scholarly journals How to Promote Personal Financial Education - Findings from Finnish University Students’ Financial Literacy Study

2021 ◽  
Vol 10 (1) ◽  
pp. 8-25
Author(s):  
Sirli Mandmaa
Keyword(s):  
University Students ◽  
Financial Literacy ◽  
Financial Education

scholarly journals FINANCIAL EDUCATION FROM THE PERSPECTIVE OF UNIVERSITY STUDENTS: COMPARATIVE STUDY

2021 ◽  
Vol 9 (3) ◽  
pp. 150-175
Author(s):  
Sirli Mändmaa ◽  
Keyword(s):  
Mixed Methods ◽  
University Students ◽  
Financial Literacy ◽  
Mixed Methods Research ◽  
Financial Education ◽  
University Education ◽  
Financial Knowledge ◽  
Learning Material ◽  
The University ◽  
Qualitative Part

The importance of financial literacy has rapidly increased in the last decades. The critical need for sustainable financial decisions is driven by changes in the economy. The goal of this study was to find out how the university students rate their acquired financial knowledge and knowledge providers, with the purpose to find solutions for promoting personal financial education to promote financial literacy. The study used Explanatory sequential mixed methods design, in which a quantitative part of study was conducted among 1110 participants, followed by a qualitative part with a sample of 22 students. Students at universities of technology from two neighboring countries, Estonia, and Finland, participated in the survey. The data were collected in a quantitative part through a questionnaire survey and in a qualitative part during three focus groups. Based on the results of the quantitative survey, questions and participants were purposefully selected for the qualitative phase in order to explain the content of the quantitative results. The results showed that students’ interest to improve their financial literacy was high. The assessments revealed that most important financial knowledge provider was the family, and the university came next. The obstacle that was most mentioned in the pursuit of pre-university education, was a lack of interest in obtaining financial knowledge, which was largely due to boring teachers and learning material. The article presents students' assessments, opinions, and suggestions, and contributes to the literature on Mixed Methods Research (MMR) by describing the procedure how the solutions to the research problem was found.

Financial literacy among Malaysian Muslim undergraduates

2020 ◽  
Vol 11 (8) ◽  
pp. 1515-1529
Author(s):  
Ana Shakirah Md.Sapir @ Md.Shafik ◽  
Wan Marhaini Wan Ahmad
Keyword(s):  
University Students ◽  
Social Environment ◽  
Financial Literacy ◽  
Design Methodology ◽  
Financial Education ◽  
Sociocultural Context ◽  
Content Type ◽  
Islamic Identity ◽  
Literacy Scores ◽  
Practical Implications

Purpose University students are known to face many challenges in achieving high financial literacy. The purpose of this paper is to examine the level of financial literacy among Malaysian Muslim undergraduates as explained through sociocultural variables. Furthermore, this paper explores a few additional Islamic measurements as part of assessing the level of financial literacy among the students. Design/methodology/approach The questionnaires were drafted based on a multi-dimensional financial literacy model and distributed conveniently to 330 respondents. Post-interviews were also conducted with selected students to further comprehend the sociocultural context. Findings The findings suggest that exposing students to financial education and practices influence their financial literacy scores. Students who attended muamalat-related courses demonstrated better financial literacy scores. Meanwhile, post-interview results indicate that the students’ social environment and interactions also play important roles in enhancing their financial literacy. Hence, it is believed that it is essential to embed Islamic-based measurements to equip students with financial literacy in tandem with their pedagogic development. The results thus extend previous studies by confirming the importance of Islamic-based finance- and business-related knowledge for all tertiary students. Furthermore, the curricula should be made compatible to their studying environment and attuned to their values and cultures. Practical implications The findings suggest the introduction of personal financial and muamalat-based knowledge and practices relative to their Islamic programme orientation. This should take place during the students’ academic years and across all academic programmes’ orientation. The study also highlights the importance of developing special measurements of Islamic financial literacy for Muslims congruent to their distinct Islamic identity. Social implications The study indicates the importance of high financial literacy among tertiary students for them to have a financially stable future. Originality/value The research is original in its use of several measurements of financial literacy that embedded Islamic teachings concomitant to the Muslim respondents.

scholarly journals Personal Financial Literacy among University Students studying Engineering

2020 ◽  
Vol 8 (8) ◽  
pp. 669-692
Author(s):  
Sirli Mändmaa
Keyword(s):  
University Students ◽  
Financial Literacy ◽  
Academic Discipline ◽  
Financial Education ◽  
Future Research ◽  
Financial Responsibility ◽  
Survey Results ◽  
The Individual ◽  
The Impact ◽  
A Current

Nowadays financial literacy is essential as in a society much of the financial responsibility has shifted from governments to the individual. The findings of earlier studies show that university students are not knowledgeable about personal finance and their financial skills needs improvement. This study analyzed the survey results of 536 university students to assess the financial literacy, the impact of educational and demo-graphical characteristics to the participants' financial literacy, and the students' financial opinions and choices. Results of regression analyze showed that statistically significant impact to the financial literacy had factors: academic discipline, level of education, gender, nationality, age and the choices to have a current account, a debit card, and investment services. Students studied in the Faculty of Civil Engineering compared to others, had higher knowledge in finance, especially female students. These results of study give the direction for future research and enable to enhance financial education. 

scholarly journals Investigating the level of financial literacy of university students

2017 ◽  
Vol 16 (3) ◽  
pp. 845-866 ◽  
Author(s):  
Israel José dos Santos Felipe ◽  
Harrison Bachion Ceribeli ◽  
Túlio Queiroz Lana
Keyword(s):  
Structural Equation Modeling ◽  
University Students ◽  
Financial Literacy ◽  
Structural Equation ◽  
Financial Education ◽  
Well Being ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
Equation Modeling ◽  
Financial Attitudes

AbstractConsidering 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 the necessity to invest in financial literacy programs that could help this population to better manage their resources, what would certainly impact on its savings and consumption decisions, and retirement planning.Keywords: Financial Literacy. Financial Education. Structural Equation Modeling. Mexican Students. Investigando o nível de alfabetização financeira de estudantes universitários ResumoConsiderando que a qualidade das decisões financeiras tomadas pelos indivíduos depende de seus conhecimentos, habilidades e atitudes financeiras, é possível afirmar que o bem-estar de uma população depende do quão financeiramente alfabetizada ela é. Neste contexto, o objetivo deste estudo foi mensurar o grau de alfabetização financeira dos estudantes universitários do norte do México. O método de pesquisa utilizado foi a survey e os dados coletados foram analisados por meio da técnica de modelagem de equações estruturais. Como resultados, foi possível confirmar que as atitudes financeiras dos universitários do norte do México influenciam seu comportamento financeiro. Todavia, não se confirmou que o conhecimento financeiro desses estudantes impacta seu comportamento financeiro. Como não se encontrou uma forte relação entre os conhecimentos, atitudes e comportamentos financeiros dos indivíduos analisados, conclui-se que o nível de alfabetização financeira dos estudantes universitários do norte do México é baixo. Isso implica na necessidade de investir em programas de alfabetização financeira para auxiliar essa população a melhor gerir seus recursos, o que certamente irá impactar em suas decisões de poupança e consumo, assim como em seu planejamento de aposentadoria.Palavras-chave: Alfabetização financeira. Educação financeira. Modelagem de equações Estruturais. Estudantes mexicanos.

On the effect of financial education on financial literacy: evidence from a sample of college students

2018 ◽  
Vol 19 (3) ◽  
pp. 344-352 ◽  
Author(s):  
Agar Brugiavini ◽  
Danilo Cavapozzi ◽  
Mario Padula ◽  
Yuri Pettinicchi
Keyword(s):  
College Students ◽  
University Students ◽  
Financial Literacy ◽  
Financial Education ◽  
Financial Knowledge ◽  
Small Scale ◽  
Training Intervention ◽  
Before And After ◽  
On Line

AbstractBased on a sample of university students, we provide evidence that a small-scale training intervention has both a statistically and economically significant effect on subjective and objective assessments of financial knowledge. We also show that the intervention increases self-assessed more than actual financial knowledge. The intervention consists of measuring financial literacy before and after a small on-line course and is administered through an on-line platform.

scholarly journals Analyzing the factors influencing university students' financial literacy

2019 ◽  
Vol 7 (7) ◽  
pp. 465-497
Author(s):  
Sirli Mändmaa
Keyword(s):  
University Students ◽  
Financial Literacy ◽  
Financial Services ◽  
Academic Discipline ◽  
Financial Education ◽  
Daily Basis ◽  
Bank Loan ◽  
Male Students ◽  
Future Research ◽  
The Impact

Financial literacy is necessary skill for life that could be improved through financial education. To enhance financial education, it is important to examine more deeply how students' financial knowledge and personal background affects their views on personal finance issues and financial decision making. This study analyzing the questionnaire survey results of 522 university students to assess the relationships between the financial literacy and students' financial opinions and choices; and the impact of educational and demographical characteristics to the participants' financial literacy, opinions and choices. Results of regression analyze show that statistically significant impact on the financial literacy have factors as gender, nationality, academic discipline, and financial choices and opinion, as holding a debit card, a bank loan, plan the financial affairs in advance on a daily basis and an interest to get more information about financial services and monetary affairs. Students studying in the science or mathematics oriented subjects have more knowledge in finance, especially male students. These results of study enable to develop financial education and give the direction for future research.

scholarly journals Empirical Study on Personal Financial Literacy of University Students for Develop the Financial Education

2020 ◽  
pp. 8-25
Author(s):  
Sirli Mändmaa
Keyword(s):  
University Students ◽  
Financial Literacy ◽  
Academic Discipline ◽  
Financial Education ◽  
Personal Finance ◽  
Male Students ◽  
Future Research ◽  
Self Confidence ◽  
Personal Finances ◽  
Inadequate Knowledge

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.

scholarly journals Measuring financial literacy of university students

2018 ◽  
Vol 9 (1) ◽  
pp. 87-97
Author(s):  
Ana Pavkovic ◽  
◽  
Mihovil Andelinovic ◽  
Domagoj Misevic ◽  
◽  
...  
Keyword(s):  
University Students ◽  
Financial Literacy

Financial literacy and its determinants: the case of rural farm households in Ghana

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Martinson Ankrah Twumasi ◽  
Yuansheng Jiang ◽  
Salina Adhikari ◽  
Caven Adu Gyamfi ◽  
Isaac Asare
Keyword(s):  
Developing Countries ◽  
Financial Literacy ◽  
Financial Education ◽  
Policy Implications ◽  
Farm Households ◽  
Community Group ◽  
Data Set ◽  
Content Type ◽  
Wide Range ◽  
Rural Dwellers

PurposeThis paper aims to examine the determinants of rural dwellers financial literacy in Ghana.Design/methodology/approachA cross-sectional primary data set was used to estimate the factors influencing rural farm households' financial literacy using the IV-Tobit model.FindingsThe findings reveal that most rural residents are financially illiterate. The econometrics model results depicted that respondents' socioeconomic and demographic characteristics such as gender, income, age and education significantly affect financial literacy. Again, respondents who are risk seekers and listen or watch education programs are more likely to be financially literate.Research limitations/implicationsThe paper examined the determinants of rural dwellers financial literacy in four regions in Ghana. Future research should consider all or many regions for an informed generalization of findings.Practical implicationsThis paper provides evidence that rural dwellers are financially illiterate and it would require the policymakers or non-governmental organizations (NGOs) to establish a village or community group that comprises a wide range of bankers and government officials to help rural dwellers acquire some financial skills. Also, the positive relationship between media (whether respondent watches or listens to educational programs) and financial literacy implies that policymakers should focus on improving individuals' financial knowledge through training programs and utilize the media as a channel to propagate financial education to the public.Originality/valueAlthough previous studies have examined the determinants of financial literacy, little is known in developing countries and, in particular, rural communities. The authors fill this gap by contributing to the scanty existing literature in developing countries in several ways. First, this is the first study to examine the financial literacy level of rural dwellers in Ghana. Second, to not undermine the credibility of the estimation results, this study addresses the potential endogeneity issue, which other researchers have not adequately recognized. Finally, the study expands the scant literature on the subject and provides critical policy implications that will help policymakers formulate financial market policies that will contribute to rural dwellers financial literacy enhancement.

Sign in / Sign up

Export Citation Format

Share Document