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Financial Literacy as a Strategic issue: A survey from Portuguese Higher Education Students

Objective – This paper addresses the financial literacy issue in different countries and contexts, comparing it with the financial Literacy of Portuguese Higher Education Institutions (HEI) students. The objective is to identify the growing need for knowledge in this area and to correct the population's attitude and behavior. This study identifies the main conditioning variables of the financial Literacy of this group of individuals, contributing to developing conditions and procedures that would improve the financial Literacy of European students as an essential element of their personal and professional success.
Methodology –This study was based on a survey using a sample of 1017 students from 18 institutions. Ordinal regression was used to determine the predictors of financial Literacy. 
Findings – The literature review shows different results of structural aspects of the same central questions related to financial Literacy among HEI students. The conclusions of the study are in line with the literature review. Nevertheless, empirical research shows that Portuguese students' financial Literacy is lower than students from other countries, highlighting the need to improve their knowledge in this area by correcting the focus group's attitude and behavior. The study identifies the main conditioning variables of the financial Literacy of this group of individuals.
Novelty – HEI students who study finance present a higher level of financial knowledge and relatively more confidence in managing their money, the same for working students. No significant gender differences are observed, and these facts align with some authors. However, it is noteworthy to mention that several researchers observe alternative conclusions. This study shows an evolution of the situation followed twelve years earlier, with the same population, but confirms HEI students' low financial literacy level. This research also contributes to the main study promoted by OECD and included on the 2030 agenda of the United Nations (U.N.).
Type of Paper: Empirical
JEL Classification: I22, J16.
Keywords: Financial Literacy; financial knowledge; financial attitude; financial behavior; higher education students.
Reference to this paper should be made as follows: Antão, M; Nunes, C; Silvestre, C; Caldeira, J; Martinho, C; Negas, M. (2022). Financial literacy; financial knowledge; financial attitude; financial behavior; higher education students, Portugal, J. Bus. Econ. Review, 7(2), 141–150. https://doi.org/10.35609/jber.2022.7.2(3)