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Efficacy of University Education on Graduates’ Financial Literacy Level: The Contradictions and Reality in Kenya

Show simple item record Gitau, Paul Mucai Mungania, Agnes Kinanu Okwang’a, Brenda Chitechi 2016-06-14T08:04:53Z 2016-06-14T08:04:53Z 2014
dc.description.abstract The study sought to establish the level of financial literacy among university students in Meru County. The study objectives were to establish the extent, to which the respondents were competent to account for personal finances, comprehend statutory financial information, ability to offer financial counseling and degree of financial planning skills. The target population was 2,408 students of management and economics and the sample population was 240 respondents representing 10% of the students undertaking fulltime management and economic courses in the three private universities in Meru County. Data was collected by use of questionnaires which have been adopted from previous studies and improved by the researcher. The completed responses were then being coded, appropriately categorized and entered into a spreadsheet and analyzed using Statistical Package for Social Sciences computer software. Data was analyzed using both descriptive and inferential statistics. The study found that majority of the respondents was financially literate through their own self indulgencies and having learnt from their past embarrassing experiences. The study also found that there is little linking of financial literacy education to other subjects and disciplines such as economics, mathematics, accounting and Language. The study recommends the integration of financial literacy into the school and college curriculum as sound financial literacy often meets at the intersection of math, business, economics, and finance and student life. The study also recommends for students to be helped to acquire financial literacy so as to be able to exhaust all financing options before applying for private or “alternative” student loans as some students fail to exhaust less expensive student loan options or even scholarships. Finally the study recommends that the universities should offer a personal finance literacy course. Some colleges and universities can offer low-cost, noncredit personal finance courses that are open to students and members of the public outside the universities these courses can help recipients understand financial concepts and principles that are relevant to their lives. Further study is recommended in the relevance of university level finance and management common units and financial literacy of the students. en_US
dc.language.iso en en_US
dc.subject financial literacy en_US
dc.subject common University units en_US
dc.subject graduate en_US
dc.title Efficacy of University Education on Graduates’ Financial Literacy Level: The Contradictions and Reality in Kenya en_US
dc.type Article en_US

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