Education and knowledge in the use of financial products and services in bachelor's degree students

Abstract

This study seeks to determine a university student's knowledge and culture in relation to money; the way they plan their budget, their economic independence and consumer habits, the level of debt, and the use of financial services and products. The instrument designed by Aravena-Collao and Mendoza-Letelier (2010) was used for the query among the students of different universities in the conurbation of Veracruz-Boca del Río, México. Findings show that young students maintain an acceptable level of knowledge in basic concepts like credit, savings, investment, and budgets. However, knowledge and use of financial products like savings accounts, credit, and debit cards are almost non-existent.