To know or not to know? How societal factorsand education shape the financial awarenessand knowledge of students
DOI:
https://doi.org/10.18559/ref.2026.1.2970Keywords:
financial literacy, financial behaviour, social learning theory, self-directed learning, youth financial socialisationAbstract
This paper explores the impact of societal factors and various forms of education on shaping students' financial awareness and knowledge levels. In the modern world, where access to various instruments and, consequently, risks is increasing, along with the economic challenges that youth will face in the future, it is crucial to assess whether students' understanding of relevant concepts is sufficient. A statistical study analysing different correlations among various factors, based on a survey of 336 students aged 19-24, provides a comprehensive understanding of how financial knowledge and awareness are being shaped and developed. The findings reveal that individual and social learning, as well as effective utilisation of accessible resources, are among the key drivers influencing the subject. The study also suggests potential directions for policymakers, highlighting the importance of practical involvement and real-time risk exposure as measures that could significantly enhance students' financial knowledge and awareness.
JEL Classification
Household Behavior and Family Economics (D1)
General (D10)
Household Production and Intrahousehold Allocation (D13)
Household Saving • Personal Finance (D14)
Intertemporal Household Choice • Life Cycle Models and Saving (D15)
Collaborative Consumption (D16)
Other (D19)
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