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

Sirli Mändmaa

doi:10.33642/ijbass.v6n6p2

Abstract

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.

Highlights

Around the world, there are many differentFinancial literacy gives individuals the ability to definitions of financial literacy, but the important make informed financial choices
Results and Conclusions of Previous Studies credit scores, and dramatically reduces the probability of Programme for International Student Assessment (PISA) 2012 was the first large-scale international declaring bankruptcy, as well as increases significantly study to assess the financial literacy of young people. investment income and retirement savings
Financial literacy in any participated country but if look at Financial literacy is an important component of the results of boys and girls in math and reading tests, sound financial decision-making

Summary

Introduction

There are many differentFinancial literacy gives individuals the ability to definitions of financial literacy, but the important make informed financial choices. Several studies throughout the world have shown so it is not possible to successfully navigate today’s world gender differences in financial knowledge. Have argued that females tend to display lower level on JumpStart Coalition states: “Financial literacy is personal financial literacy than males, among adults the ability to use knowledge and skills to manage (Fonseca et al 2010; Lusardi & Mitchell 2006; Monticone financial resources effectively for a lifetime of financial 2010; OECD 2012), students (Atkinson et al 2006; Chen and well-being.” (Remund 2010, 285). The financial literacy definition used in an Goldsmith and R.E. Goldsmith 2006; Mändmaa 2019a; international study to assess the financial literacy of Mändmaa 2019b), and adolescents (Lusardi, Mitchell and young people, PISA 20121, was following: “Financial Curto 2010).

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Results