Financial Literacy of Non-Business Students: Evidence and Implications

The study sought to ascertain the extent to which non-business undergraduate students possessed financial knowledge that would enable them make prudent financial judgments and decisions. The study was motivated by the fact that since everyone makes use of money non-business students also ought to possess good financial knowledge to empower them to prudently manage their financial affairs. A structured questionnaire was used to collect data from the subjects after it has been validated via expert judgment and pre-testing. The study unveiled that the non-business students’ possessed relatively low financial literacy with most of them gaining the knowledge from the media. The results also disclosed that the males had high financial literacy as opposed to the females. The implications of the study findings have been discussed.