What Motivates a Learner Manager of a Logistic Company to Achieve Financial Literacy?

Abstract

As long as there is an academic discussion about the essence of finance, specifically, of whether it is ‘art’ or ‘science,’ managers and entrepreneurs, especially beginners, experience the necessity to acquire realistic and basic knowledge of financial management. Financial knowledge helps people feel more committed and involved in an organization. In our opinion, a manager does better when he understands how financial success is measured and how he has an impact on the company's performance. In this case we speak about a manager's financial literacy. The results of this paper reveal the effect of personal qualities of undergraduate students on the efficiency of acquisition of financial subjects. Sixty four participants between the age of 18 and 23 were recruited for this study from the programs Transport and Business Logistics and Business Management in Transportation of the Transport and Telecommunication Institute. The attainment of financial literacy amongst this student population was studied through the study of learning outcomes for financial subjects and the role of achievement motivation, its components and intellectual capabilities of these learner managers, future managers of transportation and logistics companies. To obtain the answer to the question of whether there is any correlation between achievement motivation and acquisition of financial literacy, the Achievement Motivation Inventory (AMI) of 17 facets and Raven's Progressive Matrices (SPM-C) were deployed, and the learning outcomes for financial subjects were analysed. The results of this paper indicate that striving for attainment is one of the main motivational factors for the achievement of financial literacy and development of financial management skills.