Assessing the Relative Need and Demand for Financial Education Programs: A Case Study of Graduate Students

Abstract

We measure the relative need and demand for financial education programs among graduate students at a large university system. We find self-assessed and measured financial literacy is significantly related to interest and demand for financial education. Individuals who self-report a high level of financial literacy but have low measured financial literacy are significantly less likely to be interested in financial education, while the opposite is true for financially literate individuals self-reporting a low level of financial literacy. Our study adds to recent research showing the importance of both believed and actual financial literacy measures. These results have implications for financial education and employee benefit programs.

Keywords: financial literacy, education, household saving, personal finance

JEL Classification: G53, D14, G5