Analysis of Financial Literacy Level Among Undergraduate Students

Abstract

Financial literacy has become all the time important for the economic development of a country as well as individuals for the use of economic securities. This study aims to concentrate undergraduate for understanding the need of financial literacy in the educational system according to the current situation of our society. We concentrated on the undergraduate level of financial literacy. Nowadays student financial problems are alarming. Throughout the study, they are failed to manage their financial issues. The outcomes and conclusions of this study were obtained through a questionnaire survey in undergraduate institutes. The study examines the link between financial literacy and those demographic issues that affect student financial literacy. For the purpose of an investigation, we distributed 250 questionnaire forms to random students and collect 230 from which 140 forms filled properly. The finding shows the introduction of financial literacy at an early level for the student is necessary. There is a need to reform the institutional structures to improve the capabilities of high school students and strategies that are needed to initiate financial literacy educational growth in developing areas. Additionally, due to high ratio of unemployment, they are unable to have financial experiences that affect their financial knowledge and behavior. Increasingly in the region, they have a very little approach to grow.

Keywords: Financial literacy; Demographics; Chi-Square distribution; undergraduate students.

JEL codes: G53, A22, C12, R51

DOI: 10.7176/RJFA/11-14-03

Publication date:July 31^st 2020