The Role of Undergraduate Personal Finance Education in Financial Literacy, Financial Attitudes and Financial Behaviours

48 Pages Posted: 14 Dec 2014

See all articles by Paul Gerrans

Paul Gerrans

The University of Western Australia - UWA Business School

Richard A. Heaney

University of Western Australia

Date Written: December 12, 2014

Abstract

Among the range of policy options available to improve personal financial decision making are personal finance financial education interventions. Notwithstanding calls to expand delivery of such courses at university level, there is relatively limited evidence of their effectiveness. We provide such evidence through assessment of objective and subjective financial literacy measures, financial behaviours and financial attitudes for a sample of students completing a course relative to a control group of their peers. We isolate a positive role for course delivery and estimate a better outcome for female students. We do not find that those enrolling in the elective course do so with higher levels of financial literacy, or with better financial attitudes and behaviours. Finally, evidence does not support the view that overconfidence, due to an illusion of knowledge, is associated with completion of the course.

Keywords: Financial literacy, financial education, undergraduate education, financial attitudes and behaviour

JEL Classification: D14, A20, I20, G11

Suggested Citation

Gerrans, Paul and Heaney, Richard A., The Role of Undergraduate Personal Finance Education in Financial Literacy, Financial Attitudes and Financial Behaviours (December 12, 2014). Available at SSRN: https://ssrn.com/abstract=2537344 or http://dx.doi.org/10.2139/ssrn.2537344

Paul Gerrans (Contact Author)

The University of Western Australia - UWA Business School ( email )

Crawley, Western Australia 6009
Australia
61 8 64882910 (Phone)

Richard A. Heaney

University of Western Australia ( email )

Crawley
Perth, Western Australia 6009
Australia
0414700799 (Phone)

Register to save articles to
your library

Register

Paper statistics

Downloads
166
Abstract Views
699
rank
177,293
PlumX Metrics