Factors Affecting Financial Literacy of Grade 10-12 Students: Multilevel Structural Equation Model Analysis
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Abstract
The purposes of the study were 1) to analyze causal factors at student-level of the students’ financial literacy, 2) to analyze effects of factors at classroom-level on the students’ financial literacy, and 3) to analyze effects of factors at school-level on the factors at classroom-level. The participants were 2,073 from students, teachers, and school administrators which randomly selected using sampling technique based on their regions and school sizes. The data were collected through an online questionnaire which was developed to meet the psychometric properties. They were then analyzed using multilevel structural equation modeling analysis (3-level). The results revealed that the family finance indoctrination had statistically direct effect on students' financial literacy at .05 level but had indirect effect through students’ financial experiences. When considering classroom-level factors, teachers’ financial literacy on learning management process of financial teaching, teacher’s learning management process had statistically effect on students' financial literacy at .05 level. The results also showed that school support for financial learning management, which was a factor at school-level on teachers’ financial literacy.
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References
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