FACTORS DETERMINING THE LEVEL OF FINANCIAL LITERACY OF ACADEMIC YOUTH

Abstract

The main objective of the paper is to characterize the level of financial literacy of academic youth and to identify selected socio-demographic factors that determine this level. The main source of data used for analysis and conclusions was primary information obtained from the author’s own research. The research was conducted in 2018 with the PAPI method on a group of 337 respondents. The interview was conducted with young people studying at the second largest academic centre in Poland – Kraków. The study used a set of questions to assess the level of financial literacy of adults proposed by the OECD. Apart from primary sources, Polish and foreign literature on the subject was also used to achieve the goal. To analyze the data, total statistical indicators (mean, minimum, maximum) and non-parametric "chi square" test” (χ2) were used. The analysis shows that students are characterized by an average level of financial literacy. The factors that significantly determined the level of students' financial literacy were gender and the field of study. A higher level of financial literacy was characteristic for men and those studying the economic faculties, which results from the curriculum contents. In order to increase the level of financial competence of students in other fields of study, curricula should be supplemented with subjects covering personal finance. The factors that did not differentiate the level of financial performance are the place of residence, the degree of study and the student's professional experience.