Abstract
The purpose of this research is to provide some insights into financial literacy among undergraduate students focusing primarily on the relationship between financial knowledge, financial attitudes and financial behavior and on possible gender and financial education gap in financial literacy. Using the purposive sampling technique, data collection was carried out from April to June 2020, yielding a sample of 1,046 valid responses. To gain a better understanding of the relationship between financial behaviour, financial attitudes and financial knowledge, we, primarily, use exploratory factor analysis and multiple regression model. The research findings have revealed several important issues. First, findings have suggested that financial knowledge, financial attitudes and gender may be considered as an antecedent of the financial behaviour of undergraduate students. Second, findings have also suggested a statistically - significant difference between the financial literacy of undergraduate students concerning their exposure to formal financial education.
Highlights
Consumers living in a complex financial environment need financial literacy to improve financial decision making (Atkinson & Messy, 2012; Huston, 2010)
Financial knowledge and financial attitudes of undergraduate students have a positive impact on their financial behaviour
In Bosnia and Herzegovina, little attention has been paid to financial literacy in general and, when it comes to undergraduate students
Summary
Consumers living in a complex financial environment need financial literacy to improve financial decision making (Atkinson & Messy, 2012; Huston, 2010). Financial literacy has been recognized as an essential life skill (OECD, 2017). Individuals with a low level of financial literacy exhibit overconfidence, risk-loving and impatience-financial behaviour that is recognized as a major cause of the financial crisis (Mudzingiri, Mwamba, & Keyser, 2018). The low level of financial literacy might harm individuals and nations. More complicated environments require individuals to be more knowledgeable about different aspects of life such as health, technology, finance etc. The concept of financial literacy is very complex. Academicians use financial literacy to explain economic wellbeing, financial decisions and behaviour, but they rarely deal with two important issues, such as governance and social well-being
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