A Review on Financial Literacy Assessment for Undergraduate Students in Thailand
Keywords:
Financial literacy, Financial knowledge, Financial behaviorAbstract
This paper aims to review the literature, research and academic articles concerning financial literacy. The features of essence and context in financial literacy were analyzed and delimited. 23 academic articles concerning the evaluation on financial literacy were taken into assessment. The qualitative synthesis shows that there are three main skills in financial literacy including financial knowledge, behavior and attitude with 8, 8 and 3 key evaluation questions, respectively. The financial knowledge contains (1) division, (2) time value of money, (3) calculation of loan interest, (4) principal and interest on deposits, (5) compound interest, (6) definition of inflation, (7) risk and return, and (8) diversification and investment. The financial behavior contains (1) financial decisions and pre-allocating money, (2) choosing appropriate savings method, (3) contemplating a purchase, (4) punctual discharging of expenses, (5) concrete financial self-care, (6) setting long-term goal, (7) gathering information from various sources before purchasing, and (8) non-borrowing for financial insufficiency. The financial attitude includes (1) pleasure in spending more than saving for the future, (2) living today life and unplanning for the future, and (3) rush of spending.
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