Empirical Study on Personal Financial Literacy of University Students for Develop the Financial Education

Abstract

Earlier surveys showed students inadequate knowledge of personal finances and pointed out the need to develop financial education. Researchers had stated that female students tend to display a lower level of personal financial literacy than male students as they have lower self-confidence and less interest to learn about Personal Finance. This study used the data gathered from Estonian university students (210 women, 326 men) by survey questionnaire. The study focused on gender differences in financial knowledge and the choices and opinions that may affect financial literacy. Results showed that females who had chosen the math-based academic discipline had a higher level of financial literacy than male students did. Furthermore, 79% of women had the interest to improve their knowledge in Personal Finance and their self-confidence was slightly higher than male students. The results obtained give the direction for future research and enable it to enhance financial education.