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Financial Literacy – What and Why Should We Improve

Author

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  • Sirli Mändmaa

    (Tallinn University of Technology (TalTech), Estonia)

Abstract

Financial literacy has become a necessary skill for life and employment. This paper aims to introduce the research findings from a survey conducted in higher education institutions. 522 students participated in the poll. The main goal of this study was to analyze the financial literacy of students in Estonia. The standardized survey method of data collection was used and logit regression model was chosen to examine the impact of financial and non-financial variables on the financial literacy of respondents. The survey revealed that financial literacy of students is affected by gender, nationality, age and academic discipline. However, the level of education the students pursue, the work experience of the students and the level of education of the parents does not affect the level of financial literacy. The main conclusions of this study were that students' financial literacy level in Estonia was low and students’ interest for long-term planning was not very high. 51% of the respondents had low level of financial literacy, only 3.4% plan their financial affairs in advance on a several years basis and 55.9% have considered retirement funding. These results have important implication for policy makers and further researchers to develop better strategies for financial education.

Suggested Citation

  • Sirli Mändmaa, 2019. "Financial Literacy – What and Why Should We Improve," Eurasian Journal of Social Sciences, Eurasian Publications, vol. 7(2), pages 12-28.
    • Handle: RePEc:ejn:ejssjr:v:7:y:2019:i:2:p:12-28
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