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 International Islamic University Islamabad, 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.
Keywords: 21st century literacy’s, financial literacy, university students, personal wellbeing, gender.
References
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- Opletalová, A. (2015). Financial Education and Financial Literacy in the Czech Education System. Procedia - Social and Behavioral Sciences, 171, 1176–1184. doi:10.1016/j.sbspro.2015.01.229
- Shaari, N. A., Abu Hasan, N., Haji Mohamed, R. K. M., & Md Sabri, M. A. J. (2013). Financial Literacy : a Study Among the University. Interdisciplinary Journal of Contemporary Research I N Business, 279–299.
- Tomášková, H., Mohelská, H., & Němcová, Z. (2011). Issues of financial literacy education. Procedia - Social and Behavioral Sciences, 28, 365–369. doi:10.1016/j.sbspro.2011.11.069
Abstract
References
- Burmaster, E., Mahaffey, D., George, M., & Ellibee, M. (2006). Wisconsin’s Model Academic Standards for Personal Financial Literacy. Wisconsin Department of Public Instruction (pp. 1–56). Retrieved from www.dpi.wi.gov/cal/index.html
- Cameron, M. P., Calderwood, R., Cox, A., Lim, S., & Yamaoka, M. (2014). Factors associated with financial literacy among high school students in New Zealand. International Review of Economics Education, 16, 12–21. doi:10.1016/j.iree.2014.07.006
- Council, A., Linguistic, A., Control, Q., Service, E. T., & Education, M. (2012). Pisa 2012 Financial Literacy Assessment, (April), 39.
- Cull, M., & Whitton, D. (2011). University Students’ Financial Literacy Levels: Obstacles and Aids. The Economic and Labour Relations Review, 22(1), 99–114. doi:10.1177/103530461102200106
- Fatoki, O. (2014). The Financial Literacy of Non-business University Students in South Africa, 7(2), 261–267.
- Financial Literacy. (n.d.). Retrieved March 4, 2015, from http://www.financialliteracy.pk/About/FinancialLiteracy.aspx
- Get Smarter About Money Home - Investor Education Fund. (n.d.). Retrieved March 4, 2015, from http://www.getsmarteraboutmoney.ca/en/Pages/default.aspx#.VPabRfmUfNJ
- Grades K-12 Financial Literacy Resources - Financial Literacy (CA Dept of Education). (n.d.). Retrieved March 1, 2015, from http://www.cde.ca.gov/eo/in/fl/finlitk12.asp
- Grens, B. K. (2007). November 2007, (November), 2–5.
- History of Financial Literacy – The First 200 Years | FinancialCorps. (n.d.). Retrieved March 4, 2015, from http://financialcorps.com/history-of-financial-literacy-the-first-200-years/
- Huston, S. J. (2010). Measuring Financial Literacy. Journal of Consumer Affairs, 44(2), 296–316. doi:10.1111/j.1745-6606.2010.01170.x
- isi-web.org - isi-web.org. (n.d.). Retrieved March 1, 2015, from http://www.isi-web.org/component/content/article/5-root/root/81-developing
- Jang, K., Hahn, J., & Park, H. J. (2014). Comparison of financial literacy between Korean and U.S. high school students. International Review of Economics Education, 16, 22–38. doi:10.1016/j.iree.2014.07.003
- Jump$tart.org | State Financial Education Requirements. (n.d.). Jumpstart.org. Retrieved from http://jumpstart.org/state-financial-education-requirements.html
- Mccormick, M. H. (2009). The Effectiveness of Youth Financial Education: A Review of the Literature.Journal of Financial Counseling and Planning, 20, 70–84.
- Opletalová, A. (2015). Financial Education and Financial Literacy in the Czech Education System. Procedia - Social and Behavioral Sciences, 171, 1176–1184. doi:10.1016/j.sbspro.2015.01.229
- Shaari, N. A., Abu Hasan, N., Haji Mohamed, R. K. M., & Md Sabri, M. A. J. (2013). Financial Literacy : a Study Among the University. Interdisciplinary Journal of Contemporary Research I N Business, 279–299.
- Tomášková, H., Mohelská, H., & Němcová, Z. (2011). Issues of financial literacy education. Procedia - Social and Behavioral Sciences, 28, 365–369. doi:10.1016/j.sbspro.2011.11.069
Details
| Journal Section | Articles |
|---|---|
| Authors | |
| Publication Date | August 26, 2016 |
| Submission Date | August 22, 2016 |
| Published in Issue | Year 2016Volume: 2 Issue: 5 |
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