The Impact of Undergraduate Personal Finance Education on Individual Financial Literacy, Attitudes and Intentions

41 Pages Posted: 12 Mar 2019

See all articles by Paul Gerrans

Paul Gerrans

The University of Western Australia - UWA Business School

Richard Heaney

Australian National University

Date Written: March 2019

Abstract

Financial literacy education features prominently among the policy options available to improve personal financial decision‐making. Notwithstanding calls to expand delivery of financial literacy units at university level, such offerings are relatively rare with little evaluation. We provide an evaluation of the impact on financial literacy, financial attitudes and financial behaviour intentions of a semester unit in personal finance delivered to undergraduates at an Australian university, carefully controlling for confounding effects in the analysis. We report increases in objective and subjective financial literacy and an additional gender effect. Contrary to previous speculation, we do not find overconfidence as an associated outcome.

Keywords: Financial literacy, Financial education, Undergraduate education, Financial attitudes, Financial behaviour

Suggested Citation

Gerrans, Paul and Heaney, Richard, The Impact of Undergraduate Personal Finance Education on Individual Financial Literacy, Attitudes and Intentions (March 2019). Accounting & Finance, Vol. 59, Issue 1, pp. 177-217, 2019. Available at SSRN: https://ssrn.com/abstract=3349309 or http://dx.doi.org/10.1111/acfi.12247

Paul Gerrans (Contact Author)

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

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

Richard Heaney

Australian National University ( email )

Canberra, Australian Capital Territory 0200
Australia
(+61) 6 2494726 (Phone)
(+61) 6 2495005 (Fax)

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