Financial literacy of Thailand’s undergraduate students: A case study of a public university

Information from the abstract

The main purpose of this paper is to analyze the financial literacy of undergraduate students at a Thai public university across three academic groups: health and technological sciences, social sciences and humanities, and business and economics. A structured questionnaire and stratified random sampling were used to assess financial literacy. As the main results, the average scores in all academic groups are higher than the benchmark set by the Bank of Thailand. These scores are also statistically significantly different. Moreover, the average financial literacy scores in the business and economics group are the highest, particularly in the area of financial knowledge. On the other hand, the average scores in the social sciences and humanities group are the lowest. Interestingly, the average score for the financial attitude component in the health and technological sciences group is the highest. The estimation results of the ARMA Generalized Least Squares model also reveal that the variables of parental financial socialization, monitoring financial news, and recording student expenses are statistically significant factors affecting financial literacy scores. In conclusion, to develop financial literacy skills among undergraduate students in Thailand, universities should integrate basic financial issues into non-economics courses, complemented by behavioral interventions through appropriate programs.

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Related topics: Financial Literacy, Pension, Retirement Analysis · Financial Literacy and Behavior · Education, Sociology, Communication Studies