Financial Literacy of Economics and non-Economics Student

Ascaryan Rafinda,Timea Gal,W.R Adawiyah,N.A Prayogo,T Harisam,N.C Afif,Suliyanto Suliyanto

doi:10.1051/shsconf/20208601018

Ascaryan Rafinda, Timea Gal + Show 5 more

Open Access

https://doi.org/10.1051/shsconf/20208601018

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Abstract

The aim of this research is to identify the level of financial literacy of students in economic faculties and non-economic faculties in Indonesia. This research was conducted to determine the understanding of students in the economic and non-economic faculties on the level of personal financial literacy. The survey was conducted to test the level of student financial literacy in various University in Indonesia. In total there were 206 participants from students in Indonesia who took the survey. An independent sample T-Test was conducted to determine differences in the level of understanding of students in the two groups. The results of this research indicate that there are no differences in the level of financial literacy in economic and non-economic students. This result shows that economics student does not guarantee they have higher personal financial knowledge.

Highlights

The results of a financial literacy survey of the Indonesian in 2016 explain that the average financial literacy score from Indonesian was only 29.6% well literated
The role of formal financial education has a contribution to financial maturity and financial behaviour (Alsemgeest, 2015; Norvilitis & MacLean, 2010; Urban, Schmeiser, Michael Collins, & Brown, 2018)
Various studies examine the level of financial literacy in tertiary institutions (Anthes, 2004; Godfrey, 2006; Murphy, 2005)

Summary

Introduction

The results of a financial literacy survey of the Indonesian in 2016 explain that the average financial literacy score from Indonesian was only 29.6% well literated. Financial knowledge can be obtained from various several sources The surrounding environment such as family and friends is one of the source o*f financial knowledge (Bowen, 2002; Chen & Volpe, 2002; Norvilitis & MacLean, 2010; Shim, Serido, Bosch, & Tang, 2013; Xiao, Tang, Serido, & Shim, 2011)). Higher education is the highest formal educational institution in Indonesia, the majority of Indonesian people will start working after graduating from higher education institutions. This makes universities the last opportunity to help the community in increasing their financial knowledge (Harrington & Smith, 2016)

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