The Effect of Theoretical Knowledge and Practice on the Financial Literacy of University Students in Three European Countries

Zéman, Zoltán and Kálmán, Botond and Bárczi, Judit (2021) The Effect of Theoretical Knowledge and Practice on the Financial Literacy of University Students in Three European Countries. In: Reproduction of Human Capital – Mutual Links and Connections (RELIK 2021). Vysoká škola ekonomická v Praze, Prague, pp. 891-903. ISBN 9788024524290

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Abstract

The present study describes the financial literacy of university students in 3 countries and its changes based on the results of a questionnaire study conducted in 2019 and 2020. It introduces the typical groups into which the students can be classified according to their financial knowledge, behavior and attitude. The formulation of the groups was performed with the help of variables created based on the responses to the questionnaire. Group formation was performed by cluster analysis. The specific groups differ from each other according to demographic characteristics, specialty of study and full/part-time training. The role of financial knowledge acquired in the education system proved to be decisive in making financial decisions in later years. This highlights the importance of teaching financial knowledge even for those students who are not specializing in economics. Practice has a key role: those university students who have jobs beside their studies perform better in the fields of financial knowledge and behavior as well. The performance is particularly enhanced by intellectual occupations. A similarly higher performance can be observed among part-time students who essentially study beside their work.

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