Financial Literacy Level of Young Entrepreneurs in the Private University (original) (raw)
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Level of Financial Literacy in Young Entrepreneurs: Study on Entrepreneurship-based University
Proceeding 3rd International Conference on Economics, Education, Business and Accounting, KnE Social Sciences, 2019
This study is aimed to examine the level of financial literacy among young entrepreneurs. Young entrepreneurs in this study are active college students who take entrepreneurship education so that they have a real business besides their role as students. The novelty of this research lies in the research respondents, the aforementioned young entrepreneurs. The research method used was comparative descriptive, which includes investigating the level of financial literacy and then analyzing the difference in the level of financial literacy between male and female entrepreneurs. A survey method was used in this study. The level of financial literacy uses the concept by Chen & Volpe (1998), while the difference test uses the Mann-Whitney test. The results show that the level of young entrepreneurial literacy is in the moderate category. Of the four aspects studied, the highest aspect of financial literacy is the Insurance aspect, while the lowest is the investment aspect. The next result is that there is no difference in the level of financial literacy between young male and female entrepreneurs.
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The following skills, such as planning of personal finances, formation and diversification of savings, augmentations of personal capital, and open-mindedness to new initiatives in the entrepreneurship activities, enhance the financial sustainability of the population, and are decisive for their life quality. Every person in certain circumstances can be financially and economically active, if s/he has got such competence as financial literacy which is much more important in the course of life than the level of income or professional qualifications, because, hereafter the governing factor will be not the possession of financial instruments by the person, but skills of effective management for the achievement of one's own objectives.Knowledge of financial matters at a young age makes administration of finances much easier when becoming adult, getting education, or joining the labor market. At the same time the necessity of improving the financial literacy among young people and educating schoolchildren is more and more discussed. Taking into consideration the fact that young individuals are a significant factor for the development of national economy, substantial improvement of young people's financial literacy is essential. Young people with a high level of financial literacy would be those who could give greater contribution to state economy, so it is important to research the level of financial literacy among young people. The objective of the present research is to analyze the financial literacy of young people in Daugavpils. Methods used in the research: monographic methodtheoretical description of financial literacy, graphical methodgraphical representation of obtained * This work is in principle linked to the
IMPACTS OF FINANCIAL LITERACY TOWARDS STUDENT ENTREPRENEURSHIP. (A CASE STUDY) EMMANUEL ANAELE
Emmanuel Anaele, 2019
Article info Keywords: Financial literacy, Entrepreneurship, financial behavior, Financial knowledge, financial attitude. ABSTRACT: Financial literacy is a major attribute to the financial stability and instability among individuals. As it continue to be a most influential factor towards financial control, Its impacts no doubt increase the level of debts and in appropriation of financial planning which will limit student involvements towards entrepreneurship. This research examined the influence of financial literacy on student entrepreneurship by examining the level of financial knowledge, financial behavior and financial attitude as the fundamental knowledge of financial literacy. A research survey was sample among universities in measurement of financial literacy of students in North Cyprus. The survey used Likert five point scales to extrapolate the knowledge level of these categories. The result showed that student financial behavior differs largely with financial knowledge. A correlation of (R=0.874) show the dependency of financial literacy towards student entrepreneurship. This research concluded that the level of differences between financial behavior and financial knowledge indicate that financial literacy must be a watch for entrepreneurship to be promoted among students 2
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This article explains students' views on financial literacy to support students' entrepreneurial character. The campus environment plays a role in supporting student entrepreneurial activities. The development of the times followed by increasingly rapid technological developments makes the needs increase and then also has an impact on financial conditions. To respond to this from the beginning, students need knowledge about financial literacy. This study uses qualitative research methods based on data it is known that the level of financial literacy of students is at the level of sufficient literate (25%) and less literate (75%). Then the financial literacy aspect of students is quite good in terms of knowledge and savings, but students do not understand the importance of insurance and investment. It is very important to conduct financial literacy education so that students can understand good financial management to support student entrepreneurial potential. It is expected...
EDULEARN proceedings
In the real world, where the pursuing of success and the money is the most valuable goal not only by corporations but almost all individuals, the understanding of financial context is very important. This topic is the cornerstone of financial literacy as a one of the individual skills. The article is aimed at the comparison of the situation among the general population in the financial literacy according to official statistical data. The focus in this part of the analysis is to identify if there is any connection between the financial literacy of the general population of the chosen counties and the economic level of those countries. As the next part of the analysis there are presented data of our own questionnaire survey among the students of faculty of education and the comparison of the results with the national level of financial literacy. Both parts of the article thus mutually correspond and moreover their results are used to formulate the conclusion for the increasing the skills of pupils. The pupils are the most suitable focus group for application of any enhancing educational projects in the topic of financial literacy because this topic should be one of the basic knowledge for real life. Education process of financial literacy should start as soon as possible as the preparatory process and not only as the process of elimination of consequences.
Level of Financial Literacy of Academic Youth from Rural and Urban Areas
Balkans Journal of Emerging Trends in Social Sciences, 2021
Financial literacy is becoming one of the key competencies in the 21st century. In its absence, it is virtually impossible to navigate the market for financial products and services and thus ensure financial stability throughout a whole life. This fact is all the more important given the threats arising from the effects of the pandemic crisis. Thanks to exhausted public budgets and the cooling of the economy, it can be expected that, despite strong regulation, there will be more aggressive sell practices on the market, to which financially literate people are more resilient. The aim of the study is to determine the level of financial literacy of academic youth from rural areas and to compare the results obtained with the level of financial literacy of young people from cities. The source of data used for analysis and inference was primary information obtained from own questionnaire research. To assess the level of financial literacy, the authors use an innovative metric, the personal finance index. In addition to overall success, this approach also makes it possible to analyze knowledge from the eight functional areas of financial literacy. By comparing the results in single areas, the authors reveal that risk management is Achyla's heel of financial literacy. The authors focus on the differences in financial literacy according to the place of residence. The study explores inequalities in the single functional areas of financial literacy between the respondents living in the urban and rural areas.
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 Importance of Financial Literacy towards Entrepreneurship Intention among University Students
International Journal of Academic Research in Business and Social Sciences
Issues regarding financial literacy have gained attention and highly debated topics among scholars due to recent global financial scandal has led the government to emphasize on financial education towards its citizen. Emphasizing on financial knowledge is importance to improve nation financial well-being and contribute to country healthy economy. Furthermore, entrepreneurship is seen as one of the many leaps towards a country's growth as it represents an important source of employment, while the youth are the ones responsible of its advancements. The purpose of this paper is to explore the issues regarding financial literacy and it's important as a medium that led to entrepreneurship intention among Malaysian accounting students. This study adopted quantitative survey method to collect data among 238 undergraduates accounting students from four public higher education institutions in Malaysia. The survey instruments includes 20 items that measure the level of financial literacy and 14 items that measure constructs of intention toward entrepreneurship. Descriptive statistic analysis which analyze for frequency, mean and percentage were employed to investigate research questions to obtain the view from research sample. Findings demonstrated that the financial literacy level among undergraduates accounting students are at a moderate level and become a cause of concern and raises serious issues regarding youth capabilities to secure their financial well-being. It has also been observed that financial literacy (financial and management knowledge) lead to increased intention toward entrepreneurship among undergraduates accounting students. The implication of this study is that financial literacy is vital and entrepreneurship dimension should be equipped within future young entrepreneurs.
Proceedings of the 2019 International Conference on Organizational Innovation (ICOI 2019), 2019
This study aims to determine the level of financial literacy and the effect of financial literacy and financial attitude on the financial behavior of young entrepreneurs. This study uses a survey method and a combination of data analysis that uses descriptive analysis to calculate the level of financial literacy and multiple regression analysis. The results of the study show that the financial literacy of young pioneering business entrepreneurs is in the moderate category, financial literacy does not affect the financial behavior of young pioneering business entrepreneurs, and financial attitude affects the financial behavior of young pioneering business entrepreneurs.
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American Journal of Educational Research, 2019
The purpose of this study is to investigate the level of financial literacy of high school students, especially graduate students of general high school. In a constantly evolving world people need to manage a variety of daily financial statements. The requirements deriving from the financial environment makes it necessary to have basic financial knowledge. The transmission of such knowledge through teaching financial lessons and performing respective educational programs, as part of basic and especially secondary education, aimed at financial literacy of students. The aim of the financial literacy is for the students to be able to address adequately the financial challenges while improving their standard of living at present and in the future.