FINANCIAL LITERACY AND BUSINESS EDUCATION: ASSESSING THEIRINFLUENCE ON ENTREPRENEURIAL INTENTIONS AMONG UNIVERSITY STUDENTS
Keywords:
Financial Literacy, Business Education, Entrepreneurial Intentions, Entrepreneurship Education, UniversityStudentsAbstract
This paper explores how business education and financial literacy define the entrepreneurship intentions of universitystudents. Entrepreneurship has been broadly acclaimed to be an economic development,innovation and job creationfactor and tertiary institutions of learning have a significant part to play in promoting entrepreneurial ways of thinking.Based on the Theory of Planned Behaviour, this paper aims at exploring the extent to which financial literacy and businesseducation can be considered as important predictors of entrepreneurial intention among students. The research designused was a quantitative cross-sectional study design, and 250 undergraduate and postgraduate students were selectedthrough a structured questionnaire of five-point Likert scale. Financial literacy was developed as a multidimensionalconstruct, which included financial knowledge, financial skills and financial attitudes, and business education was usedto develop the perception of entrepreneurial learning and competency building in students. The reliability analysis showedhigh internal consistency between constructs (α >0.70). The results of descriptive statistics provided moderate financialliteracy, exposure to business education, and entrepreneurial intentions. Nevertheless, no statistically significantrelationships were discovered between financial literacy, business education, and entrepreneurial intentions bycorrelation and multiple regression. Regression model was insignificant in explaining the negligible variation ofentrepreneurial intention (R2= 0.000) and this implied that the variables did not significantly influence entrepreneurialintentions in the sample. The results indicate that there are other psychological and contextual variables that can have amore significant influence on entrepreneurial intentions of university students.
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