LE3 .A278 2023

2023

Doyle, Ashley

Acadia University

Bachelor of Business Administration

Honours

Entrepreneurship and Innovation

Business

The definition of financial literacy varies but can be summarized as the knowledge, skills, and confidence one has to make sound and informed financial decisions. There has been an increased interest in financial literacy in recent years which has coincided with the increased debts faced by students. It is known that young people are burdened with higher amounts of debt which has detrimental impacts on their lives, resulting in decreased physical and mental well-being. As interest rates and inflation are on the rise, there is an increasing importance placed on personal financial well-being and financial literacy attainment among people of all ages, but particularly students as they enter life post-graduation. This research paper aims to investigate the current state of financial literacy among university students and tries to identify a connection between the financial education received in elementary and secondary school. More specifically, the aim is to investigate whether receiving financial education improves financial literacy skills and overall confidence. This study used quantitative research methods via a survey which yielded 86 responses that were then analyzed to determine the financial literacy levels of university students. The results of the study show that there appears to be a relationship between those who received financial education in elementary and secondary school and the financial literacy levels of university students, with slightly higher levels observed among business students. This then answered the research question by displaying that those who have received financial literacy education in elementary and secondary school are more financially literate as university students. The research results support the existing research in this field. One surprising point was the sources of financial literacy; the results were not as expected with less than half of the respondents receiving financial education in a classroom setting and a majority stating their primary source was parents and/or family. The findings from the study will provide valuable insights into the reality of financial literacy in a school context, informing future researchers and educators about what areas require further examination. Further research is needed to validate or invalidate the study’s findings and provide a better understanding of the landscape.

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https://scholar.acadiau.ca/islandora/object/theses:3993