the University of Oradea, 2016
Alongside the numerous negative effects of the 2008 economic crisis, we can emphasize perhaps one positive aspect: one consequence of the crisis has been that attention has been paid to the low level of financial literacy among the population and the importance of financial education. Research into financial literacy has given priority to young people, because in order to be able to avoid a crisis similar to the lows of 2008, the next generation must at least have a high level of financial literacy. Therefore, this study focuses on an analysis of the financial literacy of young people. In our primary research we wanted to describe the financial literacy of Hungarian university students of economics and business, and to show any difference in this area compared to “average” young people not receiving this type of education. We also looked at how economic and financial knowledge acquired in high school influences the financial literacy of students. In our research questionnaire we focused on the three components of financial literacy developed by the OECD in 2010: financial knowledge, financial behaviours, and attitudes to and preferences regarding financial matters. Our results show that the financial knowledge of those involved in economic and business education is at about the same level as the financial knowledge of “average” young people; however, financial and economic education in high school has a positive effect on students’ financial literacy. In our analysis of financial behaviour, we came to the conclusion that the factors influencing economics and business students’ choice of a bank are almost identical to those of “average” young people. In addition, similarities were discovered in borrowing, as well as in the willingness to finance everyday consumer goods through loans. However, in terms of the selection of savings provision and financial products, economics and business students are characterized by more conscious behaviour compared to their “average” counterparts. Furthermore, it was found that the financial attitude of all the tested students as well as of “average” young people is above the average, but this is not manifest in their behaviour regarding savings, so any measures taken in the future to improve the financial literacy of the general public should focus in particular on this component.
The Differences in Students’ Financial Literacy based on Financial Education
Academicus International Scientific Journal, 2013
This paper examines the differences in Financial Literacy among Albanian university students based on their financial education. The main objectives of this study are: i) firstly, to assess the level of financial knowledge, financial attitude and financial behaviour, and to make relevant comparison based on students financial education; ii) secondly, to evaluate an overall score of financial literacy and to investigate its difference among students who are financially educated and their counterparts; iii) finally, to provide some conclusions and policy implications with regard to financial literacy. A total of 607 students from five public and three private universities in Albania participated in this research. The outcome shows that student's financial behaviour does not differ based on their financial education. In addition, non-financially educated students appear to demonstrate better financial behaviour. Finally, students who have taken a personal financial course are shown to be more knowledgeable and financially literate than their counterparts. This study paves the way for future research in Albania.
International Journal of Academic Research in Business and Social Sciences
This study aims to examine financial literacy among university students in Malaysia. Specifically, this study attempts to examine the relationship between financial knowledge and financial attitudes, and also the effects of these variables on financial behavior among university students. Data was gathered from a sample of 370 university students through the survey method. The data was analysed using simple linear regression and multiple regression analysis. The findings reveal that the respondents have moderate level of financial knowledge. Respondents who took Financial Management course have higher level of financial knowledge compared to those who did not take any Financial Management course. Financial knowledge significantly influenced financial attitudes, and financial attitudes significantly influenced financial behavior. On the other hand, financial knowledge does not have any significant influence on financial behavior. This study enriched the literature by identifying factors that influenced financial behavior and provided suggestions to be practiced by universities in developing good financial attitude and financial behavior of students.