EXPLORING LEVELS OF FINANCIAL LITERACY AMONG UNIVERSITY OFZAMBIA FINAL YEAR STUDENTS
DOI:
https://doi.org/10.53555/eijbms.v3i1.25Abstract
This paper explored the levels of knowledge of financial literacy among University of Zambia final year students. Aquestionnaire was administered to 172 pre-final graduates who were sampled systematically. SPSS version 22 was usedto analyse the data. Theresults generally indicate that the level of financial literacy among University of Zambia finalyear students shows that they were well versed with the benefits of financial literacy. There levels Zambia is above averageand gender is not a factor regarding personal financial management practices in terms of holding an account across alltypes of accounts except for the student account, which was significant p < 0.05. The results are not generalizable to thewider population of University students and inorder to allow such generalization, a study should be conducted using alarger sample and embracing all university students in the country. This paper describes a pioneer study on levels offinancial literacy. This topic can be improved as the need for rigorous evaluation of financial literacy grows at the samespeed as the creation of more complex financial products.
References
.Adult Financial Literacy Advisory Group (AdFLAG; 2000). Report to the Secretary of State for Education and
Employment. Department of Education and Skills, London [online], available:http://www.dfes.gov.uk/adflag/
[accessed 10 September 2015].
.Ansong, A., &Gyensare, M. A. (2012). Determinants of University Working-Students‟ Financial Literacy at the
University of Cape Coast, Zambia. International Journal of Business and Management, 7(9), p126.
.Atkinson, A. and Messy, F. (2012).Measuring financial literacy: results of the OECD/International Network on
Financial Education (INFE) Pilot study. Working Paper No. 15, OECD Working Papers on Finance, Insurance andPrivate Pensions, OECD Publishing, Paris.
.Atkinson, A., McKay, S., Collard, S., & Kempson, E. (2007). Levels of Financial Capability in the UK. Public
Money and Management, 27(1), 29-36.
.Babbie, E. (2007). The practice of social research (11th Ed.). Belmont: Wadworth Cengage Learning.
.Beal, D. J., & Delpachitra, S. B. (2003). Financial literacy among Australian university students. Economic Papers:
A journal of applied economics and policy, 22(1), 65-78.
.Bodvarsson, O. B., & Walker, R. L. (2004). Do parental cash transfers weaken performance in college? Economics
of Education Review, 23(5), 483-495.
.Chen, H. and Volpe, R.P. (1998).An analysis of personal financial literacy among college students. Financial
Services Review. 7 No. 2:pp. 107-128.
.Chen, H., & Volpe, R. P. (2002). Gender differences in personal financial literacy among college students. Financial
Services Review, 11(3), 289-307.
.Chen, H., & Volpe, R. P. (2005). Financial literacy, education, and services in the workplace. A Journal of Applied
Topics in Business and Economics,(online),(Accessed: 2 Feb 2016)http://www.westga.edu/~bquest/2005/workplace.Pdf.
.Chen, H., & Volpe, R.P, (1998). An analysis of personal financial literacy among college students. Financial services
review, 7(2), 107-128.
.Cleek, M.G. and Pearson, T.A. (1985).Perceived causes of divorce: an analysis of interrelationships. Journal of
Marriage and the Family. 47 No. 1:pp. 179188.
.Cole, S., Sampson, T., &Zia, B. (2009). Money or knowledge? What drives the demand for financial services in
developing countries (No. 09-117). Harvard Business School Working Paper.
.Danes, S. M. & Hira, T. K. (1987). Money management knowledge of college students. Journal ofStudent Financial
Aid, 17(1), 4-16.
.Hastings, J. S., & Mitchell, O. S. (2011). How financial literacy and impatience shape retirement wealth and
investment behaviours (No. w16740). National Bureau of Economic Research.
.Hastings, J. S., and Tejeda-Ashton, L. (2008). Financial literacy, information, and demand elasticity: Survey and
experimental evidence from Mexico (No. w14538). National Bureau of Economic Research.
.Knoll, M.A.Z. and Houts, C.R. (2012).The financial knowledge scale: an application of item response theory to the
assessment of financial literacy. The Journal of Consumer Affairs. 46 No. 3:pp. 381-410.
.Kotler, P., Rackham, N., & Krishnaswamy, S. (2006). Ending the war between sales and marketing. Harvard
Business Review, July to August.KPMG (1995). Retirement benefits in the 1990s: 1995 survey data. June. NewYork, NY.
.Lusardi, A, Mitchell, O.S, & Curto, V. (2009). Financial literacy among the young: evidence and implications for
consumer policy. National Bureau of Economic Research. Working Paper 15352.
.Lusardi, A. (2008). Financial literacy: an essential tool for informed consumer choice? (No. w14084). National
Bureau of Economic Research.
.Lusardi, A. (2012). Numeracy, financial literacy, and financial decision-making (No. w17821). National Bureau of
Economic Research.
.Lusardi, A. and Mitchell, O.S. (2010).Financial literacy and planning: implications for retirement wellbeing.
Working Paper No 17078, National Bureau of Economic Research, Cambridge, MA.
.Neuman, W. L. (2006). Social Research Methods: Qualitative and Quantitative Approaches, 6th edition. Pearson
International, Boston.
.Oppenheimer Funds/Girls Inc. (1997). Girls, money and independence.New York, NY.
.Remund, D. L. (2010). Financial Literacy Explicated: The Case for a Clearer Definition in an Increasingly Complex
Economy. Journal of Consumer Affairs, 44(2), 276-295.
.Robson, C. (2002). Real World Research (2nd Ed). Oxford, Blackwell.
.Rooij, M.C.J., Lusardi, A. and Alessie, R.J.M. (2011).Financial literacy and retirement planning in the Netherlands.
Journal of Economic Psychology. 32 No. 4:pp. 593-608.
.Saunders, M., Lewis, P. and Thornhill, A. (2007). Research Methods for Business Students, (3rd Ed.). Pearson
Education, Harlow.
.ThSekaran, U.(2003). Research Methods for Business: A Skill Building Approach, (4Ed.). New York, Wiley.
.Shields, P. M., & Rangarajan, N. (2013). A playbook for research methods: Integrating conceptual frameworks and
project management. New Forums Press.
.Shim, S., Barber, B.L., Card, N.A., Xiao, J.J. and Serido, J. (2010).Financial socialization of first-year college
students: the roles of parents, work, and education. Journal of Youth and Adolescence. 39 No. 12:pp. 1457-1470.
.Volpe, R. P.,Chen, H., & PavlickoJ. J. (1996). Personal investment literacy among college students: A survey.
Financial Practice and Education, 6(2), 86-94.
Downloads
Published
Issue
Section
License
Copyright (c) 2017 EPH - International Journal of Business & Management Science (ISSN: 2208-2190)
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
