Analysis of Financial Literacy among High school students, graduates, and young professionals in German

Thomas Hammer () and Alexander Zureck ()
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Thomas Hammer: UCAM Universidad Católica San Antonio de Murcia, Spain
Alexander Zureck: FOM University of Applied Sciences, Germany

Entrepreneurship and Sustainability Issues, 2022, vol. 10, issue 2, 23-42

Abstract: This research paper aims to examine various factors influencing the financial literacy of high school students, graduates, and young professionals. Although the academic literature has dealt extensively with the factors influencing financial literacy, no current study focuses on Germany and explicitly on the group of young people with an upper educational level. The empirical research undertaken primarily examines the influence of different manifestations of academic status, income, gender, and origin on the degree of financial literacy. In this context, financial literacy is approximated using the scientifically established set of questions, the so-called “Big Three” questions. A total of over 500 participants were surveyed. To evaluate the results, a simple linear regression model is formulated for each hypothesis and then tested for significance using the T-test. Subsequently, a multivariate regression model based on the significant influencing factors is specified and tested again. Thereby, the examined factor of gender is highly significant. Immigration background also influences financial literacy. Findings related to education, background, and income were often inconclusive or weak. No influence of the place of residence, the parent´s educational level, or a practice-related education on financial literacy could be found.

Keywords: financial education; financial literacy; gender gap; high school students; graduates; young professionals (search for similar items in EconPapers)
JEL-codes: A23 C12 G53 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:ssi:jouesi:v:10:y:2022:i:2:p:23-42

DOI: 10.9770/jesi.2022.10.2(2)

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