FINANCIAL LITERACY OF SOCIAL SCIENCES STUDENTS: A CASE STUDY OF INTERNATIONAL ISLAMIC UNIVERSITY- ISLAMABAD

Abstract

The study was carried out in order to have an insight into the levels of financial literacy ranging among the students of international Islamic university- Islamabad. The objectives of the study were to assess the overall level of financial literacy among the students of faculty of social sciences; further more to explore these levels gender wise, academic level wise i.e. first and last semesters and departmental wise. The population of the study included 227 students from the faculty of social sciences. Moreover students from first and last badges of the departments were taken as sample. A questionnaire was developed to test the levels of the student's financial attitudes, behavior, knowledge and influences. The response-based scores were tabulated according to Average, Geometric Mean, Standard Deviation, and Variance, using Microsoft Excel spreadsheets, for each department, academic level, and gender. The average highest percentage calculated was 54.2%, thus it was identified that the average financial literacy level of the student's at IIUI both male and female, faculty of social sciences ranges from 50% to 55%. As a suggestive note, there is a need to increase these levels to meet with the higher than ever demand of the society and the competition in which the contemporary world is going to engage them.