Is the Financial Literacy Level of Finance and Law Students the Same?

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Authors

CHMELÍKOVÁ Barbora SVOBODA Martin

Year of publication 2017
Type Article in Proceedings
Conference Conference Proceedings Financial Management of Firms and Financial Institutions
MU Faculty or unit

Faculty of Economics and Administration

Citation
Field Management and administrative
Keywords Financial literacy; financial knowledge; financial behaviour; financial attitudes; university students
Description The aim of this paper is to examine whether there is a difference in the level of financial literacy between finance students and law students. The financial literacy questionnaire was presented to the students of the Faculty of Economics and Administration and to the students of the Faculty of Law at Masaryk University in the Czech Republic. The study was conducted in the academic year 2015/16. The paper shows the results of the comparative analysis examining the difference in financial literacy among sophomore finance students and law students. The measurement of financial literacy consisted of score measuring basic financial knowledge, financial behaviour score, and financial attitudes score following the OECD methodology. The results indicated the need of financial education among both finance students and law students as the comparative analysis showed no statistically significant difference in the financial literacy level between the sophomore students majoring in finance and sophomore students majoring in law.
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