FINANCIAL BEHAVIOUR: DOES FINANCIAL LITERACY AND FINANCIAL SOCIALISATION MATTER? LESSONS FROM UNIVERSITY STUDENTS IN A DEVELOPING COUNTRY CONTEXT

             Financial literacy is imperative to enable students manage their finances and take advantage of investment opportunities. Unfortunately, the vast majority of people in Uganda do not have the knowledge,... [ view full abstract ]

             Financial literacy is imperative to enable students manage their finances and take advantage of investment opportunities. Unfortunately, the vast majority of people in Uganda do not have the knowledge, skill and confidence to manage their financial activities effectively. From the above background study was undertaken to investigate financial literacy and financial behaviour among university students; taking Gulu University in northern Uganda as a case study.

           The study uses simple random sampling technique to sample 245 university students using questionnaire as the research instrument. The study employs the theory of financial learning to explain the role of parents, peers and media facilitating the process of financial socialization.

            The study reveals that formal education is the major source of financial literacy of university students, followed by parents, the media, and peers. It was established that financial knowledgeable students are more likely to manage their finances well and exhibit financially commendable behaviour.