DETERMINANTS OF FINANCIAL LITERACY AMONG THE UNDERGRADUATES

As people are living in a more complex and sophisticated financial environment, financial literacy has become an important skill that individuals must have in order to help them make more informed decisions in the monetary context of their lives. Despite its significance, many studies around the globe indicate that much of the world's population still suffers from financial illiteracy, including the youth. Therefore, this paper aims to report part of a larger study determining the level of financial literacy among the undergraduates. It also seeks to examine the factors that determine the level of financial literacy among the undergraduates. A survey among undergraduates was conducted and the results were analysed using the SPSS. The findings indicate that the financial literacy level among undergraduates are moderate. Chi-square test results show that the level of financial literacy is significantly related to students’ major field of study, and ethnicity. This suggests the importance of financial education to be embedded in the university syllabus programme.