Abstract
This research aims to identify the level of financial literacy of college students in economic faculties and non-economic faculties in Indonesia. This research was conducted to determine the understanding of students' financial literacy score in the economic and non-economic faculties. The survey was conducted to test the level of student financial literacy at various University in Indonesia. This survey used objective measures of financial literacy, and the student gets the question and gets the score based on the correct answer from participants. In total, there were 206 participants from students in Indonesia who participate in the survey. An independent sample T-Test was conducted to determine differences in the level of understanding of students in the two groups. This research found that financial literacy score is differences between economic and non-economic students. Even the economics student has higher score compare to the non-economics student, but the score still below 70% for basic personal finance questions. This research implies that student on both study field needs to get personal finance courses on campus.Keywords: Personal finance, financial literacy, College student.JEL Classification: G53DOI: https://doi.org/10.32479/irmm.8974
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 literate
The questions consist of 15 objective financial literacy measurement that consists of three main topics and three profile questions to collect participant gender, the field of study and kind of university
A total of 15 multiple choice questions were given to participants to find out the level of financial literacy
Summary
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 literate. Various studies examine the level of financial literacy in tertiary institutions (Anthes, 2004; Godfrey, 2006; Murphy, 2005). Higher education is the highest formal educational institution in Indonesia, the majority of Indonesian will start working after graduating from higher education institutions. His makes universities the last opportunity to help the community in increasing their financial knowledge (Harrington and Smith, 2016). No matter how to literate their financial knowledge, they have to deal with financial issues and decisions
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