Does enrolling in finance-related majors improve financial habits? A case study of China’s college students

Wei Huang, Xiaowei Liao, Fan Li*, Panpan Yao

*Corresponding author for this work

Research output: Contribution to journalArticleAcademicpeer-review

1 Citation (Scopus)

Abstract

There is a growing awareness of the importance of financial management skills. However, few studies have systematically examined this topic in China’s current higher education (HE) system. In this study, we examine whether enrolling in a finance-related program, either as a degree program or as an elective, improves students’ financial literacy and habits. We conducted a mixed-method study with a sample of 1334 students from seven universities in central China. Multivariate regression, matching methods, and the inverse–probability–weighting methods were used for quantitative analysis. The results indicate that college students are generally dissatisfied with their financial situation. Enrolling in finance-related majors has little effect on improving students’ financial habits, despite a substantial improvement in their financial literacy. In the current HE system, there is a significant lack of personal finance management training. Therefore, curriculum design and field practices regarding students’ personal finance management skills should be introduced to enhance their financial habits.

Original languageEnglish
Pages (from-to)359-372
Number of pages14
JournalAsia Pacific Education Review
Volume25
Issue number2
Early online date8 May 2023
DOIs
Publication statusPublished - 2024

Keywords

  • China
  • College students
  • Financial habits
  • Financial literacy
  • Higher education

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