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Assessing the Effectiveness of Financial Literacy Programs for Business Student

Author

Listed:
  • Dr. Javed Miraj

    (Assistant Professor, Department of Management Sciences, Lasbela University of Agriculture, Water and Marine sciences, Uthal, Balochistan, Pakistan)

  • Sheraz Haider

    (Department of Commerce, Thal University Bhakkar, Pakistan)

  • Dr. Qaisar Abbas

    (Assistant Professor, Department of Education, The Shaikh Ayaz University Shikarpur, Sindh, Pakistan)

  • Iram Naeem

    (Punjab School Education Department Lahore, Pakistan)

  • Zuhaib Nishtar

    (China three Gorges University Yichang City, China)

  • Kashif Lodhi

    (Department of Management, Economics and Quantitative Methods, Università degli Studi di Bergamo via dei Caniana 2, 24127 Bergamo (BG), Italy)

Abstract

In recent years, researchers, practitioners, and policymakers have come to realize the significance of financial literacy. Owing to continuous transformations in the financial services sector, personal finance has grown increasingly complex, and the consequences of not obtaining sufficient financial education have escalated. The objective of this study was to evaluate the effectiveness of financial literacy programs aimed at university business students. Research question of the study were to what extent are business students financially literate? how effective are programs for financial literacy that are aimed at business students? and how can business students' financial literacy be improved? There was a quantitative analysis carried out. The study used a survey to collect data, and its design was descriptive in nature. A survey consisting of 20 questions related to various financial literacy was administered to a sample of 200 business students of Private universities in Islamabad Pakistan. Descriptive statistics for the overall financial literacy score and scores for three subtopics: Budgeting, Investment, and Risk Management. To evaluate the data, descriptive statistics are used, such as the mean, standard deviation, ANOVA and t-test. Results shows that with an average Overall Score of 62.0% from the pre-program assessment, business students demonstrated a moderate level of financial literacy. Moreover, Significant improvements were also seen in the risk management, investment, and budgeting scores. Study recommended that more individualized and effective learning experience requires adjusting financial literacy interventions to target particular deficiencies found in the pre-program assessment.

Suggested Citation

  • Dr. Javed Miraj & Sheraz Haider & Dr. Qaisar Abbas & Iram Naeem & Zuhaib Nishtar & Kashif Lodhi, 2023. "Assessing the Effectiveness of Financial Literacy Programs for Business Student," Bulletin of Business and Economics (BBE), Research Foundation for Humanity (RFH), vol. 12(3), pages 587-594.
    • Handle: RePEc:rfh:bbejor:v:12:y:2023:i:3:p:587-594
    DOI: https://doi.org/10.61506/01.00073
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    References listed on IDEAS

    as
    1. Annamaria Lusardi, 2015. "Financial Literacy Skills for the 21st Century: Evidence from PISA," Journal of Consumer Affairs, Wiley Blackwell, vol. 49(3), pages 639-659, November.
    2. Shahid Manzoor Shah & Amjad Ali, 2023. "Macro Dimensions of Financial Inclusion Index and its Status in Developing Countries," Journal of Policy Research (JPR), Research Foundation for Humanity (RFH), vol. 9(1), pages 1-12, March.
    3. Shahid Manzoor Shah & Amjad Ali, 2022. "A Survey on Financial Inclusion: Theoretical and Empirical Literature Review," Journal of Policy Research (JPR), Research Foundation for Humanity (RFH), vol. 8(4), pages 310-330, December.
    4. Casey Totenhagen & Deborah Casper & Kelsey Faber & Leslie Bosch & Christine Wiggs & Lynne Borden, 2015. "Youth Financial Literacy: A Review of Key Considerations and Promising Delivery Methods," Journal of Family and Economic Issues, Springer, vol. 36(2), pages 167-191, June.
    5. K. C. Rakow, 2019. "Incorporating financial literacy into the accounting curriculum," Accounting Education, Taylor & Francis Journals, vol. 28(4), pages 384-400, July.
    6. Ali, Amjad & Khokhar, Bilal & Sulehri, Fiaz Ahmad, 2023. "Financial Dimensions of Inflationary Pressure in Developing Countries: An In-depth Analysis of Policy Mix," MPRA Paper 119364, University Library of Munich, Germany.
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    Keywords

    Financial Literacy; effectiveness;

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