Effects of Demographic Characteristics on Financial Literacy of Students in the Banking University of Ho Chi Minh City

Abstract

The study examines financial literacy through three important aspects, including: (i) Financial Behavior; (ii) Financial Attitudes; and (iii) Financial literacy. Accordingly, the study assessed these three different aspects of financial literacy among students majoring in economic sectors, specifically 548 students in the Banking University of Ho Chi Minh City. With primary data collected from a 41-question survey, the results show that there is a difference in financial literacy between student groups with different demographic characteristics in terms of (i) the number of studying years; (ii) the regular source of income; (iii) the cash management; (iv) at the time of a lack of money in an average month; (v) the source of information regarding financial matters; and (vi) the parent’s education. From there, the study discusses and proposes a number of important recommendations to improve financial literacy of students in the Banking University of Ho Chi Minh City in particular, and Vietnamese youth in general.