Level of Knowledge in Personal Finance by University Freshmen Management Students
Zuzana Kozubíková – University of Žilina, Faculty of Managements and Informatics, Dpt. of Macro and Microeconomics, Univerzitná 8215/1, 010 26 Žilina, Slovakia
Aleš Kozubík – University of Žilina, Faculty of Managements and Informatics, Dpt. of Mathematical Methods and Operations Research, Univerzitná 8215/1, 010 26 Žilina, Slovakia
7th International Scientific ERAZ Conference – ERAZ 2021 – Selected Papers: KNOWLEDGE BASED SUSTAINABLE DEVELOPMENT, Online/virtual, May 27, 2021
ERAZ Conference Selected Papers are published by: Association of Economists and Managers of the Balkans – Belgrade, Serbia
ERAZ conference partners: Faculty of Economics and Business, Mediterranean University, Montenegro; University of National and World Economy – Sofia, Bulgaria; Faculty of Commercial and Business Studies – Celje, Slovenia; AMBIS University, Prague – Czech Republic; Faculty of Applied Management, Economics and Finance – Belgrade, Serbia
ERAZ Conference 2021 Selected Papers ISBN 978-86-80194-47-9, ISSN 2683-5568, DOI: https://doi.org/10.31410/ERAZ.S.P.2021
Abstract: Financial literacy becomes one of the key competencies for life in modern society, and its importance grew significantly in the last decade. The study aims to determine how well newly coming university management students understand basic consumer financial concepts. The research is based on primary data by questionnaires and a sample of 342 students from the target population within Slovakia and the Czech Republic. The questionnaire contained in its first part some questions covering the individual personal socio-economic characteristics. In the second part, the respondents solved thirteen problems submitted as multiple-choice questions that tested their knowledge about personal finance. Authors examine the relationships among the personality characteristics of the students and their financial literacy. This leads to several remarkable findings. Due to the specialization of the study, the difference between the genders is blurred. As a significant source of the differences in financial literacy, the authors detect the previous education of the respondents and the forms of education in financial literacy.
Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-Non-Commercial 4.0 License (https://creativecommons.org/licenses/by-nc/4.0/) which permits non-commercial use, reproduction and distribution of the work without further permission.
Falahati, L. & Laily, H. P. (2011). Gender Differences in Financial Literacy among College Students. Journal of American Science 7(6),1180–83.
Fletschner, D. & Mesbah, D. (2011). Gender Disparity in Access to Information: Do Spouses Share What They Know? World Development, 39(8), 1422–1433. https://doi.org/10.1016/j. worlddev
Fornero, E. & Monticone, Ch. (2011). Financial Literacy and Pension Plan Participation in Italy. Journal of Pension Economics & Finance 10(4):547–64. doi: 10.1017/S1474747211000473.
Hastings, J., S., Madrian, B.,C., & Skimmyhorn, W.,L. (2013). Financial Literacy, Financial Education, and Economic Outcomes. Annual Review of Economics 5(1), pp. 347–73. doi: 10.1146/annurev-economics-082312-125807.
Huston, S. J. (2010). Measuring Financial Literacy. Journal of Consumer Affairs 44(2), 296–316. doi: 10.1111/j.1745-6606.2010.01170.x.
Christelis, D., Jappelli, T. & Padula, M. (2010). Cognitive abilities and portfolio choice. European Economic Review, 54(1), 18–38. https://doi.org/10.1016/j.euroecorev.2009.04.001
Kim, J. (2001). Financial Knowledge and Subjective and Objective Financial Wellbeing. Consumer Interests Annual 47.
Kozubíková, Z. (2015). Financial Literacy as an Important Objective of the Education in Economics. In P. Slavíčková (Ed.), Proceedings of the Conference: Knowledge for market use 2015: women in business in the past and present, Palacky University Olomouc, September 2015, (pp. 429 – 439). Olomouc: Societas Scientiarium Olomucensis II.
Kozubík, A., Kozubíková, Z., & Rybička, J. (2017). Financial literacy of university students – the Czech and Slovak experience. New Trends and Issues Proceedings on Humanities and Social Sciences, 4, 41. https://doi.org/10.18844/prosoc.v4i3.2630
Lusardi, A. (2012). Numeracy, Financial Literacy, and Financial Decision-Making. Numeracy, 5(1). https://dx.doi.org/10.5038/1936-46188.8.131.52
Lusardi, A. & Mitchell, O. S. (2011). Financial literacy and retirement planning in the United States. Journal of Pension Economics & Finance, 10(4), 509–525. https://doi.org/10.1017/ S147474721100045X
Lusardi, A. & Mitchell, O.S. (2014). The Economic Importance of Financial Literacy: Theory and Evidence. Journal of Economic Literature 52(1):5–44. doi: 10.1257/jel.52.1.5.
Lusardi, A., (2019). Financial Literacy and the Need for Financial Education: Evidence and Implications. Swiss Journal of Economics and Statistics 155(1):1. doi: 10.1186/s41937-019- 0027-5.
Mandell, L. (2007). Financial literacy of high school students. In: J.J. Xiao (Ed.), Handbook of Consumer Finance Research, New York, NY: Springer, pp. 163 – 183.
Mandell, L. & Klein, L. (2009). The Impact of Financial Literacy Education on Subsequent Financial Behavior. Journal of Financial Counseling and Planning 20(1), pp. 15-24.
Mottola, G. (2013). In Our Best Interest: Women, Financial Literacy, and Credit Card Behavior. Numeracy, 6(2). https://doi.org/10.5038/1936-46184.108.40.206
Szafrańska, M., Krasnodębski, A., & Kapsdorferová, Z. (2020). Level of Financial Literacy and Food Waste in Polish Households. Agris On-Line Papers in Economics and Informatics, 12(01), 99–109. https://doi.org/10.7160/aol.2020.120109