A study of level of motivation and financial literacy among undergraduates in Singapore.

• Main Authors: Koh, Kai Xiang., Chua, Lionel Yizheng., Teo, Yu Hao.
• Other Authors: Chen Yee Fong, Geraldine
• Format: Final Year Project
• Language: English
• Published: 2009
• Subjects: DRNTU::Business::General::Education
• Online Access: http://hdl.handle.net/10356/15083
• Institution: Nanyang Technological University

This paper aims to study the motivational factors that influence Singapore undergraduates’ motivation to gain financial literacy, and in turn investigate how motivation affects their level of financial literacy. The primary data for this research was collected by the means of a survey which was conducted on 220 undergraduates from three local universities. Findings show that Motivational factors such as availability of financial literacy programmes, need for knowledge on retirement planning and financial planning, desire for additional income, education needs, job requirement and innate interest are positively related to undergraduates’ motivational level. Specifically, education and job requirement needs are found to play a relatively more important role in determining the level of motivation to gain financial literacy. In addition, results shows that undergraduates’ motivation to gain financial literacy play a significant role in the level of financial literacy. Gender and the course studied also have a significant effect on motivation, as male undergraduates and business majors are found to have higher level of motivation to gain financial literacy. The implications of these findings on the government, financial institutions and individuals were also discussed in this paper. In addition, recommendations were proposed to increase undergraduates’ motivation, which will in turn improve their level of financial literacy.