Financial Literacy of First-Year University Students: The Role of Education

Francka Lovsin Kozina and Nina Ponikvar
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Francka Lovsin Kozina: University of Ljubljana, Slovenia
Nina Ponikvar: University of Ljubljana, Slovenia

International Journal of Management, Knowledge and Learning, 2015, vol. 4, issue 2, 241-255

Abstract: This paper presents an insight into the characteristics of how students manage their finances and their general financial literacy. The study was carried out by surveying 259 students from two different faculties. Students from the study programs with economics subjects were statistically better at defining inflation, liquidity and real income. Statistically significant differences between courses were seen also in the area of investment decisions, business students prefer riskier investments like an investment in bonds or gold, whereas non-business students prefer saving the money in a savings account. The results show that students who had economics content in their program more often state they control their finance and have on average better financial knowledge. The results suggest that participation in economic/financial courses increases financial literacy and also feelings of mastery of financial areas, which is important to transfer knowledge into the practice.

Keywords: financial literacy; financial management; education; knowledge; Slovenia; students (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:isv:jouijm:v:4:y:2015:i:2:p:241-255

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