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L’educazione finanziaria degli studenti universitari: misurazione e analisi delle determinanti

  • M. A. Milioli

    ()

  • L. Poletti

    ()

  • B. Ronchini

    ()

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    The study surveys 1087 university students to examine their personal financial literacy and the relationship between financial literacy and respondents’ sociodemographic characteristics and family background. First-year and third-year business and non-business students are analysed. The questionnaire administered is designed to test knowledge and skills across a range of specific areas of financial literacy as well as collect extensive details regarding study characteristics, demographic characteristics, family background, and self-perception of knowledge. The study finds that financial literacy among university students is not high and that lack of financial knowledge is widespread. Results show that participants answer about 63% of questions correctly. We find gender differences, with male students performing in average better than females. Financial literacy seems to improve with age, personal interest in financial matters and family financial sophistication. Work experience, living alone, personal educational attainment, and parents’ education appear to be not strongly related to financial literacy. Paradoxically, students who feel less confident about their financial skills are less interested in financial education programs. Our finding is consistent with other studies that show that most young adults are not well equipped to make correct financial decisions.

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    File URL: http://swrwebeco.econ.unipr.it/RePEc/pdf/III_2011-01.pdf
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    Paper provided by Department of Economics, Parma University (Italy) in its series Economics Department Working Papers with number 2011-EF01.

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    Length: 23 pages
    Date of creation: 2011
    Date of revision:
    Handle: RePEc:par:dipeco:2011-ef01
    Contact details of provider: Postal: Via J.F. Kennedy 6, 43100 PARMA (Italy)
    Phone: 0521/902454
    Fax: 0521/902400
    Web page: http://economia.unipr.it/deEmail:


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    1. Annamaria Lusardi & Olivia S. Mitchell, 2008. "Planning and Financial Literacy: How Do Women Fare?," American Economic Review, American Economic Association, vol. 98(2), pages 413-17, May.
    2. Chen, Haiyang & Volpe, Ronald P., 1998. "An Analysis of Personal Financial Literacy Among College Students," Financial Services Review, Elsevier, vol. 7(2), pages 107-128.
    3. Ian Hathaway & Sameer Khatiwada, 2008. "Do financial education programs work?," Working Paper 0803, Federal Reserve Bank of Cleveland.
    4. Annamaria Lusardi & Olivia S. Mitchell & Vilsa Curto, 2009. "Financial Literacy among the Young: Evidence and Implications for Consumer Policy," NBER Working Papers 15352, National Bureau of Economic Research, Inc.
    5. Elaine Kempson, 2009. "Framework for the Development of Financial Literacy Baseline Surveys: A First International Comparative Analysis," OECD Working Papers on Finance, Insurance and Private Pensions 1, OECD Publishing.
    6. Annamaria Lusardi & Peter Tufano, 2009. "Debt Literacy, Financial Experiences, and Overindebtedness," NBER Working Papers 14808, National Bureau of Economic Research, Inc.
    7. Luigi Guiso & Tullio Jappelli, 2008. "Financial Literacy and Portfolio Diversification," EIEF Working Papers Series 0812, Einaudi Institute for Economics and Finance (EIEF), revised Oct 2008.
    8. Ehrmann, Michael & Fratzscher, Marcel, 2002. "Interdependence between the euro area and the US: what role for EMU?," Working Paper Series 0200, European Central Bank.
    9. Annamaria Lusardi & Olivia S Mitchelli, 2007. "Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education," Business Economics, Palgrave Macmillan, vol. 42(1), pages 35-44, January.
    10. Tagliavini Giulio & Ronchini Beatrice, 2011. "Financial education: Empirical evidence for Italy," Banca Impresa Società, Società editrice il Mulino, issue 1, pages 49-74.
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