A Quantitative Analysis of Financial Literacy at The University of Mississippi

Gunn, Paul Jackson (2016) A Quantitative Analysis of Financial Literacy at The University of Mississippi. Undergraduate thesis, under the direction of Bonnie Van Ness from Finance, The University of Mississippi.

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Abstract

This thesis examines why financial literacy is important and what factors can influence students’ financial literacy at the University of Mississippi. Financial literacy is important and can affect many aspects of life, whether it is political, financial, educational or personal. Students enrolled in EDHE 105 participated in the multiple-choice survey, which included socioeconomic, demographic and financial literacy questions. Participants’ answers were analyzed using four statistical models: ordinary least squares regression, univariate analysis or means by differences analysis, interactions and probit analysis. The study found that the average score, 2.02 out of five, to the financial literacy quiz for all participants was comparable to the national average, 2.30 out of five, for 18-to-34 year olds. The study also found that there are three dominant factors that can influence one’s financial literacy level: being a male, being Caucasian and having either a part-time or full-time job.

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