Financial Literacy of Full-Time and Part-Time University Students

Abstract

This paper presents the results of the financial literacy survey of university students in the economic fields of study. The research was conducted by a questionnaire survey method at two universities, one of them in the Slovak Republic and the other in the Czech Republic. The survey involved both, the full-time students as well as the part-time students. In the framework of this survey, some of the personality characteristics of the participants were found out, and in the second part, they solved a total of thirteen problems in the area of daily financial decision making. The questions examined their financial literacy across four areas of personal finance, namely time value of money and perception of inflation, annuities and debt repayment, risk and investment, and decision making. All questions were assigned as multiple choice questions with four response options, one of which was the correct answer, two incorrect answers, and "I do not know" option. While the part-time students answered over 56% questions correctly, the full-time students answered only 51% questions correctly. After identifying a higher level of total financial literacy of the part-time students we applied the methods of the statistical analysis and subsequently, we detect the areas where daily students are lagging behind. At the end of the article, we summarize the causes of this phenomenon and propose possible solutions to the current situation related to the development of financial literacy. The monitored areas of this article serve as an output of a forthcoming pilot project that focuses on identifying the preferences of consumer attitudes, loans, savings, and investments of a select population of the young generation.

Financial Literacy of the Management Students and Durability of Their Knowledge

“…In the first phase, we examined the financial literacy of a wider group of university students in Slovakia and the Czech Republic. We have continuously published the results and analysis of this survey (Kozubikova, 2016), (Kozubik, Kozubikova, & Rybicka, 2017) and (Kozubik, Kozubikova, & Polak, 2019). For the second and third phases of the survey, we selected a narrower group of 200 management students.…”

On the Impact of Practical Experience on the Financial Literacy of the University Students

“…This article presents the extension of the investigations presented in [2]. Data for the present research was collected using a questionnaire survey method at five universities located in the Slovak Republic and, in the Czech Republic.…”

Financial literacy of secondary school leavers: a case of Latgale region in Latvia

“…The problem of financial literacy of children and youth has been the object of scientific research by Iwanicz-Drozdowska ( 2015), Titko et al (2015), Potrich et al (2016), Andriichuk (2021), Kuzma et al (2022) and others. The relevance of financial education at the university level and its economic and social significance have been revealed in the studies by Kozubíková (2015), Felipe et al (2017), Kozubik et al (2019), Swiecka (2018Swiecka ( , 2019, Davoli and Hou (2021). The research by Davis et al (2018) analyses the financial literacy of Italian students.…”

“…Regarding financial literacy and conduct, youth become one of the most minor protected groups in the population (Lusardi and Wallace, 2013;Kozubik, 2019;Zheng et al, 2020, Andriichuk, 2021. The younger generation faces not only the growing complexity of financial products, services, and markets but, in the course of growing up, they need to assume increasing financial risks compared to their parents (OECD, 2013;Kuzma et al, 2022) 547 necessary for school leavers who enter the age of employment to be ready to manage their income and avoid any financial problems (Chaiphat, 2019).…”