Factors Associated with Financial Literacy among Business Administration Students

Abstract

Financial literacy is a vital competence for higher education students, particularly those in business programs where financial decision-making skills are essential. This study examined the levels of financial behavior, financial attitude, financial knowledge, and financial literacy among Business Administration students in selected public higher education institutions and determined the relationships among these variables. A quantitative descriptive–correlational design was employed. Data were collected from 290 fourth-year students using a structured questionnaire and analyzed using descriptive statistics (mean and standard deviation) and Pearson correlation. Findings revealed high levels of financial behavior (M = 3.88), financial attitude (M = 3.70), financial knowledge (M = 3.87), and financial literacy (M = 3.91). Spending emerged as the strongest dimension of financial behavior, personal finance knowledge ranked highest among knowledge components, and financial literacy was most evident in financial awareness and decision-making. Correlation analysis showed strong, positive, and significant relationships between financial literacy and financial behavior (r = .906, p < .001), financial attitude (r = .846, p < .001), and financial knowledge (r = .939, p < .001). The results indicate that financial literacy is closely linked to students’ financial practices, dispositions, and cognitive understanding. Strengthening integrated financial education programs that enhance knowledge, reinforce responsible financial behaviors, and cultivate constructive financial attitudes is recommended to support students’ long-term financial capability.