Navigating Finance: Exploring Student Financial Literacy and Decision-Making in 2023

Abstract

Financial literacy has emerged as a critical skill for students in the modern world. This study investigates the financial knowledge, behavior, and attitudes of students across various countries in 2023. The research employs a quantitative approach to analyze students' financial awareness, attitudes, and knowledge regardless of the source of their financial resources. Additionally, demographic information like social status and academic achievements is considered. The findings reveal a positive association between financial literacy and active financial behavior and decision-making. Students who acknowledge their 170

limitations in financial knowledge (e.g. lack of confidence in managing their finances) demonstrate a willingness to seek guidance from financial advisors or pursue financial education opportunities. Furthermore, students with access to financial assistance exhibit higher levels of financial literacy, as evidenced by their proclivity towards saving, emergency fund creation, and retirement planning. This study highlights the need to address identified weaknesses in students' financial literacy. The results underscore the significance of both general financial literacy and personal financial education, particularly in higher education settings. Ultimately, the research emphasizes the importance of implementing initiatives to enhance financial literacy education for students globally.