Assessment of university students’ level of financial literacy: the voices of the National University of Development Studies education students

Abstract

ABSTRACTThe study on which this article is based, intended to assess the level of financial literacy among the Government of Lesotho sponsored university students studying at the National University of Lesotho. The study was carried out during the academic year 2016/17. The objectives of the study were; first, to determine Development Studies education students’ level of financial literacy. Second, to identify if there is a change in Development Studies students’ attitude and behaviour towards handling National Manpower Development Secretariat financial support. Last, to identify strategies that could help students improve knowledge and skills in handling finances. The study adopted both a quantitative and qualitative approaches. It is a qualitative approach because it provided participants responses non-statistically, while quantitative approach descriptive statistics, frequency counts and percentages in order to hear the voices of the student teachers on how they handle their finances. A financial literacy survey questionnaire of four parts was developed to collect data from Development Studies education students/student teachers in the third year of study. The survey questionnaire was self – administered to a purposefully sampled group of 60 students. Data was analysed with the use of descriptive statistics, frequency counts and inclusion of participants’ verbatim excerpts. The study revealed that student teachers lack financial literacy. It concludes with the recommendation that student teachers require financial education that can assist them to understand the use of money.