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Standard in Financial Literacy for University Students: Methodology and Empirical Evidence

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Listed:
  • JUDrIng Tomas Krizek, CEMS-MIM, LLM

    (Faculty of Finance and Accounting,University of Economics,Czech Republic)

  • IngDusan Hradil

    (Faculty of Finance and Accounting,University of Economics,Czech Republic)

Abstract

Financial literacy is very important element of everybody’s life. Papers and studies usually focus on general public or lower-educated group of people but we think that university educated people should not be out of scope of work done in the field of financial literacy. Our hypothesis in this article is that citizens with university education or university students may be a source of finance knowledge for their community in a similar way how medical doctors provide advice in their community. First, we define a standard in financial literacy for university students and then we test our hypothesis that university students provide advice on consumer/personnel finance matters in their community using an online survey. We also compare our results to previous studies and derive interesting findings from the survey which are further discussed in this paper.

Suggested Citation

  • JUDrIng Tomas Krizek, CEMS-MIM, LLM & IngDusan Hradil, 2012. "Standard in Financial Literacy for University Students: Methodology and Empirical Evidence," International Journal of Business and Social Research, LAR Center Press, vol. 2(7), pages 21-32, December.
    • Handle: RePEc:lrc:larijb:v:2:y:2012:i:7:p:21-32
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    References listed on IDEAS

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    1. Adele Atkinson & Flore-Anne Messy, 2012. "Measuring Financial Literacy: Results of the OECD / International Network on Financial Education (INFE) Pilot Study," OECD Working Papers on Finance, Insurance and Private Pensions 15, OECD Publishing.
    2. Annamarie Lusardi & Olivia S. Mitchell, 2005. "Financial Literacy and Planning: Implications for Retirement Wellbeing," Working Papers wp108, University of Michigan, Michigan Retirement Research Center.
    3. Mitchell, Olivia S. & Lusardi, Annamaria (ed.), 2011. "Financial Literacy: Implications for Retirement Security and the Financial Marketplace," OUP Catalogue, Oxford University Press, number 9780199696819.
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