An Empirical Study on Financial Literacy among Undergraduate Higher Education Students: The Case of Malawi Institute of Management
Keywords:
students, Higher Education Institution, Financial LiteracyAbstract
In underdeveloped nations like Malawi, there has been little that has been done to understand financial literacy among the youthful population. Thus the nation has been suffering from financial illiteracy among its youth. Such a problem has led youth and especially college students to fall into debts and other financial problems. This challenge has negative effect in future and present financial performance of the youth. This study was conducted on the undegraduate first year and second year students at Malawi Institute of Management. The study involved 199 students who were respondents. The study shared views of the students through both qualitative and quntitative research techniques like focus group discussions and questionnaires. The study found that the many of the respondents were found lacking in terms of financial knowledge and competencies.
Downloads
References
Alessie, R., Van Rooij, M., & Lusardi, A. (2011). Financial literacy and retirement preparation in the Netherlands. Journal of Pension Economics and Finance, 10(04), 527-545.
Brougham, R. R., Jacobs‐Lawson, J. M., Hershey, D. A., & Trujillo, K. M. (2011). Who pays your debt? An important question for understanding compulsive buying among American college students. International Journal of Consumer Studies, 35(1), 79-85.
Center for Social Research (2019). Chancellor College University of Malawi
Lusardi, A., & Mitchell, O. S. (2013). The economic importance of financial literacy: Theory and evidence (No. w18952). National Bureau of Economic Research.
Lusardi, A. (2012). Numeracy, Financial Literacy, and Financial Decision-Making. Numeracy, 5(1), 457.
Lusardi, A., & Mitchelli, O. (2017). Financial literacy and retirement preparedness: Evidence and implications for financial education. Business Economics, 42(1), 35-44.
Malawi Instiute of Management (2022). Institutional profile and academi programmes. Retrived from http://www.mim.ac.mw/
Hastings, J. S., Madrian, B. C., &Skimmyhorn, W. L. (2012).Financial literacy, financial education and economic outcomes (No. w18412).National Bureau of Economic Research
Higher Education Students Loans and Grants Board (2022). Loan application an statistics of students from Higher education students in Malawi. Retrived from http://www.heslgb.mw/
National Council for Higher Eduation (2021). Higher Education applicants and ccredted institutions in Malawi. Retrived from http://www.nche.ac.mw/downloads/Accredited%20Institutions%20and%20Programmes_as_at%2028%20August%202020.pdf
Rooij, M. V., Lusardi, A., & Alessie, R. (2012). Financial Literacy, Retirement Planning, and Household Wealth.The Economic Journal, 205–224.
Van Rooij, M., Lusardi, A., & Alessie, R. (2007). Financial literacy and stock market participation (No. w13565). National Bureau of Economic Research.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2022 Duncane Batizani, Dr. Abubaker Quetishat
This work is licensed under a Creative Commons Attribution 4.0 International License.
