Determinants of Financial Literacy among German Students: An Empirical Analysis

Artikel

Financial literacy is very important for social participation. This paper presents an empirical evaluation of the determinants of financial literacy among students at a German university. An additional goal is the identification of gender differences in respect to financial literacy. The evaluation is based on the definition and surveys of financial literacy developed by the OECD, (A. Lusardi & Mitchell, 2014) and (Chen & Volpe, 1998) and the analysis of the "Big Three" questions. The results suggest a rather low level of financial literacy among female students. Additional factors such as a very good mathematics grade and logical thinking have a significantly positive impact on financial literacy. Students in economics are more likely to answer the "Big Three" questions correctly. This finding supports the hypothesis that education in economics helps to acquire knowledge of financial instruments and financial application.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Journal: Vierteljahrshefte zur Wirtschaftsforschung ; ISSN: 1861-1559 ; Volume: 89 ; Year: 2020 ; Issue: 4 ; Pages: 39-53

Classification and Topics

• Classification: Wirtschaft ; Economic Education and Teaching of Economics: Undergraduate ; Household Saving; Personal Finance ; Information, Knowledge, and Uncertainty: General ; Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making‡ ; Analysis of Education ; Educational Finance; Financial Aid ; Higher Education; Research Institutions ; Education and Inequality
• Subject: financial skills ; Gender ; higher education ; determinants of financial literacy

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Riebe, Katharina
• Event: Veröffentlichung
• (who): Duncker & Humblot
• (where): Berlin
• (when): 2020

Further information

• DOI: doi:10.3790/vjh.89.4.39
• Handle: http://hdl.handle.net/10419/270513
• Last update: 10.03.2025, 11:42 AM CET