An Evaluation of the Effect of Financial Literacy Education on Financial Literacy among College Students

Abstract

The aim of this research is to evaluate the effect of financial literacy education on financial literacy among college students, and to determine the financial literacy level of college students, and to explore whether individual characteristics have an effect on financial literacy level. 149 students, who have been receiving education in the state university vocational school, were hereby included into this research, and students were split into two categories randomly. No statistically-meaningful difference has been found between these two groups with regard to gender difference and age disparity (p>0,05). One of these group had been receiving training with regard to financial literacy for two (2) weeks. After such training process, Financial Literacy Scale had been applied to both groups. As a result of analysis applied thereof, it was determined that all students attended to financial literacy education had intermediate level of financial literacy (52,17±17,67), and financial literacy education had an effect on financial literacy (p<0,05). Besides this, it was also determined that gender, class, the usage of internet banking and fathers' education level had significant effects on financial literacy (p<0,05).

The Financial Behavior of Investment Decision Making Between Real and Financial Assets Sectors

“…The negative impact of financial literacy on investment decisions is contrary to the findings (Cole & Fernando, 2008;Vitt, 2005;Shefrin, 2007) where a higher level of financial literacy led to the ability to process more information and make personal decisions. It also contradicts other previous studies due to the fact real asset investors used in this study were faced with valuable information which required careful consideration before an investment decision was made.…”

“…Making the right decision requires adequate knowledge, information, and understanding of finances and other things attached to it. Cole and Fernando (2008) defined financial literacy as the ability to read, analyze, manage, and write the finances affecting the life of a person. According to Abreu and Mendes (2010), only a few know the impact of this concept on investment diversification and its ability to explain problems with investor behavior.…”

Pengurusan Kewangan dan Pembangunan Keusahawanan dalam Kalangan Pelajar Perakaunan Universiti Awam

“…Setiap individu mempunyai tanggungjawab dalam menguruskan kewangan mereka sendiri senada dengan perkembangan terkini dunia global yang memperlihatkan masyarakat lebih berminat kepada instrumen kewangan (Akca et al, 2018). Sebagai contoh melalui pengenalan pelbagai instrumen kewangan yang rencam bagi tujuan pinjaman dan simpanan menyebabkan pasaran kewangan menjadi semakin kompleks dan berisiko (van Rooij et al, 2009).…”