ASSESSING FINANCIAL LITERACY AMONG UNIVERSITY STUDENTS (A STUDY AT CHRISTIAN SERVICE UNIVERSITY COLLEGE)

Abstract

Several studies have confirmed that, large proportion of the world’s population lack financial knowledge they need to fully participate in the economy or to make informed decisions about their own financial future. It is against this background that this study investigates financial literacy of undergraduate students in Christian Service University College in Ghana. Stratified random sampling technique was employed to select 140 students using questionnaire as the research instrument. The relationship between the financial literacy and students’ characteristics such as gender, marital status, level of study, and academic programme offered was also examined. The overall results indicate that students in Christian Service University College have inadequate financial knowledge. The study found that majority of students has a low level of financial literacy with an average financial literacy score of 52.09%. Surprisingly, this survey revealed that female university students have more financial knowledge than male students. Students who are married, level 400 students and students from the School of Business are more financially knowledgeable than the others with a moderate level of financial literacy. It was found that major of participants have lower knowledge about savings and borrowings, insurance, and investment. One factor that can be attributed to low financial knowledge is lack of sound financial education. It has therefore been recommended that financial literacy course should be integrated in the university curriculum in all the departments. Also the university should organise seminars, symposiums, and workshops on financial literacy for students at least twice every semester.