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Measuring Financial Literacy: A Case Study Of Self-Assessment Among Undergraduate Students In Hungary

Author

Listed:
  • Domician Mate

    (University of Debrecen, Faculty of Economics, Debrecen, Hungary -)

  • Zsuzsanna Kiss

    (University of Debrecen, Faculty of Economics, Debrecen, Hungary -)

  • Viktor Laszlo Takacs

    (University of Debrecen, Faculty of Economics, Debrecen, Hungary -)

  • Vivien Molnar

    (University of Debrecen, Faculty of Economics, Debrecen, Hungary -)

Abstract

This paper analyses the educational self-assessment of Hungarian undergraduate business economics students, focusing primarily on the concept of financial literacy as students predict and evaluate their own performance in written examinations relative to their externally assessed achievement. The main purpose of this study is to explore whether high-achieving students are more accurate in their self-assessment when predicting and evaluating their financial knowledge. In the pre- and post-examination predictions the higher achieving students actually seem to predict and evaluate their examination results more accurately than their lower-achieving fellows. Although we found no substantial differences in self-estimation by gender, females seemed to less likely to overestimate their financial knowledge after taking exams. Our conclusion also allows policy makers to identify potential needs in relation to specific features of financial literacy and provides evidence about which groups of people are in need of supplementary support, not only in higher education but in other contexts as well.

Suggested Citation

  • Domician Mate & Zsuzsanna Kiss & Viktor Laszlo Takacs & Vivien Molnar, 2016. "Measuring Financial Literacy: A Case Study Of Self-Assessment Among Undergraduate Students In Hungary," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 690-697, July.
  • Handle: RePEc:ora:journl:v:1:y:2016:i:1:p:690-697
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    References listed on IDEAS

    as
    1. Courchane, Marsha & Gailey, Adam & Zorn, Peter, 2008. "Consumer credit literacy: What price perception," Journal of Economics and Business, Elsevier, vol. 60(1-2), pages 125-138.
    2. Angela Hung & Andrew Parker & Joanne K. Yoong, 2009. "Defining and Measuring Financial Literacy," Working Papers 708, RAND Corporation.
    3. Angela A. Hung & Andrew M. Parker & Joanne K. Yoong, 2009. "Defining and Measuring Financial Literacy," Working Papers WR-708, RAND Corporation.
    4. 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.
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    Cited by:

    1. Kiss Zsuzsanna & Barizsne Hadhazi Edit, 2017. "Self Assessment Among Hungarian Advanced Level Vocational Training Students," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 807-815, July.
    2. Zsuzsanna KISS & Edit Barizsné HADHÁZI & Domicián MÁTÉ, 2017. "Advanced Level Vocational Training Students’ Self Assessment," Network Intelligence Studies, Romanian Foundation for Business Intelligence, Editorial Department, issue 9, pages 25-32, June.
    3. András István Kun, 2016. "A Comparison Of Self-Assessment Tendencies Of Full-Time And Part-Time University Students," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 538-547, July.

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    More about this item

    Keywords

    self-assessment; overestimation; human capital; higher education; financial literacy;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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