Parental influence on financial knowledge of university students

Abstract

This study aimed to find out the relationship between financial knowledge and parental influence among university students. Online survey instrument was used to collect data. Totally 169 students from Poland, Croatia, Greece, Turkey, Portugal, Slovakia, Slovenia, Latvia, Lithuania and Hungary participated in this study. Logistic regression was used to analyse the data. Students from Poland had the highest financial knowledge score (5.7 out of 7). Result found that male students, students 26 years old or above, PhD students, those whose fathers' had high school degree, those who discussed with their mothers when making financial decision were more knowledgeable on personal financial knowledge. Result showed that origin of country was significant for financial knowledge since students from Poland was found to be more knowledgeable than students from Greece, Hungary, Latvia, Lithuania, Turkey, Slovakia and Slovenia. It was concluded that mothers had significant impact on financial knowledge of university students, but higher level of parental education had no influence on financial knowledge of university students.