Financial Literacy among University Students

The increasingly complex nature of the financial environment has prompted the need for individuals to be better equipped when making financial decisions. This study mainly investigated the financial literacy (FL) of university students and the role of university education as a tool in improving financial literacy. Alongside financial education, the study took into account different demographic factors prone to influence the level of FL among students. The data set for this study comprises a total sample of 401 students enrolled at Eastern Mediterranean University in their second, third or final year at the time the questionnaire survey. The data was analyzed using different statistical techniques consisting of descriptive statistics, test of means (ANOVA and independents samples t-test), Spearman rank order correlation, Chi-square test of independence and a multiple logistic regression. Similar to previous works, the results suggest that father‟s level of education, students‟ CGPA, gender, faculty of education, financial behavior and having previously taken a finance related course, are important factors in determining the students‟ performance in FL test. The case study provides no evidence in support of students‟ wealth as an influential factor in determining FL. The results provide institutional authorities with more guidance on how to improve the FL of university students by modifying the school curriculums.