The Financial Literacy of Non-business University Students in South Africa

Abstract

The objective of the study was to assess the level of financial literacy of non-business university students in South Africa. Financial literacy impacts on an individual’s financial decisions especially in the area of savings, borrowing, retirement planning, or portfolio choice. Data was collected through the use of self-administered questionnaires in a survey. The survey was conducted at two universities located in Gauteng and Limpopo provinces of South Africa. The participants in the study were final year agriculture and chemistry students. Descriptive statistics was used for data analysis. The results indicated that non-business students have a low level of financial literacy. Recommendations to improve the financial literacy of students are suggested

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