Broadening generic skills development: improving financial literacy of university students

Paper

Palm, Chrisann, de Zwaan, Laura and Chardon, Toni. 2015. "Broadening generic skills development: improving financial literacy of university students." RMIT Accounting Educators’ Conference 2015: Responding to Challenges: The Future of Accounting Education. Melbourne, Australia 23 Nov 2015 Australia.
Paper/Presentation Title

Broadening generic skills development: improving financial literacy of university students

Presentation TypePaper
AuthorsPalm, Chrisann (Author), de Zwaan, Laura (Author) and Chardon, Toni (Author)
Journal or Proceedings TitleProceedings of the RMIT Accounting Educators’ Conference 2015
Number of Pages1
Year2015
Place of PublicationAustralia
Conference/EventRMIT Accounting Educators’ Conference 2015: Responding to Challenges: The Future of Accounting Education
Event Details
RMIT Accounting Educators’ Conference 2015: Responding to Challenges: The Future of Accounting Education
Parent
RMIT Accounting Educator's Conference
Event Date
23 Nov 2015
Event Location
Melbourne, Australia
Abstract

Research has demonstrated the importance of financial literacy as one of the key life skills for sound financial decision-making. Despite the vast availability of educational resources,young adults were consistently found to have low levels of financial capability. Of particular concern is that many of these young people do not have adequate money skills to manage their freedom during university time, which may contribute to suboptimal financial behaviours. This study surveyed university students by assessing their financial literacy and perception of the financial education they received in school. Illiteracy across different domains of financial topics was evident. Results also indicate that majority of respondents viewed that high school has not taught them financial knowledge that will prepare them for adult life. Accordingly, it is proposed that graduate skills development in higher education should be broadened to incorporate financial literacy to help university students to navigate the financial maze.

Keywordsfinancial literacy; money skills; graduate skills development
ANZSRC Field of Research 2020350199. Accounting, auditing and accountability not elsewhere classified
390103. Economics, business and management curriculum and pedagogy
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Byline AffiliationsQueensland University of Technology
School of Law and Justice
Institution of OriginUniversity of Southern Queensland
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