Title: Socio-economic Factors and Financial Literacy among Students: Stepwise Regression Approach
Authors: Qazi Muhammad Shahab, Muhammad Muzammil, Dr. Sajad Ali
Volume: 8
Issue: 12
Pages: 24-29
Publication Date: 2024/12/28
Abstract:
Financial literacy has become the need of the hour due to growing financial markets which are flooded with a great variety of innovative financial services and products. It helps in better money management by teaching the skills of budgeting and principles of sound financial planning thereby ensuring the financial well-being of the individuals. Hence, an attempt has been made to investigate the influence of the socio-economic characteristics of university students on their financial literacy in the district of Peshawar by taking a sample of 150 respondents. A stepwise regression approach has been employed to select the suitable socio-economic factors affecting financial literacy level. The parental education, financial education, and income level showed a significant and positive effect on the financial literacy of the students. The finding of research study concluded that parental education, financial education, student's education level, and income level were the most important factors determining students' financial literacy.