IDEAS home Printed from https://ideas.repec.org/a/rnd/arjebs/v6y2014i3p242-250.html
   My bibliography  Save this article

Analysis of the Level of Financial Literacy among South African Undergraduate Students

Author

Listed:
  • Emmanuel K Oseifuah

Abstract

The purpose of the study was twofold: to examine the relationship between financial literacy and demographic and other socioeconomic factors of a sample of undergraduate students; and to evaluate how undergraduate students’ financial knowledge correlate with their attitude and behavior towards personal finance issues. A structured questionnaire was used to collect data and logistic regression and Chi-Square statistical procedures were employed to analyse the data using the Statistical Package for Social Scientists (SPSS) software. Overall, this pilot study reveals that Bachelor of Commerce(Accounting) students at the University of Venda are not as financially literate as expected, confirming the findings of similar studies conducted on South African university students (Kotzè and Smidt, 2008). There is therefore the necessity to review the academic curriculum in the Bachelor of Commerce programme to include money management course. Furthermore, with more South African university students likely to depend on bank loans to finance their education, it is recommended that financial literacy be made a compulsory course in all undergraduate programmes in South African universities.

Suggested Citation

  • Emmanuel K Oseifuah, 2014. "Analysis of the Level of Financial Literacy among South African Undergraduate Students," Journal of Economics and Behavioral Studies, AMH International, vol. 6(3), pages 242-250.
    • Handle: RePEc:rnd:arjebs:v:6:y:2014:i:3:p:242-250
    DOI: 10.22610/jebs.v6i3.487
    as

    Download full text from publisher

    File URL: https://ojs.amhinternational.com/index.php/jebs/article/view/487/487
    Download Restriction: no
    File URL: https://ojs.amhinternational.com/index.php/jebs/article/view/487
    Download Restriction: no
    File URL: https://libkey.io/10.22610/jebs.v6i3.487?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Annamaria Lusardi & Olivia S Mitchelli, 2007. "Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 42(1), pages 35-44, January.
    2. Annamaria Lusardi & Olivia Mitchell, 2006. "Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education Programs," Working Papers wp144, University of Michigan, Michigan Retirement Research Center.
    3. Angela C. Lyons, 2007. "Credit Practices and Financial Education Needs of Midwest College Students," NFI Working Papers 2007-WP-23, Indiana State University, Scott College of Business, Networks Financial Institute.
    4. Annamarie Lusardi & Olivia S. Mitchell, 2005. "Financial Literacy and Planning: Implications for Retirement Wellbeing," Working Papers wp108, University of Michigan, Michigan Retirement Research Center.
    5. Chen, Haiyang & Volpe, Ronald P., 1998. "An Analysis of Personal Financial Literacy Among College Students," Financial Services Review, Elsevier, vol. 7(2), pages 107-128.
    6. Bodvarsson, Orn B. & Walker, Rosemary L., 2004. "Do parental cash transfers weaken performance in college?," Economics of Education Review, Elsevier, vol. 23(5), pages 483-495, October.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Miguel Angel Peñarreta-Quezada & Eulalia-Elizabeth Salas-Tenesaca & José Álvarez-García & María de la Cruz del Río-Rama, 2024. "Variables sociodemográficas y niveles de educación financiera en jóvenes universitarios de Ecuador," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 19(1), pages 1-15, Enero - M.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Indra Erichsen, 2017. "The Influence of Income and Gender on Financial Literacy," Discussion Papers 025, Europa-Universität Flensburg, International Institute of Management.
    2. Arceo-Gómez, Eva O. & Villagómez, F. Alejandro, 2017. "Financial literacy among Mexican high school teenagers," International Review of Economics Education, Elsevier, vol. 24(C), pages 1-17.
    3. Alfonso Arellano & Noelia Camara & David Tuesta, 2014. "El efecto de la autoconfianza en el conocimiento financiero," Working Papers 1427, BBVA Bank, Economic Research Department.
    4. repec:use:tkiwps:2323 is not listed on IDEAS
    5. Annamaria Lusardi & Olivia S. Mitchell & Vilsa Curto, 2009. "Financial Literacy and Financial Sophistication Among Older Americans," NBER Working Papers 15469, National Bureau of Economic Research, Inc.
    6. Dean Karlan & Aishwarya Lakshmi Ratan & Jonathan Zinman, 2014. "Savings by and for the Poor: A Research Review and Agenda," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 60(1), pages 36-78, March.
    7. Annamaria Lusardi, 2008. "Increasing the Effectiveness of Financial Education in the Workplace," CeRP Working Papers 79, Center for Research on Pensions and Welfare Policies, Turin (Italy).
    8. Beshears, John & Choi, James J. & Laibson, David & Madrian, Brigitte C., 2011. "Behavioral economics perspectives on public sector pension plans," Journal of Pension Economics and Finance, Cambridge University Press, vol. 10(2), pages 315-336, April.
    9. Süleyman Uyar & Işıl Atalay, 2021. "Financial Literacy and The Effect of Courses on University on Financial Literacy," Muhasebe Enstitusu Dergisi - Journal of Accounting Institute, Istanbul University Business School, vol. 64(64), pages 1-17, January.
    10. Annamaria Lusardi & Olivia S. Mitchell & Vilsa Curto, 2009. "Financial Literacy among the Young: Evidence and Implications for Consumer Policy," NBER Working Papers 15352, National Bureau of Economic Research, Inc.
    11. Annamaria Lusardi & Olivia Mitchell, 2007. "Financial Literacy and Retirement Planning: New Evidence from the Rand American Life Panel," Working Papers wp157, University of Michigan, Michigan Retirement Research Center.
    12. Mousumi Singha Mahapatra & Swati Alok & Jayasree Raveendran, 2017. "Financial Literacy of Indian Youth: A Study on the Twin Cities of Hyderabad–Secunderabad," IIM Kozhikode Society & Management Review, , vol. 6(2), pages 132-147, July.
    13. Annamaria Lusardi, 2007. "Household Saving Behavior: The Role of Literacy, Information and Financial Education Programs," CeRP Working Papers 65, Center for Research on Pensions and Welfare Policies, Turin (Italy).
    14. Calderone, Margherita & Fiala, Nathan & Mulaj, Florentina & Sadhu, Santadarshan & Sarr, Leopold, 2014. "When Can Financial Education Affect Savings Behavior? Evidence From A Randomized Experiment Among Low Income Clients of Branchless Banking in India," Working Papers 32, University of Connecticut, Department of Agricultural and Resource Economics, Charles J. Zwick Center for Food and Resource Policy.
    15. Sumit Agarwal & John C Driscoll & Xavier Gabaix & David Laibson, 2007. "The Age of Reason: Financial Decisions Over the Lifecycle," Levine's Bibliography 122247000000001752, UCLA Department of Economics.
    16. Annamaria Lusardi, 2008. "Household Saving Behavior: The Role of Financial Literacy, Information, and Financial Education Programs," NBER Working Papers 13824, National Bureau of Economic Research, Inc.
    17. Van Tuong Nguyen & Minh Duc Doan, 2020. "The Correlation between Financial Literacy and Personal Saving Behavior in Vietnam," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 10(6), pages 590-603, June.
    18. Angela Boatman & Brent J. Evans, 2017. "How Financial Literacy, Federal Aid Knowledge, and Credit Market Experience Predict Loan Aversion for Education," The ANNALS of the American Academy of Political and Social Science, , vol. 671(1), pages 49-68, May.
    19. Habila, Murna, 2015. "Influence of Financial Education on Retirement Security: Evidence from the state of Illinois," MPRA Paper 73988, University Library of Munich, Germany, revised 05 Jun 2016.
    20. Jiachen Nan, 2021. "The General Financial Education in China: Evidence From Ratio of Undergraduate Financial Education Majors in Universities," Technium Social Sciences Journal, Technium Science, vol. 24(1), pages 302-316, October.
    21. van Rooij, Maarten & Lusardi, Annamaria & Alessie, Rob, 2011. "Financial literacy and stock market participation," Journal of Financial Economics, Elsevier, vol. 101(2), pages 449-472, August.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:rnd:arjebs:v:6:y:2014:i:3:p:242-250. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Muhammad Tayyab (email available below). General contact details of provider: https://ojs.amhinternational.com/index.php/jebs .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.