Financial behavior, confidence, risk preferences and financial literacy of university students
- Mudzingiri, Calvin, Muteba Mwamba, John W., Keyser, Jacobus Nicolaas
- Authors: Mudzingiri, Calvin , Muteba Mwamba, John W. , Keyser, Jacobus Nicolaas
- Date: 2018
- Subjects: Financial behavior , Confidence , Risk preferences
- Language: English
- Type: Article
- Identifier: http://hdl.handle.net/10210/278935 , uj:29942 , Citation: Mudzingiri, C., Muteba Mwamba, J.W. & Keyser, J.N. 2018. Financial behavior, confidence, risk preferences and financial literacy of university students. Cogent Economics & Finance, 6: 1512366. https://doi.org/10.1080/23322039.2018.1512366
- Description: Abstract: This study investigates determinants of financial behavior (FB) of uni- versity students at a university in South Africa. It examines whether financial behavior, confidence, time preferences, risk preferences and financial literacy per- ceptions of university students differ by financial literacy level. Data were gathered via a questionnaire that included personal information, FB, financial perceptions and financial knowledge responses as well as a multiple price list (MPL) risk preferences and time preferences experiment tasks. A convenient total sample of 191 students (females = 53%) participated in the study. A t-test analysis showed that FB, risk preferences, confidence levels, time preferences and financial literacy perceptions of university students significantly differed by financial literacy level. Our results show that university students with low financial literacy levels are more overconfi- dent, risk loving and impatient; such FB is synonymous with major causes of financial crises across the world. An OLS regression model analysis showed that the risk preferences index, financial literacy perception index and confidence signifi- cantly influenced the FB of categorized university students. ..
- Full Text:
- Authors: Mudzingiri, Calvin , Muteba Mwamba, John W. , Keyser, Jacobus Nicolaas
- Date: 2018
- Subjects: Financial behavior , Confidence , Risk preferences
- Language: English
- Type: Article
- Identifier: http://hdl.handle.net/10210/278935 , uj:29942 , Citation: Mudzingiri, C., Muteba Mwamba, J.W. & Keyser, J.N. 2018. Financial behavior, confidence, risk preferences and financial literacy of university students. Cogent Economics & Finance, 6: 1512366. https://doi.org/10.1080/23322039.2018.1512366
- Description: Abstract: This study investigates determinants of financial behavior (FB) of uni- versity students at a university in South Africa. It examines whether financial behavior, confidence, time preferences, risk preferences and financial literacy per- ceptions of university students differ by financial literacy level. Data were gathered via a questionnaire that included personal information, FB, financial perceptions and financial knowledge responses as well as a multiple price list (MPL) risk preferences and time preferences experiment tasks. A convenient total sample of 191 students (females = 53%) participated in the study. A t-test analysis showed that FB, risk preferences, confidence levels, time preferences and financial literacy perceptions of university students significantly differed by financial literacy level. Our results show that university students with low financial literacy levels are more overconfi- dent, risk loving and impatient; such FB is synonymous with major causes of financial crises across the world. An OLS regression model analysis showed that the risk preferences index, financial literacy perception index and confidence signifi- cantly influenced the FB of categorized university students. ..
- Full Text:
Financial behavior, confidence, risk preferences and financial literacy of university students
- Mudzingiri, Calvin, Muteba Mwamba, John W., Keyser, Jacobus Nicolaas
- Authors: Mudzingiri, Calvin , Muteba Mwamba, John W. , Keyser, Jacobus Nicolaas
- Date: 2018
- Subjects: Financial behavior , Confidence , Risk preferences
- Language: English
- Type: Article
- Identifier: http://ujcontent.uj.ac.za8080/10210/364528 , http://hdl.handle.net/10210/286337 , uj:30982 , Citation: Mudzingiri, C., Muteba Mwamba, J.W. & Keyser, J.N. 2018. Financial behavior, confidence, risk preferences and financial literacy of university students. Cogent Economics & Finance (2018), 6: 1512366. https://doi.org/10.1080/23322039.2018.1512366
- Description: Abstract: This study investigates determinants of financial behavior (FB) of university students at a university in South Africa. It examines whether financial behavior, confidence, time preferences, risk preferences and financial literacy perceptions of university students differ by financial literacy level. Data were gathered via a questionnaire that included personal information, FB, financial perceptions and financial knowledge responses as well as a multiple price list (MPL) risk preferences and time preferences experiment tasks. A convenient total sample of 191 students (females = 53%) participated in the study. A t-test analysis showed that FB, risk preferences, confidence levels, time preferences and financial literacy perceptions of university students significantly differed by financial literacy level. Our results show that university students with low financial literacy levels are more overconfident, risk loving and impatient; such FB is synonymous with major causes of financial crises across the world. An OLS regression model analysis showed that the risk preferences index, financial literacy perception index and confidence significantly influenced the FB of categorized university students. The risk preference index significantly influenced debt FB of categorized university students...
- Full Text:
- Authors: Mudzingiri, Calvin , Muteba Mwamba, John W. , Keyser, Jacobus Nicolaas
- Date: 2018
- Subjects: Financial behavior , Confidence , Risk preferences
- Language: English
- Type: Article
- Identifier: http://ujcontent.uj.ac.za8080/10210/364528 , http://hdl.handle.net/10210/286337 , uj:30982 , Citation: Mudzingiri, C., Muteba Mwamba, J.W. & Keyser, J.N. 2018. Financial behavior, confidence, risk preferences and financial literacy of university students. Cogent Economics & Finance (2018), 6: 1512366. https://doi.org/10.1080/23322039.2018.1512366
- Description: Abstract: This study investigates determinants of financial behavior (FB) of university students at a university in South Africa. It examines whether financial behavior, confidence, time preferences, risk preferences and financial literacy perceptions of university students differ by financial literacy level. Data were gathered via a questionnaire that included personal information, FB, financial perceptions and financial knowledge responses as well as a multiple price list (MPL) risk preferences and time preferences experiment tasks. A convenient total sample of 191 students (females = 53%) participated in the study. A t-test analysis showed that FB, risk preferences, confidence levels, time preferences and financial literacy perceptions of university students significantly differed by financial literacy level. Our results show that university students with low financial literacy levels are more overconfident, risk loving and impatient; such FB is synonymous with major causes of financial crises across the world. An OLS regression model analysis showed that the risk preferences index, financial literacy perception index and confidence significantly influenced the FB of categorized university students. The risk preference index significantly influenced debt FB of categorized university students...
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Incentivized time preferences, level of education in a household and financial literacy : laboratory evidence
- Mudzingiri, Calvin, Muteba Mwamba, John W., Keyser, Jacobus Nicolaas
- Authors: Mudzingiri, Calvin , Muteba Mwamba, John W. , Keyser, Jacobus Nicolaas
- Date: 2018
- Subjects: Time preferences , Financial literacy , Education
- Language: English
- Type: Article
- Identifier: http://hdl.handle.net/10210/286281 , uj:30974 , Citation: Mudzingiri, C., Muteba Mwamba, J.W. & Keyser, J.N. 2018. Incentivized time preferences, level of education in a household and financial literacy : laboratory evidence. Journal of Economics and Behavioral Studies, 10(2):103-119. , ISSN: 2220-6140
- Description: Abstract: This study investigates the impact of financial literacy, level of education in a household and gender differences on time preferences of students at a university in South Africa. The study relies on a convenient sample of (N=85, female=48%) pursuing a financial literacy course. The study uses a questionnaire, a financial literacy test and a simple binary choice experimental game that elicited individual time discount rate to gather data. Ten percent of the participants were paid (in South African rands) for their time preference choices by way of quota random sampling. Female university students’ individual time discount rate was found to be on average higher than that of their male counterparts, indicating that female university students are generally impatient, especially those with low levels of financial literacy. Our results (using a Negative Binomial Regression analysis and Ordinary Least Squares regression analysis) show that time preferences of university students aresignificantly influenced by highest level of education in the household. The OLS regression model shows that financial literacy, measured using financial literacy test, significantly influence time preferences for all subjects. The study concluded that patience levels among male university students increase as financial literacy increases. Gender, income, age and family size significantly influence time preferences of university students. Highest level of education in a household, financial literacy and gender differences have a bearing on individual time preferences.
- Full Text:
- Authors: Mudzingiri, Calvin , Muteba Mwamba, John W. , Keyser, Jacobus Nicolaas
- Date: 2018
- Subjects: Time preferences , Financial literacy , Education
- Language: English
- Type: Article
- Identifier: http://hdl.handle.net/10210/286281 , uj:30974 , Citation: Mudzingiri, C., Muteba Mwamba, J.W. & Keyser, J.N. 2018. Incentivized time preferences, level of education in a household and financial literacy : laboratory evidence. Journal of Economics and Behavioral Studies, 10(2):103-119. , ISSN: 2220-6140
- Description: Abstract: This study investigates the impact of financial literacy, level of education in a household and gender differences on time preferences of students at a university in South Africa. The study relies on a convenient sample of (N=85, female=48%) pursuing a financial literacy course. The study uses a questionnaire, a financial literacy test and a simple binary choice experimental game that elicited individual time discount rate to gather data. Ten percent of the participants were paid (in South African rands) for their time preference choices by way of quota random sampling. Female university students’ individual time discount rate was found to be on average higher than that of their male counterparts, indicating that female university students are generally impatient, especially those with low levels of financial literacy. Our results (using a Negative Binomial Regression analysis and Ordinary Least Squares regression analysis) show that time preferences of university students aresignificantly influenced by highest level of education in the household. The OLS regression model shows that financial literacy, measured using financial literacy test, significantly influence time preferences for all subjects. The study concluded that patience levels among male university students increase as financial literacy increases. Gender, income, age and family size significantly influence time preferences of university students. Highest level of education in a household, financial literacy and gender differences have a bearing on individual time preferences.
- Full Text:
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