Available online at www.sciencedirect.

com

ScienceDirect
Available online at www.sciencedirect.com
Procedia Computer Science 00 (2019) 000–000

ScienceDirect www.elsevier.com/locate/procedia
Procedia Computer Science 172 (2020) 480–487

9th World Engineering Education Forum, WEEF 2019

Factors that Influence the Financial Literacy among Engineering

Students
BinoyThomasa, P. Subhashreeb1
a
Research Scholar, Business School, Vellore Institute of Technology, Vellore 632014, India
b
Professor, Business School, Vellore Institute of Technology, Vellore 632014, India

Abstract

Engineers of tomorrow have to be job-providers rather than job-seekers. In this context, financial literacy has vital
importance among the engineering students of today as the proper training on financial literacy would instil the
financial confidence which would empower themto explore the unlimited prospectus in entrepreneurship
endeavours. This paper focuses identifying and assessing the various determinant factors of financial literacy among
the engineering students. By data collected from 253 students, the study has found that financial knowledge,
financial attitude, family influence, and peer-group pressure influenced the level of financial literacy among the
engineering undergraduate students. The findings suggest that long term deliberate attempts are essential for
improving the financial literacy among the engineering students.
© 2020 The Authors. Published by Elsevier B.V.
© 2019 The Authors.Published by Elsevier Ltd.
This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
This is an open
Peer-review access
under article under
responsibility thescientific
of the CC BY-NC-ND license
committee of the(http://creativecommons.org/licenses/by-nc-nd/3.0/).
9th World Engineering Education Forum 2019.
Keywords:Financial literacy; Engineering students; Entrepreneurship; Family influence; peer-group pressure

1. Introduction

Entrepreneurship is the backbone of all emerging and developing economies. Entrepreneurship generates enormous
employment opportunities and stimulates economic growth [1], [2]. The entrepreneurial spirit impacts not only the
individual endeavours at micro level, but also the whole economic affairs at macro level. Entrepreneurship is
defined as the process of building up a new business or ventures by exploring opportunities for improvement,
identifying and mobilising required resources, and implementing actions to maximise those opportunities [3], [4].

* Corresponding author. Tel.: 0-875-541-0112

E-mail address:suba.n.raja@gmail.com

1877-0509 © 2019 The Authors. Published by Elsevier Ltd.

This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/3.0/).Selection
and peer-review under responsibility of the scientific committee of WEEF 2019

1877-0509 © 2020 The Authors. Published by Elsevier B.V.

This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Peer-review under responsibility of the scientific committee of the 9th World Engineering Education Forum 2019.
10.1016/j.procs.2020.05.161
2 Binoy Thomas & P. Subhashree / Procedia Computer Science 00 (2019) 000–000
Binoy Thomas et al. / Procedia Computer Science 172 (2020) 480–487 481

Engineers of tomorrow have to be job-providers (entrepreneurs) rather than job-seekers. Enormous opportunities are
waiting for young entrepreneurs. As far as our country India is concerned, more than 50% of its population is below
the age of 25 and more than 65% is below the age of 35. This huge youth population is simultaneously a challenge
and opportunity for economic development of the country. The governmental organisations or the formal sector
would not be able to cater the employment opportunities for all. If the youth are empowered with entrepreneurial
skills for undertaking innovative endeavours, they will never be unemployed; moreover the future of Indian
economy is brighter indeed.

In this context, financial literacy has vital importance among the engineering students of today. Proper training on
financial literacy would instil the financial confidence among the students and subsequently empower themselves to
explore the unlimited prospectus in entrepreneurship endeavours. As the procurement, distribution and utilisation of
financial resources is of crucial importance in the functioning of any innovative engineering projects, the future
entrepreneurs need to be financially literate [5]. Greater financial literacy empowers the individuals to deal with
unpredicted macroeconomic and income shocks [6]. Lower financial literacy leads the students to incorrect financial
decisions and limits their ability to make informed financial decisions [7]. Moreover, the money management habits
acquired during the college days would continue to influence them whole throughout the life in managing one‟s own
personal finance and the corporate finance for entrepreneurial ventures.

Today, most of the engineering students may be using bank accounts and digital financial services. But majority
lack knowledge even on the basic financial concepts such as interest rate, credit score, inflation, budgeting,
compound interest, loan default, etc. The level of financial literacy and money management skills among the
engineering college students is very low, especially in the developing economies. Youth are generally vulnerable in
their financial decision making and transactions [8]. In order to face the challenges of the highly competitive market,
comprehensive training in financial literacy is to be provided for youth during their college days itself [9]. Financial
literacy among the engineering students shall be made one of the major priorities among the educationalists and the
educational policy makers.

1.1. Research Gap

Financial literacy provides a favourable atmosphere for encouraging entrepreneurial attitude among the engineering
students; but what are the factors that promotes explains the financial literacy among them? There are very few
studies which explain the factors that influence the level of financial literacy among the engineering students. The
present study attempts to fill this gap in the existing literature. More indepth studies are required to explore the
factors that impact the financial literacy among the young entrepreneurs [10].

In this context, the present aims to explore and measure the factors the level of financial literacy among the
engineering students. The research question of the study is: What are the determinants of financial literacy among
engineering undergraduate students? The objective of this paper is to measure the various factors (financial
education, family influence, peer group influence, trust in the financial institutions, financial attitude) that influence
the financial literacy level among the engineering undergraduate students. The findings of the study would
concentrate on moulding strategies for improving financial literacy level sufficient enough to start entrepreneurial
endeavours among them.

2. Entrepreneurship and Financial Literacy

Financial literacy and entrepreneurship (self-employment) are positively correlated [11], and that the entrepreneurial
endeavours can be developed by enhancing the financial literacy level. Financial literacy promotes the
entrepreneurship culture and entrepreneurial activities [12]. In the other way, poor financial literacy weakens
entrepreneurial activities [13] and new venture initiatives [14]. The confidence in one‟s personal finances and
knowledge in corporate finance will provide a supportive atmosphere for entrepreneurs [14]. That is why financial
literacy is called as a foundation stone for entrepreneurship [15].
 Binoy Thomas & P. Subhashree/ Procedia Computer Science 00 (2019) 000–000 3
482 Binoy Thomas et al. / Procedia Computer Science 172 (2020) 480–487

Financial literacy is found to make the entrepreneurs more effective [10]. The higher financial literacy leads to better
probability in continuing the entrepreneurship endeavours [16]. A strong association is found between the financial
literacy and the success of entrepreneurs [17]. Those who hold better financially knowledge is more probable to be
successful entrepreneurs than those who have lesser financial knowledge. If entrepreneurs are financially illiterate,
they will be lacking in financial management skills which subsequently result in possible failure of the new ventures
and SMEs [14], [18]. Higher financial literacy among the entrepreneurs resulted in the expansions of their business
performance and gross sales [19]. In short, financial literacy is one of the most crucial managerial competencies in
the creation and development of entrepreneurship endeavours.

Among the youth, financial literacy is found to meaningfully contribute towards the entrepreneurship skills [10]; its
absence curtails the probability for entrepreneurial activity [13]. Financial literacy is one of the entrepreneurship
competencies and is related entrepreneurial intention among students [20]. Some researchers [10] emphasise the
importance of carrying out further research into the impact of financial literacy on youth entrepreneurs.

3. Review of Literature

Financial literacy is defined as having the knowledge, skills and confidence to manage one personal finance and
enterprise finance. Financial literacy is defined as one‟s knowledge in financial concepts and ability to make
informed financial decisions [21] - [23]. Researchers [24], [25] point out two dimensions of financial literacy, i.e. (i)
acquiring financial knowledge and skills, (ii) modification in financial behaviour. It is an on-going process
throughout the entire life span of an individual [26]. Financial literacy influences the quality of financial decisions at
the individual level as well as the society level [27].

Researchers have identified various factors that influence the level of financial literacy (FL) among the individuals;
the constructs taken for this study are financial knowledge (FK), financial attitude (FA), family influence (FI), and
peer-group pressure (PP). The proposed Model is as shown in Figure 01.

Fig. 1. Proposed Model of Factors Influencing the Level of Financial Literacy

Researchers [28], [29] have recognised the role of financial socialisation in deciding the financial literacy level. The
major socialisation agents are family, peer group, school, and media. Each of these socialisation agents will
influence the individual to the extent of their exposure to these agents during their childhood to early adulthood.
Both formal and informal settings provide opportunities for improving financial literacy [30]: (i) Formal learning
opportunity (school education), (ii) Informal learning opportunities (interactions with family members, and friends).
4 Binoy Thomas & P. Subhashree / Procedia Computer Science 00 (2019) 000–000
Binoy Thomas et al. / Procedia Computer Science 172 (2020) 480–487 483

The direct exposure and use of financial services such as bank accounts will help to acquire the financial literacy of
the students [15], [31]. Considering various factors such as setting up a financial goal, commitment to the goal,
discussing financial matters with family and peers, independent hands-on experience in financial transactions will
positively influence the effectiveness of financial education programs [32]. Financial literacy and financial
behaviour are positively related; but the direction of their causal relationship is unclear [24], [33]. Financial literacy
influences financial behaviour, and financial behaviour influences financial literacy [34].

3.1 Financial Knowledge

Eventhough the terms „financial knowledge‟ and „financial literacy‟ are often used interchangeably by media and
researchers, they are not synonymous. Researchers [35] distinguish these terms as: financial knowledge refers to the
theoretical understanding of financial concepts; financial literacy has two dimensions such as theory (understanding
financial concepts) and application (use of finance related information).

Financial knowledge has a significant influence on financial literacy [8], [36]. The level of financial literacy among
those are aged between 18 and 24 is linked to level of their financial education [37]. Teaching the basic concepts in
finance at the school level and college level helps the students to improve their ability to involve in financial
decision making [38] and enhance the financial literacy level [23], [39]. Financial knowledge facilitates and enriches
the level of financial literacy [33], [40], [41]. Those who lack financial literacy shy away from financial transactions
since they lack knowledge about the financial products and services [42]. Based on these evidences, we suggest:
H1: Financial knowledge is positively related to and predicts financial literacy.

3.2 Financial Knowledge

Financial attitude refers to the mental or psychological judgment of an individual in financial matters. The attitude
of an individual towards money will affect one‟s financial literacy level. If one values acquiring money and is
determined to achieve materialistic (financial) goals, the individual will strive to achieve higher financial literacy.
Individuals who view money only for the gratification of immediate wants are less probable to undertake efforts to
improve financial literacy level. Therefore, individuals who possess higher financial goals and positive attitude
towards money will be more disposed to achieve better financial literacy [43]. There is a positive relationship
between financial attitude and financial literacy [36]. Negative financial attitude results in defective financial
literacy and financial behaviour [44]. Among the college students, financial attitude predicts financial literacy [45].
Based on these arguments, we propose:
H2: Financial attitude is positively related and predicts financial literacy.

3.3 Family Influence

Family influence positively affects the financial literacy [46]. Parents influence the financial literacy level of their
childrenand young adults [47] - [50]. Pocket money given by parents to their children is found to be an effective tool
for teaching good financial habits to their children through informal means [51]. The financial lessons from one‟s
parents provide better financial confidence for the individuals [52]. Financial literacy of students was associated
with the discussion of parents - children on money matters [31]. At least in some cases, the older siblings influence
the younger ones in the financial matters [50].

In the context of home, purposive financial trainings may be very rare; but more financial learning comes from
indirect family communications [53]. Financial educators and family life educators also have recognised the crucial
role of parents in enhancing the financial literacy level of their children [54]. Social Learning Theory justifies the
discussion on the role of parents in deciding the financial literacy level of their children. Based on these arguments,
we propose:
H3: Family influence is positively related and predicts financial literacy.
484 Binoy Thomas et al. / Procedia Computer Science 172 (2020) 480–487
Binoy Thomas & P. Subhashree/ Procedia Computer Science 00 (2019) 000–000 5

3.4 Peer-group Pressure

The financial socialization in schools and colleges explains the financial literacy level of the individuals [46]. As
college students and youth spend more time with their peers, peer group influence also becomes crucial in
improving the financial literatabcy level [55], [56]. The positive relationships with one‟s own friends and the
community create an conducive atmosphere for improving the financial literacy level [23]. Based on these
arguments, we propose:
H4: Peer-group influence is positively related and predicts financial literacy.

4. Research Methodology

Descriptive research design has been adopted for the present study. The sample chosen for the study are the students
who currently pursue engineering degree program in the colleges located in Karnataka, Kerala and Tamil Nadu.
Convenience sampling methodology is adopted for data collection. Pilot study was conducted on 25 students. Based
on the suggestions received, minor modifications were made in the first draft of the questionnaire. The final
questionnaire was distributed among 300 engineering undergraduate students through online medium; 262 of them
filled it and submitted. Nine questionnaires were removed from further analysis since they carelessly gave same
response to almost all questions. 253 questionnaires was adequate enough for data analysis; the minimum criteria for
running Structural equation modelling was met, i.e. at least 10 respondents per measurement items.

Financial Knowledge (FK), Financial Attitude (FA), Family Influence (FI), and Peer-group Pressure (PP) are the
independent variables under the study. The dependent variable is the level of Financial Literacy (FL). The scales for
measurement were adopted from Financial Knowledge [57], Financial Attitude [58], Family Influence [59], Peer-
group Pressure [60], and Financial Literacy [61]. The final questionnaire consisted of 5 constructs and 25
measurement items (FK - 4; FA - 6; FI - 4; PP - 4; FL - 7). The relevant items were chosen, modified and validated
by experts. The data is analysed through the Structural equation modelling using SmartPLS 3.0.

5. Data Analysis and Findings

Convergent validity was measured through Average variance extracted (AVE) and Outer loading. AVE of the
constructs in the model (Table 1) were .690 (FI), .659 (FA), .716 (FK), .664 (FL), and .780 (PG). Since all the AVE
values, t-values and p-values met the criteria for confirming the convergent validity, all the constructs were used for
further analysis. The outer loadings of each item towards the theoretically related constructs were above criterion
value .700: FA (.804, .837, .794, .765, .829, .838); FI (.778, .870, .832, .839); FK (.849, .837, .875, .824); FL (.822,
.838, .803, .815, .810, .801, .814); PI (.893, .918, .855, .866).

Table 1. Construct reliability and validity

Number of Cronbach's Composite
rho_A AVE
Items Alpha Reliability
Family Influence 4 0.849 0.851 0.899 0.690
Financial Attitude 6 0.896 0.900 0.920 0.659
Financial Knowledge 4 0.868 0.869 0.910 0.716
Financial Literacy 7 0.916 0.917 0.933 0.664
Peer-group Influence 4 0.906 0.906 0.934 0.780

Discriminant validity was assessed through Heterotrait - Monotrait (HTMT) Ratio of Correlations, Fornell-Larker
criterion test, and cross-loadings. HTMT ratio between the constructs, as shown in Table 2, were checked; all the
values were at least below .697, which sufficiently satisfy the criterion value of maximum .900 (Henseler et al.
2015). Since the AVE square root values of all the constructs were higher than its correlation towards other
constructs, Fornell-Larcker (1981) criterion was met. Cross loadings were checked; no issues were identified.
 Binoy Thomas et al. / Procedia Computer Science 172 (2020) 480–487 485
6 Binoy Thomas & P. Subhashree / Procedia Computer Science 00 (2019) 000–000

Table 2.Heterotrait-Monotrait (HTMT) ration of Correlations

Family Financial Financial Financial
Influence Attitude Knowledge Literacy
Family Influence
Financial Attitude 0.652
Financial Knowledge 0.574 0.525
Financial Literacy 0.623 0.599 0.697
Peer-group Influence 0.676 0.657 0.590 0.640

The internal consistency (reliability) of the measurement items within each construct was assessed through
Cronbach‟s Alpha coefficient, Rho-A and Composite Reliability. As shown in Table 1. Alpha values .849 (FI), .896
(FA), .868 (FK), .916 (FL), and .906 (PG). Composite Reliability values were .690 (FI), .659 (FA), .716 (FK), .664
(FL), and .780 (PG). Since all the alpha values and significance levels (p-values) met the criterion values, reliability
of the measuring instrument was affirmed.

Table 3.Path Coefficients, T Statistics, P Values

Path Coefficients T Statistics P Values

Family Influence -> Financial Literacy 0.156 2.658 0.008
Financial Attitude -> Financial Literacy 0.168 2.540 0.011
Financial Knowledge -> Financial Literacy 0.364 6.844 0.000
Peer-group Influence -> Financial Literacy 0.202 3.346 0.001
Path coefficient, t-statistics, and p-values among the constructs (Table 3) are: FI=>FL (.156, 2.658, .008); FA=>FL
(.168, 2.540, .011); FK=>FL (.364, 6.844, <.001); PG=>FL (.202, 3.346, .001). The analysis shows that FK, FA, FI,
and PG directly and positively influenced FL.

Table 4.R Square, R Square Adjusted Values

R Square R Square Adjusted
Financial Literacy 0.522 0.515

As seen in Table 4, the statistical analysis reveals that the R-Square value of FL is 0.522 and the adjusted R-Square
value 0.515. The analysis shows that 52.2% of the variances in the FL is predicted by the independent variables FK,
FA, FI, and PG.

6. Implications and Conclusions

The present study revealed that most of the engineering students lack proper financial literacy. Moreover, the data
analysis revealed that financial knowledge, financial attitude, parental influence, and peer group influence have a
direct and positive influence on financial literacy level among the engineering undergraduate students. This study
contributes a review of literature on financial literacy and entrepreneurship, and evaluates the role of various
determinant factors that influence the financial literacy level among the engineering college students.

Managerial Implications: Financial training sessions provided in the colleges shall not be limited to theoretical
aspects; the sessions is to be meticulously assessed and remoulded to promote an entrepreneurship culture and
support entrepreneurship ventures. There is a need for starting the financial training from high schools and for
providing comprehensive sessions during college days [9]. The contents of financial literacy training programs must
include not only the basic knowledge of financial concepts but also the detailed practical sessions on financial
planning, budgeting, money management, fund mobilisation, debt management, etc.
 Binoy Thomas & P. Subhashree/ Procedia Computer Science 00 (2019) 000–000 7
486 Binoy Thomas et al. / Procedia Computer Science 172 (2020) 480–487

Policy Recommendations: This paper will help policy makers and applied researchers to fill the missing gap
between financial literacy programs and the confidence to undertake entrepreneurial endeavours. Theoretical and
practical sessions for improving the financial literacy are to be incorporated in the syllabus of the engineering
undergraduate programs. Mock sessions and workshops can be conducted to give first-hand experience on various
methods to finance the entrepreneurial technical endeavours.

Scope for Further Research: Further research may concentrate on framing policies and strategies for improving the
financial literacy level among the engineering students. Randomised controlled trial method can be employed for
identifying the befitting strategies for enriching financial literacy level.

References

[1] Owualah, S. L. (1999) “Tackling youth unemployment through entrepreneurship.” International Small Business Journal17 (3): 49-59.
[2] Williams, D. R. (2004) “Youth self-employment: its nature and consequences.” Small Business Economics23 (4): 323-336.
[3] Bagshawe, P. (1995) Viva South African Entrepreneurs - Success from Humble Beginnings. Lifespan Publications, Durban.
[4] Hisrich, R.D., and M.P. Peters. (1995) Entrepreneurship: Starting, Developing, and Managing a New Enterprise Irwin McGraw-Hill, Boston.
[5] Lantara, I Wayan Nuka, and Ni KetutRaiKartini. (2015) “Financial literacy among university students: Empirical evidence from
Indonesia.”Journal of Indonesian Economy and Business30 (3).
[6] Klapper, L. F., A. Lusardi, and G.A. Panos. (2012) Financial Literacy and the Financial CrisisPolicy Research WPS No. 5980, World Bank.
[7] Chen, H., and R.P. Volpe. (1998) “An analysis of personal financial literacy among college students.”Financial Services Review7 (2).
[8] Lusardi, A., and O. Mitchell(2014) “The Economic importance of financial literacy: Theory and evidence.” Journal of Economic Literature52
(1): 5-44.
[9] Davidson, I. B. (2006) “Financial literacy important to future.” Montana Business Quarterly44 (3): 22.
[10] Oseifuah, E. K. (2010) “Financial literacy and youth entrepreneurship in South Africa.” African Journal of Economic and Management
Studies1 (2): 164-182.
[11] Cumurovic, Aida, and Walter Hyll (2019) “Financial literacy and self-employment.” The Journal of Consumer Affairs53 (2): 455-487.
[12] Ayhan, B. (2017) Cultural Political Economy of Financial Literacy in Turkey PhD Thesis, McMaster University.
[13] Bosma, N., and R. Harding. (2006) Global Entrepreneurship Monitor 2006 Report Babson College and London Business School, London.
[14] Kotze, L., and A. Smit. (2008) “Personal financial literacy and personal debt management: the potential relationships with new venture
creation.” South African Journal of Entrepreneurship and Small Business Management1(1): 35-50.
[15] OECD (2017) PISA 2015 Results: Students’ Financial LiteracyPISA Series 6, OECD Publishing, Paris.
[16] Wise. S. (2013) “The impact of financial literacy on new venture survival.” International Journal of Business and Management8 (23).
[17] Njoroge, R. M. (2013) Relationship between Financial Literacy and Entrepreneurial Success in Nairobi County Kenya, Research Thesis,
University of Nairobi.
[18] Altman, M. (2012) “Implications of behavioural economics for financial literacy and public policy.” The Journal of Socio-Economics41 (5):
677-690.
[19] Bruhn, M., and B. Zia. (2011) Stimulating Managerial Capital in Emerging Markets: the Impact of Business and Financial Literacy for
Young EntrepreneursWorld Bank Working Paper 5642.
[20] Trunk, A., and V. Dermol. (2015) “EU integration through financial literacy and entrepreneurship: Managing intellectual capital and
innovation for sustainable and inclusive society.” Proceedings of the MakeLearn and TIIM Joint International Conference 2.
[21] Noctor, M., S. Stoney, and R. Stradling. (1992)Financial Literacy: A Report Prepared for the National Westminster Bank, London.
[22] Basu, S. (2005)Financial Literacy and the Life Cycle Washington, DC: Financial Planning Association.
[23] Nguyen, K. N. (2013) High School Seniors Financial Knowledge: the Impact of Financial Literacy Classes and Developmental
AssetsThesis, University of Arkansas.
[24]Hilgert, Marianne A., Jeanne M. Hogarth, and Sondra G. Beverly (2003) “Household financial management: the connection between
knowledge and behaviour.” Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), 309-322.
[25] Mandell, L., and LS. Klein. (2007) “Motivation and financial literacy.” Financial Services Review16(2): 105-116.
[26] O‟Neill, B., and P. Brennan. (1997) “Financial planning education through the Life Cycle.”Journal of Family and Consumer Sciences89 (2):
32-36.
[27] Lusardi, A. and O.S. Mitchell. (2011) “Financial literacy and retirement planning in the United States.”Journal of Pension Economics and
Finance10(4): 509-525.
[28] Gudmunson, Clinton, and Sharon Danes (2011) “Family financial socialization: Theory and critical review.” Journal of Family and
Economic Issues, 32(4): 644-667.
[29]Gudmunson C.G., S.K. Ray, and J.J. Xiao. (2016) “Financial Socialization.” InXiao J. (eds) Handbook of Consumer Finance
Research. Springer International Publishing, 61-72.
[30] Rudeloff, M. (2019) “The influence of informal learning opportunities on adolescents‟ financial literacy.” Empirical Research in Vocational
Education and Training11 (11).
[31] Moreno-Herrero, D., M. Salas-Velasco, and J. Sanchez-Campillo (2018) “Factors that influence the level of financial literacy among young
people: The role of parental engagement and students‟ experiences with money matters.” Children and Youth Services Review, 95: 334-351.
[32] Amagir, A., W. Groot,H.M. Brink,and A. Wilschut. (2019) “SaveWise: the design of a financial education program in The
Netherlands.”Citizenship,Social and Economics Education18 (2): 100-120.
 Binoy Thomas et al. / Procedia Computer Science 172 (2020) 480–487 487
8 Binoy Thomas & P. Subhashree / Procedia Computer Science 00 (2019) 000–000

[33] Lusardi, A., and Carlo de BassaScheresberg (2013) Financial Literacy and High-Cost Borrowing in the United States NBER Working Paper
18969.
[34] Monticone, C. (2010) “How much does wealth matter in the acquisition of financial literacy.” The Journal of Consumer Affairs45 (2).
[35] Huston, S. (2010) “Measuring financial literacy.” Journal of Consumer Affairs44 (2): 296-316.
[36]Chaulagain,Ramesh Prasad (2015) Financial Literacy for Increasing Sustainable Access to Finance in Nepal NRB Working Paper 31, Nepal
Rastra Bank, Research Department.
[37] Sharma, G. (2004) Financial Literacy: A Student and Young Adult Perspective.
[38] Cordero, J.M., M. Gil-Izquierdo, and F. Pedraja-Chaparroa (2019) “Financial education and student financial literacy: A cross-country
analysis using PISA 2012 data.” The Social Science JournalIn Press
[39] Yates, D., and C. Ward. (2011) “Financial literacy: Examining the knowledge transfer of personal finance from high school to college to
adulthood.” American Journal of Business Education4 (1): 65- 78.
[40] Lusardi, A., and O.S. Michell. (2007) “Financial literacy and retirement preparedness: Evidence and implications for financial education.”
Business Economics: The Journal of the National Association of Business Economists42 (1): 35-44.
[41] Moore, D. (2003) Survey of Financial Literacy in Washington State: Knowledge, Behaviour, Attitudes, and Experiences Technical Report
No. 03-39, Olympia, WA: Social and Economic Sciences Research Centre, Washington State University.
[42] Mouna, A., and J. Anis (2016) “Financial literacy in Tunisia: Its determinants and its implications on investment behaviour.” Research in
International Business and Finance39: 568-577.
[43] Albeerdy, M. I., and B. Gharleghi (2015) “Determinants of the financial literacy among college students in Malaysia.” International Journal
of Business Administration6 (3): 15-24.
[44] Atkinson, A., and F.A. Messy. (2012) Measuring financial literacy: Results of the OECD / International Network on Financial Education
(INFE) Pilot Study OECD Publishing No. 15.
[45] Sabri, M.F. (2011) Pathways to Financial Success: Determinants of Financial Literacy and Financial Wellbeing among Young Adults
Graduate Theses and Dissertations 11205, IOWA State University.
[46] Grohmann, A., R. Kouwenberg, and L. Menkhoff. (2015) “Childhood roots of financial literacy.” Journal of Economic Psychology51.
[47] Chambers, R.G., Asarta, C.J., and Farley-Ripple, E. N. (2019) “Gender, parental characteristics, and financial knowledge of high school
students: Evidence from multi-country data.” Journal of Financial Counselling and Planning30 (1).
[48] Jorgensen, B.L. (2007) Financial Literacy of College Students: Parental and Peer Influences Thesis, Virginia Polytechnic Institute and State
University, Blacksburg, Virginia.
[49] Jorgensen, B.L., and Savla, J. (2010) “Financial literacy of young adults: The importance of parental socialization.” 59 (4): 465-478.
[50] Clarke, Maribeth C., Martie B. Heaton, Craig L. Israelsen, and Dennis L. Eggett (2005) “The acquisition of family financial roles and
responsibilities.” Family and Consumer Sciences, 33 (4): 321-340.
[51] Sansone D, M. Rossi, and E. Fornero (2019) “Four bright coins shining at me: Financial education in childhood, financial confidence in
adulthood.” The Journal of Consumer Affairs53 (2): 630-651.
[52] Fan, L, and S. Chatterjee(2019) “Financial socialization, financial education, and student loan debt.” Journal of Family and Economic
Issues40 (1): 74-85.
[53] Lachance, Marie J., and Nadia Choquett-Bernier (2004) “College students’consumer competence: a qualitative exploration.” International
Journal of Consumer Studies28 (5): 433-442.
[54] LeBaron, A.B., E.J. Hill, C.M. Rosa, T.J. Spencer, L.D. Marks, and J.T. Powell(2018) “I wish: Multi-generational regrets and reflections on
teaching children about money.” Journal of Family and Economic Issues39 (2): 220-232.
[55] John, D.R. (1999)“Consumer socialization of children: A retrospective look at twenty-five years of research.” Journal of Consumer
Research26 (3): 183-213.
[56] Brown, B. B., N. Mounts, S.D. Lamborn, and L. Steinberg. (1993) “Parenting practices and peer group affiliation in
adolescence.”ChildDevelopment64: 467-482.
[57] Ibrahim, D., RabitahHarun, and Zuraidah Mohamed Isa (2009) “A study on financial literacy of Malaysian degree students.” Cross-cultural
Communication5 (4).
[58] Tang, T.L.P. (1995) “The development of a short money ethic scale: Attitudes toward money and pay satisfaction revisited.” Personality and
Individual Differences19: 809-816.
[59] Marchant, G.J., S.E. Paulson, and B.A. Rothlisberg. (2001) “Relations of middle school students‟ perceptions of family and school contexts
with academic achievement.”Psychology in the Schools38 (6): 505-519.
[60] Palani V. and S. Mani (2016) “Exploratory factor analysis: Development of perceived peer pressure scale.” International Journal of
Information Science and Computing3 (1): 31-41.
[61] Dam, Leena B., and HotwaniMalti (2018) “Financial literacy: Conceptual framework and scale development.” SAMVAD: SIBM Pune
Research Journal15: 61-69.