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TABLE OF CONTENTS

LIST OF TABLES ......................................................................................................................... 2

LIST OF FIGURES ........................................................................................................................ 5

Acknowledgement .......................................................................................................................... 8

ABSTRACT ................................................................................................................................... 9

CHAPTER One : INTRODUCTION TO RESEARCH ................................................................. 9

1.0 Introduction ............................................................................................................................... 9

1.1 Background of Study ............................................................................................................... 2

1.2Problem Identification ............................................................................................................... 5

1.3 Research Objective ................................................................................................................. 15

1.3.1 General Objective............................................................................................................. 19

1.3.2 Specific Objective ........................................................................................................... 22

1.4 Research Question .................................................................................................................... 8

1.5 Hypotesis of the Study .............................................................................................................. 9

1.5 Significance of the Study ........................................................................................................ 10

1.6.1 Theoretical Perspectives................................................................................................... 11

1.6.2 Management Perspectives ................................................................................................ 13

1.6.3 Academic Perspectives..................................................................................................... 14

1.7 Scope of the Study .................................................................................................................. 11

1.8 Limitation of the Study ........................................................................................................... 11

1.7 Terminology defination .......................................................................................................... 11

1.6 Deliverables ............................................................................................................................ 14


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CHAPTER TWO .......................................................................................................................... 15

2.0 Literature Review.................................................................................................................... 15

2.1 Financial Literacy ................................................................................................................... 15

2.2 Financial Education and its relationship with Financial Literacy ........................................... 19

2.3 Financial Socialization Agents and its relationship with Financial Literacy .......................... 22

2.4 Money Atittude and its relationship with Financial Literacy ................................................ 24

2.5 Underpining Theory ................................................................................................................ 28

2.5.1 Theory of Planned behavior and Social Learning theory ................................................ 28

CHAPTER THREE: RESEARCH METHODOLOGY .............................................................. 30

3.0 Introduction Research Design ................................................................................................. 30

3.0.1 Rersearch Framework ..................................................................................................... 32

3.1 Research Philosophy ............................................................................................................... 34

3.2 Research Classification ........................................................................................................... 35

3.3 Research Strategy ................................................................................................................... 30

3.4 Research Time Choices........................................................................................................... 32

3.5 Time Series ............................................................................................................................. 34

3.6 Data ......................................................................................................................................... 35

3.7 Instrumentation ....................................................................................................................... 30

3.7.1 Financial Literacy............................................................................................................. 34

3.7.2 Financial Education .......................................................................................................... 35

3.7.3 Financial Socialization Agents ......................................................................................... 34

3.7.4 Money Attitude ................................................................................................................ 35

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3.8 Administration of Questions ................................................................................................... 34

3.9 Sampling ................................................................................................................................ 35

3.10 Data Preparation ................................................................................................................... 30

3.11 Data Analysis ........................................................................................................................ 32

3.12 Ethical Consideration ............................................................................................................ 34

CHAPTER FOUR: PRESENTATION AND DATA ANALYSIS .............................................. 35

4.1 Introduction ............................................................................................................................. 30

4.2 Descriptive Analysis ............................................................................................................... 34

4.2.1 Gender .............................................................................................................................. 34

4.2.2 Age of Respondents ........................................................................................................ 35

4.2.3 Education level of Respindents ........................................................................................ 34

4.2.4 Field of Study ................................................................................................................... 35

4.3 Descriptive Statistics for Continious Variables ..................................................................... 35

4.4 Reiabilty test ........................................................................................................................... 30

4.4.1 Financial Literacy............................................................................................................. 34

4.4.2 Financial Education .......................................................................................................... 35

4.4.3 Financial Socialization Agents ........................................................................................ 34

4.4.4 Money Atitude ................................................................................................................. 35

4.5 Pearson Product- Moment Correlation Coefficient .............................................................. 35

4.6 Multiple Regression Analysis ................................................................................................ 35

4.6.1 Model Summary .............................................................................................................. 34

4.6.2 Anova ............................................................................................................................... 35

4.6.3 Coefficiant ....................................................................................................................... 34

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4.6.4 Normal Probabilty of the Regression Standardized ....................................................... 35

4.6.4.1 Histogram ................................................................................................................. 35

4.6.2 Normal P-P Plot of Regression Standardized Residual .............................................. 35

4.6.3 Scatterplot ................................................................................................................... 34

4.7 Summary of Hypothesis Test .................................................................................................. 35

4.8 Conclusion .............................................................................................................................. 35

CHAPTER FIVE .......................................................................................................................... 30

5.0 Introduction ............................................................................................................................. 34

5.1 Discussion .............................................................................................................................. 32

5.1.1 Financial Eductaion and its relatinship with Financial literacy .................................. 35

5.1.2 Financial Socialization Agents and its relationship with Financial literacy ............... 35

5.1.3 Money attitude and its relationship with Financial litecy .......................................... 35

5.2 Conclusion .............................................................................................................................. 34

5.3 Limitations of Reserach ......................................................................................................... 35

5.4 Recommendation .................................................................................................................... 36

6.0 References ............................................................................................................................... 35

6.1 Journals .......................................................................................................................... 35

6.2 Books.............................................................................................................................. 35

6.3 Websites ......................................................................................................................... 35

7.0 Appendix ................................................................................................................................. 36

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LIST OF TABLES

Table 1: Research Onion ................................................................................................................. 9

Table 2: Research Framework ........................................................................................................ 2

Table 3: Respondents Demographic Profile .................................................................................. 5

Table 4: Gender of Respondents ................................................................................................... 15

Table 5: Age of Respondents ....................................................................................................... 19

Table 6: Education level of Respondents...................................................................................... 22

Table 7: Field of Study of Participants .......................................................................................... 8

Table 8: Descriptive Statistics for Continious Variables ............................................................... 9

Table 9: Reliabilty Statisitics of Financial Literacy ................................................................... 10

Table 10: Reliabilty Statisitcs of Financial Education .................................................................. 11

Table 11: Reliabilty Statisitics of Financial Socialization Agents ............................................... 13

Table 12: Reliabilty of Money Attitude ........................................................................................ 14

Table 13: The Strength of a Correlation ....................................................................................... 11

Table 14: Pearson Product-Moment Correlation Coefficient Test ............................................... 11

Table 15: Model Summary ........................................................................................................... 11

Table 16: Anova Analysis ........................................................................................................................... 14

Table 17: Coefficient ................................................................................................................................. 15

Table 18: Result of Hypotesis Testing ........................................................................................................ 15

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LIST OF FIGURES

Figure 1: Gender of Participants ..................................................................................................... 9

Figure 2: Age of Participants .......................................................................................................... 2

Figure 3: Education level of Respondents ...................................................................................... 5

Figure 4: Figure of Study ............................................................................................................. 15

Figure 5: Histogram ...................................................................................................................... 19

Figure 6: Normal P-P Plot of Regression Standardised Residual ................................................. 22

Figure 7: Scatterplot ........................................................................................................................ 8

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CHAPTER ONE

INTRODUCTION

1.0 Introduction

This chapter aims to provide background to the research study. The chapter one covers several

aspects such as background of the study, problem statement, research objective, research

questions, limitation of the study, significance of the study. In addition, the chapter includes

operational definitions of the financial literacy and financial socialization agents.

1.1 Background of the Study

Globalization is the sense of connectivity in economy and has strong foundation in global

marketplace. Today, through globalization global marketplace is increasingly risky and

becoming more susceptible day by day. Thus, one of its effects is increment of cost of goods and

services which drives people to be able to make well-informed in finance. Consequently, this

phenomenon suggests to the humanity to be prepared with some financial skills and knowledge

which is related to financial literacy or simply to personal financing (Yusliza & Ramayah, 2011).

Financial literacy is the understanding, skill and knowledge of financial concepts and today it has

become more important than ever in today`s world. Today, being aware of personal money

management, spending and saving are able to prepare the individuals with knowledge to take

charge of their finances and to fight with fraud. It is because, we are living in the age of economy

frequency that, younger generation is going to face financial challenges in future (Das, 2016)

In contrast, the financial crisis of 2008 that shocked world, showed that, how important to the

society to be financially literate. Therefore, ability to manage personal finance of youth, has

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received increasing attention to the world. Thus, global crisis played significant role in forming a

social consensus for allocating more effort to teach the value of money, credit management to

young generation.

The economic downturn has imposed huge cost on the global economy but has provided an

opportunity to reflect what to teach for youth in order to increase their financial ability (Rady,

2015)

It can be said that, Financial literacy is not just a trend but an essential life skills and knowledge

in today`s society. On the household point of view, it allows students to increase and manage

their savings which leads to better management of their life events like education, retirement and

job loss. Moreover, financially knowledgeable citizens can be effective in achievement of

economic growth. Therefore, financial education is important for younger generation who later

will have to participate in the economic activities (Ibrahim, 2009)

Thus education at school, universities and colleges are the main sources for having proper

financial education for students in their life. Furthermore, other studies Chen &Volpe, (2002),

Rasoaisi & Kelebe, (2015) have also documented positive influence of financial education on

student`s financial literacy. Financial education curriculum and programs has been found the

main influence factor that has been increased level of financial literacy. Additionally, Chen

&Volpe, (2002) stated that, financial seminars can influence to student`s saving practices.

Supon, (2012) stated that, “our children are financially illiterate and unable to inherit the global

economy unless we start educate them in elementary school”. It is simple that; how can

someone be literate without being educated? Thus, education at school, college or university is

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fundamental for younger generation otherwise, they will not able to have proper knowledge of

money management or other important skills.

Moreover, students are poised to have spending behavior similar to their family and social

environment also influence to the financial behavior of the students. Multiple researches (Destin

& Oyseman, 2009; Johnson & Sheraden, 2007) have documented that peer groups and family

provide positive financial outcomes in students. Moreover, parents with graduate degrees will

encourage positive financial practices for their child. Consequently, children grow up in a certain

environment depending on the family background, so that they follow their parent’s financial

attitude and will be automatically influenced by how their respective parents. Therefore, the

degree of financial literacy in the family eventually have impact on the student`s financial

behavior (Lyons, 2004)

Moreover, other studies found that, money attitude of the students also have high influence on

the level of the financial literacy among students. According to Schoeni &Ross, (2005)

individuals seek to be financially literate depending on how they value money in their life.

Moreover, money is known as a motivator which forces individuals to be financially literate.

Since, understanding financial literacy among students has become an important for developing

individual well- being. Examining how well- equipped young people make financial decision,

also has been becoming the most popular topic in today`s society. Therefore, in Uzbekistan the

focus to the financial knowledge of the young generation has increased and government has been

emphasizing to the educational sector to increase the financial literacy of the younger generation.

Hence, the Uzbek government since 2010, has been providing advice on improving the country`s

economy and financial management of individuals in Uzbekistan (Unesco.org, 2017).

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In fact, According to official estimates, since 2005, the Uzbek economy has been growing at a

continual rate of more than 7 percent. Agriculture and industrial production such as light industry,

food processing and combustibles are the most important branches of the economy. However, in

Uzbekistan the financial capability of individuals is low similarly to nearby countries of Central

Asia and Eastern Europe. This is the result of the ingrained practices of communist times when

people were dispirited from personal planning because of the limited financial opportunities and

relatively stable incomes (UzDaily.com 2014).

But, after being Independence Uzbekistan have been focusing to economic stability and giving

attention to improvement of well-being of the population. Hence, according to official estimates,

Uzbekistan will need to find drivers for economic growth so the emphasis to financial knowledge

of population has become one of the most important development challenges to the country

(Mehmonov, 2013). Since, future of national development and economic welfare of individuals

depends on the level of financial literacy of younger in an increasingly more complex economy

(Nwokoji, 2016) Therefore, it is important to assess the level of financial literacy and identify

influencing factors like education, financial socialization agents and money attitude on the level

of financial literacy among students in Uzbekistan.

1.2 Problem Identification

Today, financial literacy has become more important over the past decades. And many studies

around the world have been emphasizing the importance of financial literacy in an ever

increasing complex financial landscape. Moreover, developed countries have realized that, under

current condition of the global economy, it is important to make sure that, financial skills of the

people are higher than ever. It is because now financial landscape has changed considerably in

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the world and it is becoming more complex with introduction of several financial services and

products. Thus, in order to understand their risk and return people have to be financially literate.

However, customers do not have enough knowledge and skills in order to use them to their

advantage (Ansong & Gyenare, 2012).

Eventually, financial literacy allows individual`s better manage and increase their earnings and

then helps to manage other life events such as retirement or jobless. Today, more than ever,

financial skills are needed to grow personal well- being as well as for country`s economic growth.

Additionally, now, young generation generate and dispose their income more than previous

generation. The changes in work life and global economy have made changes in human well-

being and they become more consistent (Sabitova, & Muelller, 2015)

Moreover, financial literacy is one of the main pillars of financial well- being of the society, both

macro and micro levels. As financially illiterate society can create several problems in the

economy of the country. Hence, knowing financial knowledge and skills is not important only

human being but important to the country`s economy towards achieving economic growth. For

example, financial literally nation can better asses’ financial policies of their respective

government`s financial system. Moreover, financially knowledgeable citizens are effective and

will help country in achievement of economic growth. Therefore, financial literacy is important

not only to the individuals as well as to the country`s economy (Rasoaisi & Kalebe, 2015)

Consequently, well- being of the population is one of the key success factors in the society.

Many studies showed that, the level of the financial literacy worldwide is low and developing

countries has low percentage of financial literate population than developed countries. And

people find it difficult to take decisions regarding to their personal finance issues and often make

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mistakes during their financial choices. Therefore, a vital task for every country is to create the

financial programs and help an individual to make deliberate financial decisions. For instance,

United States of America and Germany already paid attention to the financial literacy among

their population and promoting financial literacy by imparting financial education (Bhushan &

Medury, 2013). And now Uzbekistan also have been putting step to the development of the

young generation to be financially literate. It is because the problem of economic and social

well- being is especially urgent in the countries where undergoing serious transformation in the

areas of market economy. Moreover, this is an overriding issue in Uzbekistan where the majority

of the population is low income and money is known as quality of the life. Besides that, as

mentioned above financial capability of individuals is low and it is the result of Soviet Union

practices where the populations were discoursed from personal planning because of limited

financial opportunities (Amerova, 2010).

Therefore, since 2010, government has been focusing raising financial literacy in Uzbekistan

among younger generation and has been providing several projects in order to increase financial

capability of people. Moreover, education program has provided for low income households

through institution building of professional counseling services in financial institutions. From

those projects, it is expected that the undertaken financial education and projects will contribute

to the significant improvement of financial behaviors of young generation in terms of planning

house budget, borrowing, saving and effective use of financial services (Uzbekistan-Ministry of

Finance, 2014).

Until now, there has been robust discussion by many governments and financial community

leaders generally, that financial security can only be achieved when population of the country is

considered to be financially literate (Lusardi & Mitchell, 2006). So, Uzbek government has put

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structures in place as a result of external evidence so that population should be questionable to

the level of financial literacy. But until now there was lack of research on level of the financial

literacy among students in Uzbekistan.

Therefore, the necessity of the investigation the determinants of financial literacy is an important

tool to realize the level of financial literacy among students. Moreover, after investigation can be

determined influence factors of financial literacy which will affect the development of financial

well- being of the individuals.

However, the relationship between Education, Financial Socialization Agents and Money

Attitude towards Financial Literacy among students in Uzbekistan is still unclear. There exists a

theoretical gap in the relationship between Education, Financial Socialization Agents and Money

Attitude towards Financial Literacy among students in Uzbekistan. Therefore, this research is to

investigate influence factors towards financial literacy of students in Uzbekistan. This study

aims to further investigate whether influencing factors like education, financial socialization

agents and money attitude has positive influence on the level of the financial literacy among

students in Uzbekistan or not. Based on the research result the author will be able to provide

sound recommendation for the future development of the financial literacy concepts.

1.3 Research Objective

1.3.1 General Objective

To study the relationship between Education, Financial Socialization Agents and Money Attitude

towards Financial Literacy among Students in Uzbekistan

1.3.2 Specific Objectives

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i. To determine whether there is a relationship between Education and financial literacy

among students in Uzbekistan.

ii. To access whether there is a relationship between financial socialization agents and

financial literacy among students in Uzbekistan.

iii. To investigate whether there is a relationship between money attitude and financial

literacy among students in Uzbekistan.

1.4 Research Questions

The research questions are:

i. Is there a relationship between Education and financial literacy among students in

Uzbekistan?

ii. Is there a relationship between financial socialization agents and financial literacy among

students in Uzbekistan?

iii. Is there a relationship between money attitude and financial literacy among students in

Uzbekistan?

1.5 Hypothesis of the Study

There have created following three hypotheses in order to investigate research question:

H1 Hypothesis 1: Financial Education has a correlation to financial literacy of students.

The first hypothesis focuses on Education and was created in order to investigate the impact of

Education towards financial literacy.

H2 Hypothesis 2: Financial socialization agents have a correlation to the level of financial

literacy among students.

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The second hypothesis focuses on Financial Socialization agents and was created to find whether

it has an influence on financial literacy of the students.

H3 Hypothesis 3: Money Attitude has positive correlation to financial literacy of students.

The last hypothesis focuses on money attitude and was created in order to investigate the impact

of money attitude towards financial literacy of students and if the impact or correlation is

significant.

1.6 Significance of the Study

This study is significant in several ways. Eventually, today with the rapid development, the

interest of the study the level of the financial literacy among young generation is becoming more

interesting topic to researches. And there has been done several researches related to current

topic. But it is undoubtedly true that, in Uzbekistan has been found lack of study on financial

literacy of the Uzbek students. And since 2010 started implement financial literacy curriculum in

schools and colleges in order to increase financial literacy of the younger generation (Saliev,

2014) Nevertheless, current study is more debated in United States of America and United

Kingdom, and they have done research about importance of financial literacy and its

determinants, phenomena and perspectives (Beal & Delpachitra, 2003; Lusardi & Mitchell,

2006; Hogarth, 2002). Hence, taking into account an increased interest to financial literacy of

younger generations in Uzbekistan, the relationship Financial Education, Financial Socialization

Agents, Money Attitude and Financial Literacy and the level of financial literacy of students in

Uzbekistan has to be investigated. In a nutshell, below is an importance of why this research

needs to be conducted.

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1.6.1 Theoretical Perspectives

In terms of theoretical perspectives, this research will add to the existing body of knowledge

about financial literacy. Further, this study would help individual to prove and support future

findings with a reference. Further, this study contributes to the existing literature by proposing a

new model of analyzing determinants of financial literacy. The determinants of financial literacy

have been analyzed and developed independently from each other offering different relationship

and impact to financial literacy.

1.6.2 Management Perspectives

Considering management perspectives, the research is believed to contribute the education

management team the knowledge of factors which affecting the financial literacy of students in

Uzbekistan. Further, the result of the current study might play beneficial role in creating practical

implications for education system in Uzbekistan as the study outlines the importance financial

education towards financial literacy of the students.

1.6.3 Academic Perspectives

Regarding the academic perspectives, this research is beneficial to the academicians to undertake

further research on financial literacy among students in Uzbekistan. In addition, this study can be

used a reference for other researchers to conduct a further research in related topic with similar

determinants in the same country or others countries. Current research can add value to the

literature on financial literacy, financial socialization agents or money attitude.

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1.7 Scope of the Study

The main focus of this study is to identify the relationship and impact Financial Education,

Financial Socialization Agents, Money Attitude towards financial literacy of students in

Uzbekistan. The data of the study is limited to the students in some collages, lyceum and

universities throughout Uzbekistan such as students in Fergana State University, Andijan State

Medical University, Uzbekistan State World language University, Management Development

Institute of Singapore in Tashkent, Westminster International University in Tashkent, Fergana

Polytechnic Institute, Academic lyceum 3 under the Fergana State University, Fergana branch of

Tashkent University of Information Technology and Fergana medical and pedagogical colleges.

The study is only focused on the popular and well-established universities, colleges and lyceums

in Andijan, Fergana and Tashkent cities since the survey are collected in some cities in

Uzbekistan the results cannot be generalized to represents the whole students in Uzbekistan.

1.8 Limitations of the Study

The reliability of this study depends on the honesty of the respondents in giving the desirable

information. The findings from this study should not be generalized as whole as it is only

consists a small number of respondents in Uzbekistan and the results obtained from this study

could be inimitable to this particular sample. In addition, cost and time restrictions are also part

of the limitation of this study. Based on the Raosoft Samle Size Calculator which is provided in

Chapter Three of the study, the actual sample size of the survey should be 377. However, due to

the limited time and cost concern the margin error were changed to 10 percent, while the

confident level remains at 95 percent. Hence, the minimum sample size suggested in the survey

has been changed to 98.

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1.9 Terminology Definition

Terms Conceptual Definition Operational Definition

Education According to Peters (2010) The Education in this study


Education is the development refers to six questions adopted
of knowledge, character and by (Huston, 2010)
skills of individuals

Financial Socialization Financial Socialization is a The financial socialization


Agents process by which individuals agents in this study refers to 3
acquire from the environment dummy variables namely,
those skills, knowledge, and peers, schools and media while
attitudes that are necessary to using family as a reference
maximize their consumer role group adopted by (Samkin,
in the financial marketplace Low &Taylor, 2012).
(Albeerdy &Gharleghi, 2015)

Money Attitude Attitude is person`s favor or To assess attitude, the five-


disrepute toward an action. point Likert Scale was used
Besides that, it is considered (ranging from 1, Strongly
the way individuals respond to disagree to 5, Strongly Agree,
and are disposed towards, an for Demographics the
object (Zhang &Kim, 2013). respondent was asked to tick
the appropriate select
(Albeerdy &Gharleghi, 2015)

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Financial Literacy
Financial Literacy it the The Financial LIterayc in
ability to make informed this study refers to 30 items
judgments and to make adopted by
effective decisions regarding (Kim, 2003).
the use and management of
money (Hilgert, Hogarth &
Baverly, 2003)

1.10 Deliverables

This current final year project starts with a description of various contents in which the problem

statement and objectives are investigated. And the second chapter is about the review related

literature which includes financial literacy, education, financial socialization agents and money

attitude. The methodology of the research related with research design and the selection of the

study areas will present in Chapter Three. Then, Chapter four present the results of the study and

the data analysis. The last part of this project is ended with conclusion, implication, limitation

and recommendation.

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CHAPTER TWO

2.0 Literature Review

In this chapter, some relevant related literatures will be presented to this research. Current

chapter will be divided into several subtopics, namely: Financial Literacy, Education, Financial

Socialization Agents, and Money Attitude.

2.1 Financial Literacy

Definition of the financial literacy has been in long discussion among researches and different

meaning of this statement has been employed by scholars. Until now there is no constant

definition has been developed yet. Usually, financial literacy, financial education and financial

knowledge often have been interchangeably in academic literature as well as in media. One

definition of financial literacy is an individual`s ability to understand, manage, analyze and

control personal finance matters. Kozina & Ponikvar, (2015) define financial literacy as a

components of human capital that is used in financial activities to increase individual`s financial

well- being. According to Mahdzan &Tabiani, (2013) financial literacy is basic skills and

knowledge that persons need in order to survive in modern society.

Additionally, Krechovska (2015) stated that, the ability of secure personal income, capability to

make decisions on expenditures, consequences of personal decision on current and future income

and orientation on the job market are also another definition of the financial literacy.

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In contrast, Huston (2010) analyzed seventy-one researches which are published between 1996

and 2008 by different scholars. The research was based on fifty-two different data sets that

include wide range of financial literacy and financial knowledge measurements that developed

since last decade. There were identified four main categories that are emerged with financial

literacy as well as financial matters such as saving, borrowing, investing and personal saving

basics. Thus, there were examinations of the financial literacy and financial knowledge

definitions that is used earlier studies and found that majority scholars (72%) did not include a

definition of financial literacy. And others forty-seven percent of the researches used both terms

synonymously. And there were proposed financial literacy could have two dimensions such as

understanding financial knowledge and usage of those personal financial skills in everyday life.

Therefore, financial literacy can be defined a measuring how well an individual understands and

apply personal financial skill or financial related information in their life (Ibrahim, Harun &

Mohamed Isa, 2009).

Thus, from above definitions, it can be defined that, the financial literacy is the financial world

which leads individuals to correct and improve their effective decision making and relevant skills

in the financial area. Additionally, it includes understanding, knowing complex principles of

saving, spending and investing while applying those knowledge and skills in order to manage

personal financial resources efficiently for personal well- being.

Therefore, financial literacy is not just convenience or knowledge that everyone has, but an

indispensable survival tool that individual`s necessity in order to survive in the modern society

where every step of people is chargeable (Jacob, Hudson & Bush, 2000).

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Especially now, in twenty first century the financial product innovation, rearranging of the

financial service industry, technological and marketing advances as well as changes in pension,

tax and retirement plans are effecting to the consumers’ attitude and significantly influencing to

their financial decision and hence challenge the financial literacy (Agnew, 2006).Therefore,

today financial literacy has became more important tool than ever and it is vital to the long term

well-being of all individuals. Thus, having an effective level of financial literacy is important for

everyone especially for younger generation that increases effective accessibility of financial

services and products.

The benefits of the financial literacy are widely reported globally but the lack of financial

literacy leads a number of negative consequences. Low level of personal financial literacy may

lead to wrong financial decision that results into many problems such as debt or even bankrupts

of younger generation. On the other hand, financial literacy not only important for individuals

well- being but it has significant impact to the country`s economic as well. The financially

literate society is an important factor to any country and every country are needed citizens who

are financially literate. As the President of United States of America Barack Obama said that,

“Future prosperity depends on the financial security of all Americans, take time to improve our

own financial knowledge and share that knowledge with our children”.

This word of Obama approves that, the importance of financial literacy of younger generation is

essential to the financial security of country (Albeerdy & Gharleghi, 2015).

(Hilgert, Hogarth & Baverly, 2003) added that, “financial literacy is the

application of knowledge, understanding, skills and values in financial contexts and the related

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decisions that impact on self, others, the community and the environment”. Thus, financial

literacy has impact not only individual well-being, but on country`s economy as well.

Financial literacy is fundamental for younger adults when they are exposed to a selection of

financial products and services where they need to choose whilst embarking on their own major

financial life cycle events such as acquiring a job, earning their first salaries, secure student loans

or managing their credit card spending. Besides that, lifestyle aspirations spurred on by the

influence of advertising and the media are also likely to increase younger people reliance on debt.

Hence, it is a vital for students to be financially literate in order to be strong and confident in

their financial life cycle (Fear &O`brein, 2009).

The first year of student life is vital transitional stage of development within the larger

transitional period because; most of the students are not yet financially independent. Moreover,

they perceive this independence as key to achieve adult status. If for these youngsters are not

provided a suitable financial literacy curriculum or knowledge the students will be needed

support for them to enhance their skills in purchase behavior and saving whereby they can take

challenge their potential of accumulating wealth at an early stage (Cameron et al.,2014)

2.2 Financial Education and its relationship with Financial Literacy

Education is defined as a process of educating, and teaching hence, it can be both achievement

and task. According to Peters (2010) Education is the development of knowledge, character and

skills of individuals. Thus, from the definition can be supposed that, the purpose of the education

is to develop individual`s knowledge and skills in order to increase social well- being of the

people. Generally, financial education is any program, knowledge and skill that addresses to the

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financial concepts and topics. Moreover, it can be said that, it is the programs, subjects and other

workshops that educate students to improve their financial literacy.

Today, Financial education is becoming more important to the young generation as well as

country`s economy and also gaining popularity because everyone understand that, financial

education is need for all stages of the human being (Kezar & Yang, 2010). Therefore, younger

generation need to know and understand basic financial concepts. It is because; in the first stage

of their independent life adults and teenagers have to know to make long- term financial

decisions and take responsibility for their life.

Since, financial literacy is important life skill to younger generation it is commonsense that,

students must be educated at point of their life on how to spend money and able to calculate their

income and savings. Thus, financial skills will affect at a later stage of their life, and where else

to educate them if not in college and university.

As noted by Fox, Bartholoma & Lee (2005) most of the financial education programs introduced

in the late 1990s and in 2000 scholars begun to study the effect of the education to the level of

the financial literacy of people. The goal for implementing personal finance programs or

curricular was to increase and develop financial literacy among younger.

Thus, among there scholars Gille & Loeffler, (2012), Lusardi & Mitchell, (2006) conducted a

survey on students who took the high school personal finance curriculum and founded that, more

than 60 percent respondent`s self-financial behavior was improved after taking financial

curriculum and they had made change in their spending behavior. Eventually, after students are

being exposed to study financial courses there will be certain improvement on their mind how to

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control and spend money while using it successfully. Thus, being more financial literate will

guide students to be able to differentiate and understand the importance of money management.

Moreover, Bernheim, Garrett & Maki (2001) outlined that, there is linkage between financial

education and financial well-being of the students and it has carrying great weight effects on

their behavior and knowledge. They conducted natural experiment on respondents between the

age of thirty and forty and asked about their personal finance courses from high school and their

current saving ratings. Some respondents answered that they had a personal finance mandate but

half of them do not had. Consequently, result showed that, the respondents with high saving rate

had a financial education in high school.

Baokye & Kansanba, (2013) asserted that, modern education is a lifelong process and essential

to the economic well-being of society. To gather the views about the benefits of education, he

surveyed consumer and found that, education offers the following benefits to individuals:

encourages critical thinking, imparts life skills that contribute to success in every living,

promotes self-confidence and improves the quality of life. On the other hand, financial

education empowers individuals to take their financial decisions in a better way. Financial

education programs cover topics such as a savings, borrowings, budgeting and making use of

financial services. People who take financial education courses are going to be more likely to

know about other financial topics and therefore should be able to answer the questions correctly.

Logically, there is the argument that, personal finance should be part of basic education of all

students. Therefore, most developed countries started to educate, personal finance to their

children from the kinder garden (Akromov, 2015) Hence, this promotes the importance of

education towards an early age, so that, the students will have a better shape of education

knowledge and management in future. Thus, it can be considered that, education influences on

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the level of financial literacy among younger generation. In conclude, based on the significant

researches supports following hypothesis can be given:

H1: There is relationship between education and financial literacy.

2.3 Financial Socialization Agents and its relationship with Financial Literacy

Financial socialization is a process of getting knowledge and skills about money management

and developing financial skills such as budgeting, saving, insurance and credit card use in order

to maximize individual`s role in the financial market place. Generally, main agents for student`s

socialization are family as well as peer group, school and media. And all of them occur at one

point of time throughout people`s life cycle. Thus, children through observing their parent’s

participation in a financial practice, are able to learn any knowledge and skills easily by

receiving direct instruction (Bowen, 2002). In short, the first school for any child is their family

and parents act as a first teacher for them providing life skills with direct instruction.

According to John (1999) research on financial socialization dates back to the 1930s and since

past decade several scholars have done research about financial socialization of students.

Moreover, Pinto, Parente & Mansfield, (2005) conducted research and 1,170 students were

surveyed to understand their knowledge about money management and use of credit cards. And

research found that, student`s receive more financial skills and attitude from their parents and

they play a main role in their financial attitude. Furthermore, they learned how to use credit

cards from their parents. So, children learn financial behavior through observing their parents’

attitude and participation.

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Moreover, Peng et al. (2007) states that, a family always is umbrella that protects from

everything and role model for children which shows right direction to them. Parents always

influence their children cognitively through direct teaching reinforcement and purposive

modeling. Thus, students already have knowledge, motives, and attitudes on most subjects that

cover consumer role concepts before coming to classroom. Hence, this shows how family has

influence on the financial behavior of the individual. The degree of the education towards

financial concept always link between parent’s attitude to the finance and children respond this

behavior in future.

Furthermore, scholars have noted that influence of peers also have a huge impact to the young

person`s financial literacy and behavior. For instance, how peers can have an influence on an

individual`s behavior and skills can be analyzed the study on youth gambling tendencies made

by Shim et.al (2010) Their study reported that, despite the attitudes and actions of parents a

strong peer influence existed in a youth gambling behavior. Hence, it is said that, being

surrounded with financially literate peers, an individual will automatically reciprocate and will

educate himself to follow his peers. According to, Sohn at.al (2012) students and pupil during

their student life they be more exposed with their peers rather than their family so that time peers

can have huge impact on student’s attitude and behavior.

Another, research conducted by Lyons et al. (2006) and it was reported that, 33 percent of

students use media as a mean to seek financial knowledge. Additionally, research showed that,

the amount of television viewed is positively affected to the purchase intention, saving behavior,

materialistic attitudes and financial attitude of the students. Hence, by analyzing the study can

be understood that, media has medium influence to the students to be financially literate because

they trust to media (i.e. internet, television, newspaper) how to spend and save money.

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Moreover, another study also accepted that media also plays main role on the financial behavior

of the students. Therefore, they use media for better obtaining financial guidance and that

guidance has positively resulted with better financial practices. Thus, this way called the best

way to learn and increase student`s financial literacy and media is the easy tool for the grab

financial skills (Buijzen & Valkenburg, 2003)

Moreover, Chan & McNeal (2006) have also emphasized that, parents, peer groups, school and

media are the most important agents of consumer socialization agents and they have high

influence financial attitude of the students. Thus, it can be considered, family, peer groups and

media have important role on the level of financial literacy among students in Uzbekistan.

H2: There is a relationship between financial socialization agents and financial literacy.

2.4 Money Attitude and its relationship with Financial Literacy

Today attitudes towards money and the meaning of money also have become important topics

for scholars in the area of finance, economic and consumer’s psychology (Dowling, Corney &

Hoiles, 2013). Money is an important issue for an individual and it is not only utilitarian

commodity but also an emotional representation of worth or through symbolic meaning.

Traditionally money is studied from the point of its economic sense. First off all money performs

economic function around the world such as payment and accumulation, medium of exchange

and measure of the cost of goods. But, now studies found that money have not only economic

issue but also acquired psychological and social features (Simkiv, 2013)

According to Moskalenko, (2004) money makes changes and influence the individual`s life

undoubtedly effect the development of the country`s economy, politics and culture. Moreover,

money has been recognized as a motivator of behavior and factor that creates job satisfaction.

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For instance, person falls under influence of money as money becomes an instrument to satisfy

person`s own needs and goals.

Furthermore, attitude refers to psychological tendency that is conveyed by assessing a particular

entity with some degree of service or disgrace. Attitude can be defined as an assessment of the

degree to which one likes performing the behavior. Meanwhile attitude has taken significant role

in researches that influence feelings, thoughts and consumer’s decision making process (Zhang

&Kim, 2013). This is to say that student’s attitude towards money may shape their knowledge

financially. So in some point value of money will eventually effect on person`s literacy

financially. Therefore, having a positive attitude towards money will influence student`s

behavior to gain more financial knowledge and literacy in order to increase personal money

management. Whereas, poor negative money attitude will lead to the poor management of the

personal money whereas it can be related to the theory of reasoned action.

Moreover, Grable & Joo (2001) have done research among students and added that; money

attitude is related to children being open about their financial situation with their parents. Hence,

by having positive money attitude an individual`s concerns about their current financial situation

and they try to know how to manage money in order to be financially stable.

According to (Das, 2014) The Theory of Reasoned Action speculates that, in an individual`s

decision making process an attitude of the person is a direct predictor to the behavioral intention.

The theory of Reasoned Action was developed by Martin Fishbein and Icek Aizen in 1967 and

theory explore that, individuals will behave based on their preexisting attitudes and behavioral

intentions. Thus, within current theory, an attitude of the person to the specific object will lead to

the individual`s basic motivation to perform an action. Hence, if we link to the theory, with

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money attitude of the students towards financial literacy, student`s money attitude will influence

to learn financial literacy or develop financial skills in order to get successful money

management in future. Moreover, theory suggests that, the stronger attitude lead to increased

effort to perform the behavior, which also increases the likelihood for the behavior to be

performed well. Thus, student`s attitude towards money is critically important to the be

financially literate.

Thus, specific money attitudes are related to self- direction and values implying that those

attitudes of the person likely will get connection with a self- directed behavior for security such

as financial knowledge seeking. All in all, it depends on how students value of money in order to

seek knowledge how to manage their income. Then, it may activate the student’s intention to

acquire skills required for having a better knowledge in area of finance (Hayhoe et al., 2000)

Furthermore, another reason forcing students to be financially literate is changes of society

which has influenced human being in twenty first decades. It is because, in this modern society,

moral values are becoming less important and the world is turning into a more materialistic

concept whereby young generation are more concerned with the earning money rather than

believing in conservative beliefs of their forefathers. Therefore, money become more important

value for most individuals and it is acting as a motivation for younger that influencing to order to

become more financially literate than previous generation (Wilhelm & Haynoe, 1999).

Additionally, Kidwell & Turrisi (2004) have done research on the budgeting tendencies of

students and have founded that, students with high confidence with their skills to keep a budget

were able to justify reason for keeping budget and they perceived money as normative

expectances. But on the other hand, student with low control of their budgeting relied more on

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their emotional feelings towards budgeting rather than cognitive beliefs. It is understood that, it

will depend on perception of students towards money in order to be able to set an appropriate

budget for them. Thus, based on their attitude, perceptions, feeling and thoughts students will

decide to increase their knowledge or not. Furthermore, a considerable of studies found that

money attitude positively affects to the level of the financial literacy among students.

In overall, (Wu and Lo, 2009) taking salient outcomes of Fishbein`s behavior intention model

there is positive effect of money attitude towards financial behavior of the students. Thus, based

on the significant researches supports following hypothesis can be given:

H3: There is relationship between money attitude and financial literacy

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2.5 Underpinning Theories

2.5.1 Theory of Planned Behavior and Social Learning theory

The theoretical foundation for this study was based on the human behavior theories. Specially,

behavioral theories such as planned behavior theory and social learning theory were applied in

this study in order to better understand how individual`s behavior patterns towards financial

matters could be transformed through financial determinants. These theories have been

successfully applied in education sector to influence behaviors.

The Theory of Planned Behavior guided the development of hypothesis in this investigation. The

Theory of Planned Behavior explains all behaviors over which individuals have the ability to

exert self-control. Specifically, The Theory of Planned Behavior (TPB) was applied in this

research in order to understand how individual`s behaviors outlines towards financial patterns

could be transformed through self-concept and attitude. Initially, The Theory of Planned

Behavior (TPB) began with the Theory of Reasoned Action in 1980 to expect an individual

intention to engage in a behavior at a specific reason, time and place. According to Theory of

Reasoned Action behavior is predicted use attitudes towards specific behavior and subjective

norms to form a behavioral intention (Kennedy, 2013).

Das (2014) added that Azjen adapted the Theory of Reasoned Action to create the TPB and

Theory of Planned Behavior differs from the TRA in that a perceived behavioral control such as

attitude toward the behavior and subjective norms was included in order to contribute to the

formation of behavioral intention. Hence, the perceived of behavioral control was lacking in

TRA and this factor has changed Theory of Planned Behavior from TRA in order to address the

issue of personal control.

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Hence TPB explains how the greater the perceived behavioral control will change the attitude to

the stronger the behavioral intentions. If individual’s intentions are influenced by some subject,

they are more likely to imitate the behavior and they have ability to exert self-control. The

Theory of Planned Behavior has been applied to a variety of topics including financial behavior,

compulsive behavior and children`s socialization. The application of this theory could provide

better understanding of how individual behaviors are formed and influenced. Initially, the

personal finance is a behavior-based discipline and it depends on the decision-maker`s

willingness to exchange the behavior or attitude to learn the personal finance. Personal finance

the process in which individuals develop and acquire financial resources to satisfy their current

and future financial needs. Mostly, it is concerned with skills, behaviors, understanding towards

money matters. For example, the intention of individuals to be financially literate will affect to

their behaviors and attitude to develop their personal finance by learning new skills or learning

through process of socialization or even changing the behavior towards the money.

Furthermore, previous studies documented that intention to increase financial literacy are able to

change the behavior to acquire financial education. However, Jumpstart survey (2012) also

indicated that, financial education not only increase the individuals financial literacy but also

translates into more responsible financial behavior.

Furthermore, Social theory also guided the development of the hypothesis in this study.

Generally Social Learning theory explains how an individual learn behavior by observing others.

Hence, people learn behavior though the process of socialization, process by which individuals

acquire knowledge, skills and attitudes to getting into relations with other member of society.

Hence, an individual learn and shape their knowledge by observing their parents, family

members, peers and other member of society. According to Amoah (2016) social learning theory

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posits that learning is a cognitive process that takes place in a social context and can purely

through observation or direct instruction, even in the absence of motor reproduction or direct

reinforcement. Consequently, this theory explains how students acquire their financial literacy

through environmental influence. For example if a children born in a family which they have

positive attitude towards money and they are good in managing and controlling their personal

finance, later on children also intentionally grow by parents behavior similarly with same attitude

and values. Furthermore, Fortuna, (2007) mentioned that money attitude also comes from

student’s home environment. As students learn over the years through social interaction they

begin to understand and form their values, attitude and knowledge about personal finance.

Consequently, family, peers, media and community all shape student`s knowledge and attitudes

over time. Hence, social learning theory and theory of planned behavior explains how behavior

of students will impact to their attitudes to learn how to manage their personal finance.

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CHAPTER THREE

RESEARCH METHODOLOGY

The chapter three describes methods in detail how the study will be carried out in order to collect

the data to meet the objectives of the study and answer the research questions. Collection of

reliable data required careful planning on data collecting process so that it can be replicated by

other researches. The concept of the research is onion is figured by the research techniques

through the six layers of the onion. Generally the chapter contained 13 subtopics and it has

included some crucial aspects for researcher while doing the research. Hence, the detail of each

subtopic will be discussed in Chapter 3.

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3.0 Introduction/ Research Design

This research is basic research and the main purpose of basic research is to increase the scientific

knowledge and understanding the particular research area (Cherry, 2016). According to

Saunders, Lewis, & Thornhill, (2012), it is actually unusual for the researcher to begin thinking

about questionnaire or interviews. But, according to “onion” the question which is belongs in the

center of the research, is chosen in order to depict the problem underlying the choice of the data

collection techniques (Saunders, Lewis & Thornhill, 2012).

Table 1: Research Onion

As presented in Table 1, the layers of the research onion involves of research philosophy, time

horizon, approach, strategy choices, strategy, data analysis and data collection. Hence, the main

purpose of the basic research is to discover and analyze the relationship between the variables

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(Fidersek, 2015). Thus, a survey will be accepted to collect quantitative data from students in

several universities, colleges and lyceums in Uzbekistan. Hence, for the research in chapter 3

each layer of the research onion will be explained in the subsequent paragraphs.

3.01 Research Framework

Determinants of the Financial Literacy among students in Uzbekistan

Independent Variable (IV) Dependent Variable (DV)

Education

Financial Socialization Financial Literacy


Agents

Money Attitude

Table 2: Research Framework

Source: Self-made

3.1 Research Philosophy

Research philosophy is the nature and development of the knowledge that are basically categorized

into three different philosophies that are positivism, realism and interpretivism. Basically, the

research philosophy is a belief that in which way the data should be gathered and analyzed. Current

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research philosophy is based on positivism which is based on the factual knowledge that gained from

the observation and trustworthy. In addition positivism philosophy depends on quantifiable

observation which leads to statistical analysis which knowledge stalks from human experience

(Smith, 2008). Hence, to generate research strategy will be used positivism philosophy to develop

hypothesis on current study. In addition, predictions can be made on the basis of the previous studies

then will be tested and confirmed wholly or partly which will be lead to the further development of

theory that might be used or tested by further researcher (Saunders, Lewis & Thornhill, 2012).

3.2 Research Classification

Research classification is actually purpose of the study and explains why research is done and it

is classified as exploratory, descriptive, and explanatory. The current research is explanatory

research where the researcher goes beyond describing the characteristics. Furthermore, emphasis

of the explanatory research is that, in this study main emphasis given to explain the relationships

between variables. Additionally, in explanatory research there will be description of

characteristics to analyze why and how something is happening in current research (Synder,

1995).

Moreover, there is two research approaches deductive and inductive. And the current research is

based on deductive research. Mainly, research approaches are mainly based on the research

philosophies and linked together and deductive approach is commonly used with positivism

philosophy. So, in deductive approach hypothesis and theory are developed and a research

strategy will be designed to test the hypothesis (Kowalczyk, 2015). Thus, this research is based

on deductive approach and first objective of the deductive approach is to explain fundamental

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relationship between variables then hypostasis was developed, hence, to test the hypothesis the

collection of quantitative data was accepted (Colvin, 2005).

3.3 Research Strategy

Initially, choice of research strategy will be guided by the research questions of the current

research. Mainly, there are seven research strategies such as, experiment, case study, survey,

action research, grounded theory, ethnography and archival studies. Thus, in current research

survey strategy is chosen and considering the research questions to collect quantifiable will be

later analyzed that. Mainly, the survey strategy is associated with the deductive approach. And

the mainly strategy in business and management research is that, in this research most frequently

used to answer who, what, where, how much and how many questions. Actually, surveys are the

most popular strategy among research strategies as they allow the collection of a large amount of

data from a sizeable population in a highly economical way.

3.4 Research Choices

This research is quantitative research and quantitative is mainly used as a synonym for any data

collection techniques that uses numerical data (Wyse, 2011). Hence, this research will be in

quantitative since the data analysis and collection will be in numerical format and the

quantitative research relies on deduction. In addition, in quantitative research will be used

variety of quantitative analysis techniques that range from providing simple descriptive of the

variables to establishing statistical relationships till complex statistical modeling. In a nutshell, in

this research the main purpose of the researcher is to stud and analyze the relationship between

an independent variables and dependent variables which is variable in a population (Earl,

B.2010).

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3.5 Time Series

Mainly, research is classified or there is two tie horizons applicable they are: cross-sectional and

longitudinal. Cross- sectional research is studies a particular phenomenon at a specific point in

time and carries out once ( Saunders, Lewis & Thornhill, 2012) Hence, this research carried

with aim that to study and explain the relationship between variables and also aimed to find the

relation at the present time therefore cross-sectional research is accepted in this study. And as

mentioned above cross-sectional research employs the survey strategy therefore to study current

research particular time is taken to explain the impact of the factors and their relationship. In a

nutshell, cross- sectional research employs survey strategy to collect data (Sekaran, 2006).

3.6 Data

Actually, in business research there are two types of data collected; primary data and secondary

data. So, in this research the primary data is used and data originated for the specific purpose to

address the research problem. Thus, in this primary data, data will be collected through

questionnaire but in other researchers might apply interviews or observations to collect data. As

mentioned above, questionnaires tend to be used explanatory research and for this explanatory

research, the data will analyses the relationships between variables (Sekaran, 2003).

3.7 Instrumentation

Questionnaire is one of the most important methods of collecting primary data which includes

prearranged set of questions related to the investigation. And it will be offered in the form of

booklet. According to Sekaran ( 2003) researcher must to make sure that questions should be

clear and short which will be understandable to the respondents and the number of the questions

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should not be long for the reason that the respondents might refuse to fill up long survey (

Sekaran, 2003).

Hence, designing questionnaires for current research, self- administered questionnaire is chosen

due to its convenience for the researcher additionally some questions are based on past research

done previous researchers. The purpose of the questionnaire is to generalize from sample to

population in order to take conclusive information about the characteristics of the population

(Smith, 2008). Taking into account the distance between Malaysia and Uzbekistan the

researcher distributed and collected questionnaire through internet. Questionnaires were

distributed among various Universities, colleges and lyceums throughout Uzbekistan. A sample

of the cover letter along with self-completed questionnaire is attached to the Appendix C.

Hence, there two parts in the design of the questionnaire. The first part is known as Section A,

which asks from respondents their demographic characteristics such as their age, gender and

study level. The second part detailed the independent and dependent variables that would be

asked and tested in the survey. The questions adoption was from different sources Albeerdy &

Gharleghi, (2015), Shim et al., (2010), Tang`s Money Ehic Scale (1992). Five point Likert

scales are used in structuring the questions because this scale is suitable for self- administered

survey method. In addition, this questionnaire is administered electronically using the Internet-

mediated questionnaires. And total of 200 questionnaires were distributed to the respondents to

collect quantitative data.

3.7.1 Financial Literacy

Three questions in this instrument were adopted by Albeerdy & Gharleghi (2015) to identify the

relationship with other independent variables and the rate of financial literacy of the respondents.

And other questions are developed by the researcher with the help of Collage Student Financial

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survey but it will be modified in order to relate to the current study. The question will

compromise of four items in order to measure each of the dimensions. All the 4 statements of the

scale in a positive statement and 5 point scale ranging 1(strongly disagree) to 5(strongly agree)

was used in order to measure the rate of the respondents financial literacy.

The questions will compromise of four items which are:

1. I consider myself a financially literate person.

2. I am able to manage my own financial statement.

3. I maintain financial records.

4. It is important to maintain my financial records.

3.7.2 Financial Education

This instrument to be used for Financial Education is developed by the researcher. In this

instrument 4 questions were included and 5-point liker scale ranging 1 (strongly disagree) 5

(strongly agree) is used in order to complete the research objective.

1. Financial Education is important for being financially literate

2. The Financial course (s) increased my knowledge of personal finance

3. The Financial course (s) helped me to become more confident in my personal financial

management skills.

4. Students that have taken a financial curriculum or courses have more financial knowledge

compare to their colleagues.

3.7.3 Financial Socialization Agents

The third instrument was adopted by Shim et al., (2010) to look the role of financial socialization

agents on financial literacy of respondents. The instrument consists of 4 statements, in order to

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identify whether the respondents agree or disagree with the statements. All 4 statements of the

scale are in a positive statement and 5 point liker scale as used ranged from 1 (strongly disagree)

5 (strongly agree). This instrument will also include as influence part by the socialization agents

to be measure by providing positive sentences to know what influences the respondents the most

in order to seek financial knowledge. The questions set which includes all the agents are:

1. Financial Socialization agents have an impact on my financial knowledge.

2. When it comes to managing money, I look to my parents as my role models.

3. My friends influenced me more to be financially knowledgeable.

4. Social Media and Television influence me to be a more financially literate person.

3.7.4 Money attitude

This instrument is used in for the study of money attitude is conducted by Tang`s Money Ehic

Scale (1992) which was comprised of four items which are classified and rated on a five Likert-

scale ranging from (1) being “Strongly Disagree” and to (5) “Strongly Agree” but the researcher

modified it in order to set positive sentences. The questions are classified based on power, good,

freedom and achievement. In order to better understand the money attitude of those students,

these items will be included in the methodology:

1. Money gives me the opportunity to be what I want to be.

2. Money is one of the most important goals in my life.

3. I prefer to save money rather than spending it.

4. My attitude toward money improves my financial literacy.

These questions will highlight the respondents` views on money and their attitudes towards money.

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3.8 Administration of Questions

As mentioned above questionnaires must be introduced wisely and clearly to the respondents to

confirm a high response rate. According to Saunders, Lewis & Thornhill, (2012) administration

of questionnaires must be appropriate and should match to the type of the survey. As stated

above for this study, self-administered questionnaire were used with a covering letter attached. A

total of 200 internet- mediated questionnaires were administered via email, whatsApp, Facebook

and Telegram. The respondents were given about 10 days in order to collect acceptable amount

of data. A total of 110 questionnaires were completed in this research question.

3.9 Sampling

For all research questions where it would be impracticable to collect data from the entire

population the researcher need to select a sample (Saunders, Lewis & Thornhill, 2012). Thus, for

current research, this will be important because of the use of the survey for data collection

technique. The sampling saves time and it is manageable to find and organize data collection

since in sampling a fewer people are involved. The sampling techniques are divided into two

types there are representative sampling and non-probability sampling. However, non-probability

sampling is used most practically. The sample size was based on the formula by Krejcie &

Morgan (1970).

In a nutshell, the target population in this research covered all university students in Uzbekistan.

The calculated sample size based on Roasoft was 325 and Convenience sampling technique was

used to select possible respondents in this survey. Due to time constraints, the sample size for

this survey is minimum 68 (margin of error = 7%, confident level =90%). In a nutshell, for this

research Convenience sampling was used and this involves selecting random cases and the

easiest to obtain for the researcher sample (Saunders, Lewis & Thornhill, 2012).

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3.10 Data preparation

Data Preparation involves checking or logging the data in; checking the data for accuracy;

entering the data in the computer; transforming the data; and developing and documenting a

database structure that integrates the various measures (Saunders, Lewis & Thornhill, 2012).

After data have been collected from the respondents the next step is to analyse the sample to test

the research hypothesis (Sekaran, 2006). Assigning to the various categories of variables or

coding to be used in data analysis. Coding is translating answers into numerical values. Data

editing is to check for accuracy and the incoming mailed survey data was checked for

incompleteness and variations, if any (Sekaran, 2003). Hence, after editing which guarantees the

information on the schedule is accurate the data are put together in tables using the Excel

spreadsheet so that it may also endure some other forms of statistical analysis. Lastly, the data

later downloaded using the SPPS program.

3.11 Data analysis

As stated David (2013), data analysis includes three objectives: getting a feel for the data, testing

the goodness of data and testing the hypothesis developed for the research. The feel for the data

gives introductory ideas of how good the entering and coding have done and how well good the

scales are. Thus, in this research, Descriptive statistics is used to obtain to check the central

dispersion and tendency. In addition, the range, the mean, the standard deviation, skewness and

kurtosis gives the researcher clear information of how respondents have reacted to the questions

in survey and how good the measures are (Sekaran, 2006).

By testing consistency and stability, the reliability of a measure established and the reliability of

coefficient indicates how well the items are set in a positively connected to one another. For the

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validity of data the testing will be reviewed through experts, which will be submitted for factor

analysis.

Furthermore, Pearson Product- Moment Correlation Coefficient is conducted by the researcher

in order to identify and test the correlation coefficient between two variables. Generally,

Correlation Analysis is used in the research to describe the strength and direction of the linear

relationship between variables. Therefore, in this research Pearson Product- Moment Correlation

Coefficient is used by the researcher in order to measure of the degree of linear relationship

between two variables (Greasley, 2008).

Lastly, researcher conducted Multiple regression analysis to test relationships among variables.

According to Pallant (2003) Multiple Regression is used to address a variety of research

question and provides information about the model as a whole and the relative contribution of

each variable that made up in the research. Furthermore it helps to researcher to identify which

variable in a set of variables is the best predictor of an outcome and how well a set of variables is

able to predict a particular outcome (Barry & William, 2013).

Then, the researcher will be ready data to test the hypothesis, once the data will be ready for

analysis. Thus, in this research Statistical Package for Social Science (SPSS) version 20.0 will be

applied to generate the data collection from questionnaires to identify and analyze the results

from the results of the research. In addition, frequency of data will be implemented to formulate

the percentage of respondents that identifies variety of answers which will help to analyze the

determinants of the financial literacy among students in Uzbekistan.

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3.12 Ethical Consideration

Research ethics is the appropriateness of the researcher behavior in relation to the right of the

respondents of those who become the subject of the research. The research ethics are also related

to the researcher and as well as other researchers (Resnik, 2015). Saunders Lewis & Thornhill,

(2012) stated that possible ethical issues should be considered from the beginning of the research

and also should be provided criteria against research is judged. Hence, this research will be

conducted based on certain terms and conditions which are applied by APU. Taking into

consideration ethical rules the research has been conducted with honesty and there will be

avoided providing wrong data information which is strictly prohibited by the law. In addition,

data collection will be handling in secure and data will not be exposing to third party without

respondents acknowledgement. Information that provided by respondents will be strictly used for

the purpose of the completing current final year project and participants may withdraw from the

process anytime without any justification. In a nutshell, in this research, especially in survey will

not be any sensitive information or question that can cause physical or emotional harm to the

respondents.

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CHAPTER FOUR

Presentation and Data Analysis

4.1 Introduction

In the chapter 4 were discussed the findings of current study though collected data. The chapter

summarized the results of the questionnaire and started the analysis with descriptive analysis.

Frequency tables were presented to show the weightage of each answer for each variable and it

charted by different groups, pie chart and histogram in order to show the distribution results.

Furthermore, the reliability test was conducted to examine whether the collected data is accurate

and reliable among measurement. Cronbach`s alpha was used to test and forecast of the

reliability in the research.

Additionally, multiple regression analysis were used to explore relationship among Financial

Education, Money attitude, Financial Socialization Agents and Financial Literacy that were

explained with tables and figures. Lastly, the Normal P-P plot of regression standardized residual

values Scatterplot were conducted and briefly concluded the whole chapter with its critical

findings and summary in relation to the objectives of this research.

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4.2 Descriptive analysis

In this this section, descriptive analysis includes Gender, Age, Education Level and Field of

Study of respondents.

Statistics

Gender Age Education Level Field of Study

Valid 110 110 110 110


N
Missing 0 0 0 0

Table 3: Respondents Demographic Profile

4.2.1 Gender

Gender

Frequency Percent Valid Percent Cumulative Percent

male 62 56.4 56.4 56.4

Valid female 48 43.6 43.6 100.0

Total 110 100.0 100.0

Table 4: Gender of Respondents

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Gender

Figure1: Gender of Participants

The above Table 4 illustrates that out of the 110 respondents, 62 were male and 48 female. The

number of male had the highest percentage with the 56.36 % because they were willing to

respond than the female respondents. 43.64 % of the respondents were female. This shows that,

male participants were more supportive than female respondents.

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4.2.2 Age of Respondents

Age

Frequency Percent Valid Percent Cumulative


Percent

18-19 years old 13 11.8 11.8 11.8

20-25 years old 83 75.5 75.5 87.3

Valid 26-35 years old 11 10.0 10.0 97.3

35 and above 3 2.7 2.7 100.0

Total 110 100.0 100.0

Table 5: Age of respondents

Age of Respondents

Figure 2: Age of Participants

As it shown, from both Table 5 and Figure 2, there were 13 respondents with the 11.82 % who

were below age group of 18-19. There are 83 students who were in the between age of 20-25

with the highest percentage of 75.45. From the age of 26-35 there were only 11 respondents and

with the lowest percentage of 2.7 who situates themselves in 35 and above.

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4.2.3 Education level of Respondents

Education Level

Frequency Percent Valid Percent Cumulative


Percent

lyceum 4 3.6 3.6 3.6

college 13 11.8 11.8 15.5

Valid bachelor`s degree 86 78.2 78.2 93.6

master`s degree 7 6.4 6.4 100.0

Total 110 100.0 100.0

Table 6: Education level of Respondents

Education Level

Figure 3: Education Level of Respondents

The both table 6 and Figure 3 indicates that, 3.64 % respondents were lyceum students and 13 of

the 110 students were college students. Bachelor`s degree students were highest with the 78.18

percentage and only 7 students out of the 110 were master`s degree. From the results known that,

bachelor`s degree students were more willing to answer to the questions.

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4.2.4 Field of Study

Field of Study

Frequency Percent Valid Percent Cumulative Percent

Business Management 36 32.7 32.7 32.7

Education 39 35.5 35.5 68.2

Valid Engineering 9 8.2 8.2 76.4

Others 26 23.6 23.6 100.0

Total 110 100.0 100.0

Table 7: Field of Study of Participants

Field of Study

Figure 4: Field of Study

Figure 4 indicates that, the majority of respondents were studying in Education sector with the

35.45 percent and 32.72 % were studying in Business Management. 9 students out of 110 were

Engineering students and 26 students were studying in other field of study.

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4.3 Descriptive Statistics for Continuous Variables

Generally, for continuous variables the best method to use is Descriptives, which provides to

researcher summary statistics such as mean, standard deviation, median, skewness and kutrtosis.

According to David (2003) researcher can collect the descriptive information on all continuous

variables hence it is not necessary to analyse each instrument in all variables. Thus, the

researcher in this study decided to use continuous descriptive for all variables in order to avoid

long output. Furthermore, the descriptive statistics for continuous variables was provided to

research with summary statistics such as mean, std. deviation, Skewness and Kurtosis. Thus, the

table above shows, the measures of central location, which point out to values that attempted to

describe a set of data by identifying their central position.

Descriptive Statistics

N Minimum Maximum Mean Std. Deviation Skewness Kurtosis

Statistic Statistic Statistic Statistic Statistic Statistic Std. Error Statistic Std. Error

Literarcy 110 2 5 3.85 .702 -.066 .230 -.723 .457


FEducation 110 1 5 3.85 .895 .162 .230 .045 .457
MAttitude 110 1 5 3.40 .819 -.132 .230 -.259 .457
FSAgents 110 1 5 3.16 .865 -.163 .230 .270 .457
Valid N
110
(listwise)

Table 8: Descriptive Statistics for Continuous variables

The tables 8 represents summary of information for each variables. Hence, the interest of

researcher in Descriptive analysis is to look column that is labeled mean. In the above table

represented summary of the means for 16 items according to each variables. As it is represented

all the items have a means score above 3.00.According to Tabachan & Fiddell (2001), the mean

represents the average value of the distribution. Survey distributed on a five point Likert scale,

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that starts 1(strongly disagree) to 5 (strongly agree). Based on the dependent variable and

independent variables mean score, greater than 3 which indicates that majority of respondents

agreed with the statement items for each variable. Therefore, those items are considered to have

influence to financial literacy of students in Uzbekistan. However, with the highest mean

Financial Education score of 3.85, hence it indicates that, Financial Education have high

relationship towards financial literacy among students in Uzbekistan.

Moreover, researcher decided to analyse skewness and kurtosis in the research. According to

Pallant (2003) the skewness value provides a sign of summary of the distribution. Furthermore, it

measures how symmetrical the distribution is. According to Field (2000) the value for

“Skewness” and “Kurtosis” ranged between -2 to +2 is considered as the acceptable level of

normal distribution. Hence, if the standard error of Skewness and Kurtosis value in this research

falls within these ranges (-2 to +2) it is considered as not seriously interrupted. Therefore, all

variables are positive and moderately skewed. Hence, positive skewness value directs a

clustering of scores at the high end and right side of the graph. However skewness value for

variables indicates negative value because it is skewed to the left.

Furthermore, kurotsis on the other hand offers valuable information about the peakedness of the

distribution. According to Freema (2009), positive kurtosis value shows that the distribution

clustered in the centre with long thin tails. Hence in this research, kurtosis values for Financial

Socialization Agnets, Financial Educationand Money attitude indicates indicates positive

kurtosis value. However Financial Literacy with kurtosis value shows positive value because it

exceeds the acceptable ranges which are -0.723. Kurtosis values below 0 shows a distribution

that is relatively flat.

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4.4 Reliability test

Reliability analysis is refers to the consistency of systematic measure that measurements are

repeated several times. According to Sekaran (2003), the measurement on a scale is considered

to be reliable when the participants answer all questions in a consistent manner.

Cronbach`s alpha coefficient were chosen as a common measure of internal consistency which

is suitable for this research. Internal consistency is one of the main issues and it states to the

degree to which the items make up the scale. Generally, Cronbach`s alpha coefficient is used as a

general indicator of internal consistency and preferably Cronbach`s alpha coefficient should be

above 7. According Pallant (2005) there is rule of skim that can be used as a guideline for the

measurement: > 0.90 (excellent), 0.80 – 0.89 (good), 0.70 – 0.79 (acceptable), 0.60 – 0.69

(questionable), 0.50 – 0.59 (poor) and < 0.50 (unacceptable).

The highest alpha specifies that, when the participants select high score for one item, they likely

select high scores for other items as well. In a nutshell, in this research all variables were tested

for reliability.

4.4.1 Financial Literacy

Table 9 shows the Cronbach`s Alpha reliability coefficient statistics of the total number of items

for Financial Literacy.

Reliability Statistics

Cronbach's Alpha N of Items

.690 4

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Table 9: Reliability Statistics of Financial Literacy

In the Table 9 Reliability statistics provides the actual value of Cronbach`s alpha. From the value

known that, Cronbach`s alpha of the 4 items of Financial Literacy is at 0.690. According to the

rule of reliability skim, the result indicates acceptable internal consistency between these 4 items.

However, Cronbach`s alpha value does not indicate good internal consistency between these 4

items in this research but value is acceptable.

4.4.2 Financial Education

Reliability Statistics

Cronbach's Alpha N of Items

.793 4

Table 10: Reliability Statistics of Financial Education

In table 10, indicates the Cronbach`s alpha reliability coefficient statistics provides the actual

value of Cronbach`s alpha. From the second table it is known that, Cronbach`s alpha of the 4

items of Financial Education is 0.793. According to the Pallant (2003) for a reliability analysis

to be valid the value of Cronbach`s alpha must be 0.7 and higher. Hence, the Cronbach`s alpha

value in this variable vindicates a good consistency between these 4 items in the scale.

Therefore, it can be concluded that, there is high level of reliability.

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4.4.3 Financial Socialization Agents

Reliability Statistics

Cronbach's Alpha N of Items

.602 4

Table 11: Reliability Statistics of Financial Socialization Agents

The last table 11, shows the internal consistency results for Financial Socialization Agents with

Cronbach`s alpha 0.602. As mentioned above according to the rule of thumb, the internal

consistency of the 4 items in Financial Socialization Agents is acceptable. Unfortunately, the

Cronbach`s value in the second independent variable is the lowest among other variables in the

research.

4.4.4 Money Attitude

Reliability Statistics

Cronbach's Alpha N of Items

.638 4

Table 12: Reliability Statistics of Money Attitude

From the table 12, it is shown that the result of Cronbach`s alpha for 4 items in last independent

variable is 0.638 which indicates an acceptable internal consistency between 4 items. Hence, it

can be concluded that there is average level of reliability or internal consistency. In a nutshell, all

variables have on a scale is reliable therefore hypothesis statement are accepted.

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4.5. Pearson Product- Moment Correlation Coefficient Test

Generally, Correlation Analysis is used in the research to describe the strength and direction of

the linear relationship between variables. Pearson product- moment correlation coefficient is

usually designed for continuous variables. Hence, in this research Pearson Product- Moment

Correlation Coefficient is used by the researcher in order to measure of the degree of linear

relationship between two variables. Table 13 represented rule of the strength of a correlation in

order to identify relationship between two variables.

Table 13: The strength of a correlation

As a general guideline the relationship would be ranged from -1.0 to +1.0. According to

(Greasley, 2008), A value ranging from-0.1 to -1 indicates negative relationship. However, value

ranging from 0.5 and above would be classed a strong correlation and 0.1 to 0.4 would be

regarded a weak correlation. Furthermore, a value that is indicates zero value indicates the

absence of any relationship between two variables.

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Correlations

Literacy FEducation MAttitude FSAgents

Pearson Correlation 1 .639** .584** .605**

Literacy Sig. (2-tailed) .000 .000 .000

N 110 110 110 110


Pearson Correlation .639** 1 .556** .598**
FEducation Sig. (2-tailed) .000 .000 .000
N 110 110 110 110
Pearson Correlation .584** .556** 1 .452**
MAttitude Sig. (2-tailed) .000 .000 .000
N 110 110 110 110
Pearson Correlation .605** .598** .452** 1

FSAgents Sig. (2-tailed) .000 .000 .000

N 110 110 110 110

**. Correlation is significant at the 0.01 level (2-tailed).

Table 14 Pearson Product – Moment Correlation Coefficient Test

Table 14 represents the correlation coefficient between dependent variable and independent

variables including, Financial Literacy, Financial Education, Money Attitude, Financial

Socialization Agents. Hence, Table 12 shows that, all independent variables such as Financial

Education, Money Attitude and Financial Socialization Agents have positive relationship with

Financial Literacy. It is because the coefficient values of these variables are 0.5 and above as

explained in the strength of correlation rule. The strongest positive relationship between

dependent variable and independent variable is Financial Education with the value of 0.639.

Moreover, Financial Socialization Agents also has strong positive relationship with Financial

Literacy with the value of 0.605. However, result showed that, Money Attitude has slightly

weaker positive relationship with Financial Literacy. Thus, all analysis data proves that Financial

Education, Money Attitude, Financial Socialization Agents influence to Financial Literacy

among students in Uzbekistan.

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4.6 Multiple Regression Analysis

Multiple Regression analysis is known as a one of the fussier statistical techniques to explore

relationships among variables. Multiple Regression analysis is a family of techniques that makes

a number of assumptions about data. Generally, Multiple Regression is sophisticated exploration

of the interrelationship among a set of variables and it is ideal for the investigation of more

complex real-life rather than laboratory- based research questions (Pallant, 2003).

Hence, in this research Multiple Regression Analysis was used in order to identify relationships

among variables. Further, this analysis identifies how well a set of variables to predict a

particular outcome. Multiple Regressions analysis includes the tables such as Model Summary

that measures R Square and ANOVA table is given to present F value and Significance. Lastly,

Multiple Regression provides Coefficient table to test regression equation.

4.6.1 Model Summary

Model Summaryb

Model R R Square Adjusted R Std. Error of the


Square Estimate

1 .709a .503 .492 .41286

a. Predictors: (Constant), IV1, IV2, IV3


b. Dependent Variable: Financial Literacy

Table 15: Model Summary

The Table 15 shows the Model Summary, which is the first table in the Multiple Regression

Analysis. According to Pallant (2003) the table of Model Summary provides goodness of fit

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measures between the variables. The table starts with R value that represents the simple

correlation. In this study R value indicates a good degree of correlation with the value of 0.709.

Furthermore, R Square in the Model Summary indicates how much the dependent variable can

be explained by the independent variables. Hence, in this research the Coefficient determination

of R Square is 0.503. It indicates that, model which includes Financial Education, Money

Attitude, Financial Socialization Agents contributed only 50.3 percent of variance towards

Financial Literacy among students in Uzbekistan. Thus, 49.7 percent indicates elastic factors in

Financial Literacy among students in Uzbekistan are uncontrollable. In a nutshell, in this

research 0.503 is quite respectable result; it is because the small sample usually provides lower

value rather than the normal R Square value.

4.6.2 ANOVA Analysis

ANOVAa

Model Sum of Squares df Mean Square F Sig.

Regression 23.964 3 7.988 46.864 .000b

1 Residual 23.693 106 .170

Total 47.657 109

a. Dependent Variable: Financial Literacy


b. Predictors: (Constant), IV1, IV2, IV3

Table 16: ANOVA Analysis

Table 16 presents ANOVA analysis that is second important table in Multiple Regression

analysis. The ANOVA represents result of significance and F value. According to Yilmaz,

Altinkurt & Cocluck (2011), under Significant P- value should be less than (p<0.05). Hence, in

this research F value is 46.864 48.866 at the level of 0.00 (p<0.05).

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According table 16, F value is 46.864 8.195 is significant at the level of 0.000 (p<.0005). Hence,

the overall regression model for Financial Education, Money Attitude and Financial

Socialization Agents is working properly in explaining the difference in financial literacy among

Uzbek students

4.6.3 Coefficients

Coefficientsa

Model Unstandardized Coefficients Standardized t Sig.


Coefficients

B Std. Error Beta


(Constant) .514 .307 1.674 .000

FEducation .459 .081 .347 3.835 .000


1
MAttitude .080 .069 .079 .749 .252

Agents .214 .075 .212 2.845 .005

a. Dependent Variable: L

Table 17: Coefficients

This analysis identifies the contribution of each independent variable to the prediction of the

dependent variable. To compare the different variables it is important to look at the column

labeled Beta under Standardised Coefficient. According to Joreskog (1999), Standardised

Coefficient presents values for each of the independent variables that have been converted to the

same scale in order to compare them. Therefore there was used beta value in order to identify the

contribution of each independent variable to the prediction of dependent variable. From the table

above, 0.347 is the largest beta coefficient which is for Financial Education. This means,

Financial Education has strongest unique contribution to explaining Financial Literacy. If

financial education of students increases by one unit, it will definitely affect to the contribution

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of financial literacy by 0.347. The beta value for Financial Socialization Agents was slightly

lower .212 which is indicated that, this independent variable made less contribution to the

dependent variable. However, with the beta value .079, Money Attitude did not make significant

contribution to the dependent variable.

Furthermore, in this Coefficient table it is important to look at the column labeled Sig. which

tells whether the variable is making a statistically significant unique contribution in the equation.

According to Pallant (2003) Sig. value is very dependent on which variables are included in the

equation and how much overlap among the independent variables. Hence, the variables in order

to be in a unique contribution to the prediction of the dependent variable the Sig. value should be

less than 0.05. Thus, from the table is shown that, financial education is made significant unique

contribution to the prediction of the Financial Literacy with the value of .000. However, Money

Attitude with Sig. value of 0. 252, which is less 0 .05 did not make significant unique

contribution to the prediction of Financial Literacy.

4.6.4 Normal Probability of the Regression Standardized - Financial Literacy

According to Tabachan & Fiddell (2001) Normal Probability Plot of the Regression

Standardized, Histogram and Scatterplot were requested as a part of the analysis. Generally,

these results were presented at the end of the output.

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4.6.4.1 Histogram

Figure 5: Histogram

Figure 5 represents the regression standardized residual histogram that symbolizes residual

values. According to Pallant (2003) the distribution of the histogram must be close to the curve

of normal distribution. In this table, the histogram shows that, the residual approximate a normal

distribution curve which is normally distributed around a mean of zero.

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4.6.4.2 Normal P-P Plot of Regression Standardized Residual

Figure 6 : Normal P-P Plot of Regression Standardized Residual

Figure 6 shows the Normal Probability Plot of Regression Standardized Residual for dependent

variable. According to Sekaran (2003), the values expected to be very close to reference line or

on the reference line. In this research, Normal Probability Plot lie in a reasonably straight

diagonal line from bottom left to top right. As stated Pallant (2003) this plot is well distributed

alone the line.

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4.6.4.3 Scatterplot

Figure 7: Scatterplot

The hope of the researcher from the Scatterplot is that the residuals should be roughly

rectangular distributed, along the 0 point. Figure 7 shows that, residuals in Scatterplot roughly

distributed and the most scores concentrated in the center. Hence, the Q-Q Plot of zpred and

zpresid indicates in a linear regression analysis there is no tendency in the error terms. In a

nutshell, the researcher can draw the line across the line (Pallant, 2003).

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4.7 Summary of Hypothesis Testing

Hypothesis Regression Decision


Results

H1: Financial Education has a correlation to p= 0.000 Hypothesis


p< 0.05 accepted
Financial literacy of students.

Regression analysis shows that impact is significant

H2: Financial socialization agents have a correlation to p= 0.005 Hypothesis


p< 0.05 accepted
the level of financial literacy among students.

Regression analysis shows that impact is significant

H3: Money Attitude has positive correlation to p= 0.252 Hypothesis


p> 0.05 rejected
Financial literacy of students.

But based on regression analysis the impact is not significant

Table 18: Results of Hypothesis Testing

Table 18 represents the summary result of hypothesis testing for current research. According to

Pallant (2003), in order to accept the hypothesis the p value should be less than 0.05 (p< 0.05).

Hence, in this study the H1 and H2 were accepted since p value of both hypothesis were less

than 0.05 (p< 0.05). However, H3 was rejected in this research with p=0.252. Thus, it is indicates

that Financial Education and Financial Socizalization Agents have influence towards financial

literacy among students in Uzbekistan. And Financial Education found to be highest significant

impact towards financial literacy of students. However, Money Attitude did not have significant

relationship with financial literacy of students in Uzbekistan.

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4.8 Conclusion

In a nutshell, the chapter 4 conducted data analysis and presented descriptive, reliability, Pearson

correlation and multiple regression analysis that is obtained from SPSS result. The chapter

started brief explanation of chapter and continued with descriptive analysis for all variables. The

analysis indicated that, majority of the respondents scored above the mean 3.0, it is indicates that

financial literacy of the students in Uzbekistan have an average to high level of financial literacy.

And Financial Education, Money attitude and Financial Socialization agents have influence to

them to be financially knowledgeable.

Furthermore, the chapter conducted reliability analysis for each variable and it is found that all

participants answer all questions in a consistent manner. And Pearson Product-Moment

Correlation Coefficient was conducted in order to test and measure the correlation coefficient

between independent variables and dependent variable. Thus, from the result it is founded that,

all independent variables had positive relationship with dependent variable and Financial

Education indicated the strongest positive relationship with Financial Literacy. However, Money

attitude represented slightly lower positive relationship with Financial Literacy but result was in

acceptable level. Lastly, the researcher conducted the Multiple Regression Analysis to test the

relationship among variables. Hence, it is found that, Financial Education have significant

relationship with financial literacy among students in Uzbekistan. However, Money Attitude did

not have relationship to dependent variable in this research.

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CHAPTER FIVE

RESEARCH FINDINGS

5.0 Introduction

In the chapter 5, a summary of all the results of research are presented. The chapter started by

concluding the main finding and results of the study that is observed and collected from chapter

one until chapter four. Further, researcher presented research limitations that identified while

pursuing the research to aware future researcher in this research area. Then, there provided

detailed information and discussion about the main findings in current research and comparison

current findings with those previous findings by other researchers which were mentioned in

chapter two. Lastly, researcher provided some recommendation for future research for current

research area in order to improve the quality of this study.

5.1 Discussion

Financial literacy is authoritative that enables students to manage their personal finance in a

consistent manner. Hence, this study is aimed to investigate the financial literacy of students in

Uzbekistan and objectives of this research study relationship between independents variables

towards dependent variable. Consequently, Financial Education was found to be one of the

strongest impacts towards financial literacy of students in Uzbekistan. However, data analysis

concluded that there is no relationship between money attitudes with financial literacy among

Uzbek students.

5.1.1 Financial Education and its relationship with Financial literacy

Based on the multiple regressions and hypothesis testing, it is concluded that, there is significant

relationship between financial education and financial literacy of students in Uzbekistan. This

implies that, financial education and dependent variable which is financial literacy have an

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inverse correlation. It means that, if individuals improve their financial knowledge it will

definitely impact to the increment of their financial literacy. Looking back at the literature

review in chapter 2, most previous studies supported the impact of financial education towards

financial literacy of individuals. Consequently, this factor is recognized an important determinant

of financial literacy in almost all empirical research studies and most studies relate its impact on

financial literacy.

Thus, most notably, financial education is the strongest predictor among financial literacy topics.

According to Huston (2010), Letkiewicz (2012), Albeerdy & Gharleghi (2015), Ahmad, Simun

& Masoud, (2010), Gille & Loeffler, (2012), Lusardi & Mitchell, (2006) Financial Education

had been positively associated with financial literacy. Thus, it is generally agreed that financial

education increase the financial well- being of students and also positively influence their

confidence level that clearly shows the importance of financial education. Further research

shows that, financial curriculum and programs increase individual’s knowledge and changes

their financial attitude and literacy in the case of borrowing, saving and spending (Ahmad,

Simun & Masoud, 2010).

Furthermore, Bhushan & Medury (2013), mentioned that, students are not well- informed about

their personal finance, generally do not have adequate financial knowledge. It is because, lack of

knowledge in the finance might lead to failure of managing personal finance which can lead a

serious social consequences. Moreover, it is believed that, people fail to make correct personal

financial decisions because they did not received any financial education. On the other hand,

students who are financial educated are believed to be able to make better decisions in the

financial well- being and economic security.

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However, according to Rob & Sharpe (2009), financial education has negative impact on college

student’s credit card decisions. Students with higher financial education level had significantly

higher credit card balances with their high level of confidence on their managing personal

finance. On the other hand, it is indicates that, financial knowledge still increases the confidence

level of students on managing their personal finance. Furthermore, Lewis (1997) contends that

financial education has positive impact on financial literacy of individuals in terms of increasing

their confidence and responsibilities compare their colleagues.

As mentioned above, financial curriculum and other programs help to increase the interest of

students to learn and improve their financial literacy. In fact Nano & Cani (2009), studies the

relationship between financial education and financial decision making and distributed the

questionnaire among high school students. Then results demonstrated that, students who took the

financial courses or curriculum were more financially literate then those who had not. Moreover,

it is also documented that majority of students believes that they need more financial education

in order to improve their financial literacy.

Hence, students who have taken personal financial courses are shown to be more financially

literate than their counterparts. Therefore, workshops and programs need to be developed from

the school and need to be taught to school children about money habits, in an early age. So the

earlier students learn how to manage money in their entire life. In nutshell, the study reveals

that, in comparison on financial literacy determinants financial education has highest impact to

the financial literacy of students in Uzbekistan. It indicates that, financial education helps

students to gain financial knowledge and control their personal manner efficiently.

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5.1.2 Financial Socialization Agents and its relationship with Financial literacy

The Multiple Regression analysis indicated that there is positive relationship between financial

socialization agents and financial literacy of students in Uzbekistan. However, financial

socialization agents did not have as much as significant impact like financial education with the

result of p= 0.005. But p value is less than 0.05 therefore it is concluded that there is positive

relationship between variables.

Several studies Moschis, Moore & Smith, (1894), Peng et al. (2007), Shim et al. (2010),

documented that, many students learn basic financial literacy or knowledge through observing

their family or friends. Consumer socialization research added that, an individual increases their

financial literacy though the influence of socialization agents such as parents, peers, family

member and media (Moschis, Moore & Smith, 1894). Hence, what students experience and

learned from their family of peers in the past could affect their financial knowledge and attitude

positively (Chaplin & John, 2010). Therefore, from the experience and knowledge in early stage

children will shape their knowledge, attitudes time by time which help them to increase and

improve their financial literacy faster.

So, peers have become increasingly important to children as they begin wean themselves from

parents as become independent beings. Consequently, in this study, it is founded that, peers were

second most important socialization agent that influence on the financial literacy of students in

Uzbekistan. 59.09% students were agreed that peers were main socialization agents that shaped

their money management skills. According to Sabri (2011) peer groups contribute effective

learning about money management and monetary values of children after their family members.

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On the other hand, Mass media such as television, internet and newspaper also plays an

important role in the socialization that impact financial attitude of the students. According to

Bindah & Othman (2011) media was the second most important socialization agent that

influence on college students financial attitude. However, in this study media were third factor

on socialization of students with the percentage of 40.91%. But, as mentioned in literature

review according to Lyons et al. (2006), 33 percent of students use media as a mean to seek

financial knowledge. However, based on current research the percentage of students that use

media as mean to seek financial knowledge is higher than previous research studies. However,

the result might rely on time framing, which represented difference on results.

On the other hand, several studies Pinto, Parente & Mansfield, (2005), Peng et al. (2007), Shim

et al. (2010), documented that, parents have greater influence than peers, media and school on

financial literacy of students. This findings insights that, parents plays an important role in the

process by which children learn about managing money in early age. Furthermore, the studies

indicated that, parents are important socialization agents that develop financial management

behavior of their children though the lesson that delivered intentionally by them.

Relevant to this, Sabri (2011) found that, usually students learn from their parents how to

manage credit card than any other financial socialization agents. Consequently, parents

understanding on financial literacy also have great impact to children. Therefore, parent’s

knowledge of managing money is significant factors to the financial literacy of children that has

great impact to the knowledge and behavior of children.

Accordingly, the findings of this research provided that, 77.27 % of students look to their parents

as a role model when it comes to managing money. It means, the parents are the main factor on

the financial literacy of students in Uzbekistan. Consequently, according to Uzbek culture is

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family oriented culture and they have additionally attention to family, therefore result indicated

high parental influence on financial literacy of students (Rajabova, 2014). In response, Calamato

(2010) added that, students from different culture background and different ethnic are socialized

differently. Hence, it can be said that, socio- economic characteristics are influence to students to

socialize differently which influence them to learn money management from different members

of financial socialization agents. Hence, as many studies documented that, family, media and

peers are the main typical sources of financial literacy.

5.1.3 Money Attitude and its relationship with Financial literacy

Money attitude are considered one of the important indicator of financial literacy among

individuals. However, based research findings Money Attitude did not have significant

relationship with financial literacy with the value of p=0.252. It means that, money attitude did

not have significant influence to students in Uzbekistan to seek financial literacy.

This contradicts with much of the past studies. For instance , the contradictive study by Albeerdy

& Gharlegh (2015) indicated that, money attitude has significant relationship with financial

literacy of students and added that; positive attitude towards money will enhance the willingness

of individuals to manage properly their financial statement as compared if they perceive money

in a different way.

However, in this research hypothesis result represented negative relationship between money

attitude and financial literacy of students in Uzbekistan. Hence, as mentioned in literature

review, financial literacy of individual depends on their attitude towards money. If an individual

have positive attitude towards money it will definitely increase the interest to learn how to

manage their money management. But, if student’s perception about money is negative, there

will not be any effort in learning their money management. Therefore, money attitude does not

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influence to an individual behavior to improve their personal money management if they have

negative attitude towards money.

Additionally, a number of studies Kinzie, (2013), Fah (2010) proved that there is also negative

relationship between money attitude and financial literacy. According to Kinzie, (2013) poor

negative money attitude will lead to the poor management of the personal financial statement.

Therefore, it depends on student`s attitudes and perception towards money whether they increase

the interest to learn money management or not.

In response, Fah (2010) mentioned that, generally most of the youngsters have more negative

attitudes towards money and based on the research survey “ money is there to be spent”, “I prefer

to spent money than saving” financial reflected statements was quite high in the research

findings. Hence, the researcher found, more than 60 percent of youngsters believed that, money

has to be spent, instead of saving or managing accordingly to the specific circumstance.

Therefore, if students have negative attitude towards money they will be less inclined to

undertake financial behaviors which lead them to improve their financial literacy.

On the other hand, some studies Ibrahim & Alqaydi (2013) proved that, formation of money

attitudes is affected by psychological individualities of a person as well as cultural and social

demographic characteristics. According to this study, if an individual have different demographic

characteristics and different cultural perception their attitude towards money definitely will be

different from each other.

In response to this, Adrian & Michael (1998) studied cross cultural research and founded that,

people in underdeveloped and developing countries consider money to be less important. In

addition, Kent & Donald (1982) mentioned that, money attitude do not depend on the level of

income and people who lives in big cities found to be have more positive attitudes towards

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money. Hence, from the explanation is known that, the reason of having negative relationship

between money attitude and financial literacy in Uzbekistan is the cultural preference of people

that do not consider money as the main important factor in their life (Rajabova, 2014). Therefore,

negative attitude towards money did not influence to learn and increase their personal money

management skills. Secondly, as mentioned above underdeveloped counties consider money to

be less important in their life and they prefer other important values in their life such as family,

friendship and others. Therefore, less consideration to money attitude did not increase their

knowledge and showed negative results towards financial literacy among students in Uzbekistan.

5.2 Conclusion

This research study aims to analyze the determinants of financial literacy of students in

Uzbekistan. In order to complete research objective few studies have been conducted.

First of all, in chapter one Introduction and Research Problem has been discussed the subject

matter by providing a brief background about the research and its inquiries. The researcher

started by arguing the problem statement for each variable which provided a closer look into the

core problem. Then, there were provided valid general and specific research objective by the

researcher in order to complete those research objectives successfully. Furthermore, researcher

specified the significant of the study which argued the benefit of the research by managerial,

theoretical and academic perspectives.

In Chapter two literature review has been discussed all variables of research whether Financial

Education, Financial Socialization Agents and Money attitude have influence towards financial

literacy or not. The chapter was started by giving brief information about financial literacy and

by examining the basic elements of financial literacy that were studied in previous researches.

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Then each variable were discussed by using previous studies to analyses how they impacted the

financial literacy in each case study.

Third chapter were given in order to give brief information about methodology of the researcher

how the data will be distributed, collected and analyzed. In the chapter three researchers

identified to use quantitative and explanatory in order to complete research objectives.

Furthermore, researcher mentioned to use descriptive, correlation, reliability and multiple

regression analysis in order to investigate results.

Then, in chapter four, all data analysis was presented in order to find hypothesis testing result.

Hence, as mentioned above, firstly descriptive analysis was represented with charts and tables to

give clear explanation about survey result. Furthermore, reliability was used and it was founded

that there is reliability between independent variables and dependent variable. In addition

correlation analysis represented that, all variables of research study have correlation with

dependent variable. Lastly, multiple regressions used in order to find hypothesis testing of the

research and it was founded that Financial Education and Financial Socialization Agents had

significant relationship with financial literacy of students in Uzbekistan. However, Money

Attitude did not significant relationship with financial literacy of Uzbek students. In a nutshell,

researcher provided valuable research studies in order to prove hypothesis results which are

found from the data analysis.

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5.3 Limitations of Research

Throughout the process of pursuing current research several limitations have been identified

which provided researcher some uncomfortably. Hence, first limitation was in resource

constraints that limited to study, scope of study and get any information since in Uzbekistan it is

difficult to get all information about financial literacy of youth from the internet. Furthermore,

some data, about level of financial literacy in Uzbek students did not provide that was needed to

analyses and observe by the researcher in current study.

Moreover, research is limited in terms of sample size since research is conducted only from

opinion of 110 respondents compared to entire population. Initially, the research target was to

distribute 200 questionnaires and to receive same amount of questionnaire copies from

respondents. But researcher were able to receive only 100 questionnaires copies from

respondents within short period of time that made another limitation to collect, data from the

respondents. Therefore it is considered as a limitation and there might be differences in the actual

data if it taken on a larger scale.

Furthermore, there is also limitation was from the respondents while answering for

questionnaires. Hence, some of the respondents did not have sufficient knowledge and

understanding about the research topic (financial literacy, financial socialization agents) and

research field of the questionnaire. Therefore, it is found to be difficult to explain some of the

respondents about the research topic and its variables that are used in the study. Consequently,

lack of understanding affected to the quality of answers that respondents could not answer

questions in a consistent manner. In a nutshell, these are all limitations that were faced by the

researcher during period of research project and limitations in each research differs from each

other and they are not compound to all research studies.

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5.4 Recommendation

Based on current study there are some recommendation of researcher that could be helpful to the

future researcher in their research.

First recommendation is to extend this study to wider population since the current study only

covering students. To get more generalized result the researcher should include wider population

such as employees, Y generation, X generation and other member of society.

Secondly, in this research, the sample size is only 110 due to some limitation of the researcher.

Since this kind of small sample size may not be representative. Therefore, it is recommended

that, the higher sample size should be used in order to get better results.

Furthermore, this research is included only three variables but there are other variables such as

financial behavior, demographic characteristics, culture and religion that can be included in order

to analyze the determinants of financial literacy. Moreover, this research can be extended to

other countries in order to identify relationship between variables.

Lastly, explanatory sequential mix method research study should be implemented by the

researcher in order to get perfect results. The result obtained though quantitative research can be

further validated using qualitative method. Hence, this method will provide better debt in

finding. In a nutshell this research is only restricted only in some cities in Uzbekistan that

distributed survey.

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7.0 Appendix

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