Financial literacy among university students: A study in eight European countries

Ergün, Kutlu

doi:10.1111/ijcs.12408

Cited by 85 publications

(84 citation statements)

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“…To summarise, the study reveals low levels of financial knowledge among undergraduate university students in Cyprus. The results broadly concur with the findings of other countries that find gender, parental income and the subject studied at university play an important role in explaining the students' level of financial knowledge (Chen and Volpe, 1998;Cole et al, 2009;Lusardi et al, 2010;Sarigül, 2014;Philippas and Tzora, 2017;Ergün, 2018). Furthermore, financial knowledge is observed to have a distinct and statistically significant channel of influence for sound financial behaviour among students and this channel is not substituted by socio-demographic factors or various skillsets.…”

Section: Econometric Analysis and Resultssupporting

confidence: 89%

“…The results show that Cypriot students have average financial knowledge scores which are below the baseline of 50% in all three variables. Although the financial knowledge scores cannot be strictly compared across countries due to dissimilarities in survey questions and survey designs, it can be observed that the Cypriot students' average financial knowledge scores are comparatively lower than those reported in similar studies from other countries (Demirguc-Kunt et al, 2015;OECD 2016;Philippas and Tzora 2017;Ergün, 2018). Table 3 also depicts the summary statistics of the variables used in the regression analysis over the entire sample, the sample of highly knowledgeable students (i.e., at least 4 correct answers, FK_DUMMY = 1), and the sample of less knowledgeable students (i.e., fewer than 4 correct answers, FK_DUMMY = 0).…”

Section: Descriptive Analysismentioning

confidence: 85%

“…Lusardi and Mitchell (2011) focus on various countries of the world, Chen and Volpe (1998) and Lusardi et al, (2010) concentrate on the US, Ergün (2018) on European countries, with Sarigül (2014) taking the case of Turkey as the focus and Philippas and Tzora (2018) the case of Greece. The empirical evidence suggests that there are differences in the level of financial knowledge across countries; however, there is a consensus that financial illiteracy is common even in countries with strong markets and high levels of schooling (Lusardi and Mitchell, 2011;Demirguc-Kunt et al, 2015;Ergün, 2018). The results of a global survey conducted by Standard and Poor's Rating Services show that only 33% of the world's population is financially literate, whereas this percentage increases to 50% for European countries (Demirguc-Kunt et al, 2015).…”

Section: Introductionmentioning

confidence: 99%

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Financial Knowledge Among University Students and Implications for Personal Debt and Fraudulent Investments

Andreou

Philip

2018

SSRN Journal

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2018) 'Financial knowledge among university students and implications for personal debt and fraudulent investments.', Cyprus economic policy review., 12 (2). pp. 3-23. Further information on publisher's website:http://www.ucy.ac.cy/erc/en/publications/cyprus-economic-policy-review Publisher's copyright statement: Use policyThe full-text may be used and/or reproduced, and given to third parties in any format or medium, without prior permission or charge, for personal research or study, educational, or not-for-prot purposes provided that:• a full bibliographic reference is made to the original source • a link is made to the metadata record in DRO • the full-text is not changed in any way The full-text must not be sold in any format or medium without the formal permission of the copyright holders.Please consult the full DRO policy for further details. AbstractThe study is the first attempt to examine financial literacy, financial aptitude and behaviour among university students in Cyprus. The student survey covers 881 Cypriot students, aged mostly 18-24, across the five biggest universities in Cyprus. The financial knowledge scale used in the survey measures the understanding of basic concepts including interest rates, inflation, risk and diversification. Results show that 6.24% of students answered all questions correctly, with only 36.9% having a good financial knowledge proficiency level (answering at least 4 correct responses out of 6). While socio-demographic characteristics and students' soft skills and traits distinguish high financial knowledge students, strikingly, parental background and parental advice does not seem to play an important role for high financial knowledge. Financial knowledge is also seen to have a distinct channel of influence on students' understanding of managing their credit card debt and students' ability to deter themselves from fraudulent investments.

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Section: Econometric Analysis and Resultssupporting

confidence: 89%

Section: Descriptive Analysismentioning

confidence: 85%

Section: Introductionmentioning

confidence: 99%

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Financial Knowledge Among University Students and Implications for Personal Debt and Fraudulent Investments

Andreou

Philip

2018

SSRN Journal

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“…While considerable research literature on young adults exists including the topics on income (Black, Devereux, & Salvanes, ), assets (Letkiewicz & Fox, ), credit card overspending (Sotiropoulos & D'Astous, ), financial literacy (Ergün, ; Lusardi, Mitchell, & Curto, ) and financial behaviours (Friedline, Elliott, & Nam, ; Tang, ; Tang, Baker, & Peter, ), the financial independence of young adults, an important topic of transition to adulthood (Shim, Serido, Bosch, & Tang, ) remains underexplored. Without financial independence, young adults have to rely on either social welfare or parental support.…”

Section: Introductionmentioning

confidence: 99%

Impact of family income in early life on the financial independence of young adults: Evidence from a matched panel data

Cui

Xiao

et al. 2019

Int J Consumer Studies

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This study investigates whether the family income level in early life influences the financial independence of young adults. Using a large nationally representative U.S. sample (constructed based on the data from the 1999 to 2015 Panel Study of Income Dynamics, its 2009 to 2015 Transition to Adulthood Supplement and its 1997 to 2007 Child Development Supplement), we find that the relationship between one's family income level during adolescence and the financial independence of young adults follows an inverted U‐shape. We find that the college graduation status plays an important role in determining the financial independence of young adults. Once young adults graduate from the college, their financial independence is no longer influenced by their family income level during adolescence. The results show similar patterns after controlling for cognitive and noncognitive abilities and financial behaviours of young adults when they were children or teenagers. The findings of this study have significant implications for policymakers and educators.

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“…Financial courses in the educational programs of many universities might help the students to handle their financial matters better and to improve their financial welfare (Ergün, 2017). Ali et al (2004) explained that Customer Education programs might help young people with the skills that they have been equipped with in order to make their financial decisions.…”

Section: The Implementation Of Life Valuesmentioning

confidence: 99%

The reflective assessment on the acquisition of life value in customer education as a character building dimension

Wening

2019

Problems and Perspectives in Management

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Formal education plays a big role in the construction and development of students’ competence and skill. A survey on the fashion engineering education in Indonesia found that most students had not appropriately applied the competence and skill they learned. Many of them did not say anything despite experiencing loss, were reluctant to ask for exchange or compensation, littered the product’s waste, and had no interest in using do-it-yourself (DIY) skills to make their own products. Therefore, this study is aimed at depicting the importance of learning the Consumer Education materials, the application of living values in the Consumer Education materials, and the effectiveness of consumer living values on students’ character-building. In this survey-based study, the ex post facto approach was used in order to evaluate the results of Consumer Education learning through reflective assessment sheet. The research population was 123 students of Fashion Engineering Education Study Program in higher education institutions in Yogyakarta Province who had passed the Consumer Education course in the odd semester in Indonesia in 2017. The sample was established through the stratified proportional random sampling technique, while the descriptive statistical analysis was applied to the findings of reflective assessment. The results show the students agree that learning Consumer Education course is imperative for day-to-day life and the Consumer Education materials are found to be effective in consumers’ character-building. This study has not internalized of the values through advice, example, discussion, role playing, and participation in the activities of consumption events around daily life. Further studies are needed for developing a relevant curriculum, training in designing content, strategies, instruments, and evaluation of learning.

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Financial literacy among university students: A study in eight European countries

Abstract: This study analysed the level of financial literacy among university students in

Cited by 85 publications

References 41 publications

Financial Knowledge Among University Students and Implications for Personal Debt and Fraudulent Investments

Financial Knowledge Among University Students and Implications for Personal Debt and Fraudulent Investments

Impact of family income in early life on the financial independence of young adults: Evidence from a matched panel data

The reflective assessment on the acquisition of life value in customer education as a character building dimension

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