Financial Literarcy Sample Research

TABLE OF CONTENTS
LIST OF TABLES ......................................................................................................................... 2
LIST OF FIGURES ........................................................................................................................ 5
Acknowledgement .......................................................................................................................... 8
ABSTRACT ................................................................................................................................... 9
CHAPTER One : INTRODUCTION TO RESEARCH ................................................................. 9
1.0 Introduction ............................................................................................................................... 9
1.1 Background of Study ............................................................................................................... 2
1.2Problem Identification ............................................................................................................... 5
1.3 Research Objective ................................................................................................................. 15
1.3.1 General Objective............................................................................................................. 19
1.3.2 Specific Objective ........................................................................................................... 22
1.4 Research Question .................................................................................................................... 8
1.5 Hypotesis of the Study .............................................................................................................. 9
1.5 Significance of the Study ........................................................................................................ 10
1.6.1 Theoretical Perspectives................................................................................................... 11
1.6.2 Management Perspectives ................................................................................................ 13
1.6.3 Academic Perspectives..................................................................................................... 14
1.7 Scope of the Study .................................................................................................................. 11
1.8 Limitation of the Study ........................................................................................................... 11
1.7 Terminology defination .......................................................................................................... 11
1.6 Deliverables ............................................................................................................................ 14

UC3F1606IBM Final Year Project
CHAPTER TWO .......................................................................................................................... 15
2.0 Literature Review.................................................................................................................... 15
2.1 Financial Literacy ................................................................................................................... 15
2.2 Financial Education and its relationship with Financial Literacy ........................................... 19
2.3 Financial Socialization Agents and its relationship with Financial Literacy .......................... 22
2.4 Money Atittude and its relationship with Financial Literacy ................................................ 24
2.5 Underpining Theory ................................................................................................................ 28
2.5.1 Theory of Planned behavior and Social Learning theory ................................................ 28
CHAPTER THREE: RESEARCH METHODOLOGY .............................................................. 30
3.0 Introduction Research Design ................................................................................................. 30
3.0.1 Rersearch Framework ..................................................................................................... 32
3.1 Research Philosophy ............................................................................................................... 34
3.2 Research Classification ........................................................................................................... 35
3.3 Research Strategy ................................................................................................................... 30
3.4 Research Time Choices........................................................................................................... 32
3.5 Time Series ............................................................................................................................. 34
3.6 Data ......................................................................................................................................... 35
3.7 Instrumentation ....................................................................................................................... 30
3.7.1 Financial Literacy............................................................................................................. 34
3.7.2 Financial Education .......................................................................................................... 35
3.7.3 Financial Socialization Agents ......................................................................................... 34
3.7.4 Money Attitude ................................................................................................................ 35
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3.8 Administration of Questions ................................................................................................... 34
3.9 Sampling ................................................................................................................................ 35
3.10 Data Preparation ................................................................................................................... 30
3.11 Data Analysis ........................................................................................................................ 32
3.12 Ethical Consideration ............................................................................................................ 34
CHAPTER FOUR: PRESENTATION AND DATA ANALYSIS .............................................. 35
4.1 Introduction ............................................................................................................................. 30
4.2 Descriptive Analysis ............................................................................................................... 34
4.2.1 Gender .............................................................................................................................. 34
4.2.2 Age of Respondents ........................................................................................................ 35
4.2.3 Education level of Respindents ........................................................................................ 34
4.2.4 Field of Study ................................................................................................................... 35
4.3 Descriptive Statistics for Continious Variables ..................................................................... 35
4.4 Reiabilty test ........................................................................................................................... 30
4.4.1 Financial Literacy............................................................................................................. 34
4.4.2 Financial Education .......................................................................................................... 35
4.4.3 Financial Socialization Agents ........................................................................................ 34
4.4.4 Money Atitude ................................................................................................................. 35
4.5 Pearson Product- Moment Correlation Coefficient .............................................................. 35
4.6 Multiple Regression Analysis ................................................................................................ 35
4.6.1 Model Summary .............................................................................................................. 34
4.6.2 Anova ............................................................................................................................... 35
4.6.3 Coefficiant ....................................................................................................................... 34
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4.6.4 Normal Probabilty of the Regression Standardized ....................................................... 35
4.6.4.1 Histogram ................................................................................................................. 35
4.6.2 Normal P-P Plot of Regression Standardized Residual .............................................. 35
4.6.3 Scatterplot ................................................................................................................... 34
4.7 Summary of Hypothesis Test .................................................................................................. 35
4.8 Conclusion .............................................................................................................................. 35
CHAPTER FIVE .......................................................................................................................... 30
5.0 Introduction ............................................................................................................................. 34
5.1 Discussion .............................................................................................................................. 32
5.1.1 Financial Eductaion and its relatinship with Financial literacy .................................. 35
5.1.2 Financial Socialization Agents and its relationship with Financial literacy ............... 35
5.1.3 Money attitude and its relationship with Financial litecy .......................................... 35
5.2 Conclusion .............................................................................................................................. 34
5.3 Limitations of Reserach ......................................................................................................... 35
5.4 Recommendation .................................................................................................................... 36
6.0 References ............................................................................................................................... 35
6.1 Journals .......................................................................................................................... 35
6.2 Books.............................................................................................................................. 35
6.3 Websites ......................................................................................................................... 35
7.0 Appendix ................................................................................................................................. 36
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LIST OF TABLES
Table 1: Research Onion ................................................................................................................. 9
Table 2: Research Framework ........................................................................................................ 2
Table 3: Respondents Demographic Profile .................................................................................. 5
Table 4: Gender of Respondents ................................................................................................... 15
Table 5: Age of Respondents ....................................................................................................... 19
Table 6: Education level of Respondents...................................................................................... 22
Table 7: Field of Study of Participants .......................................................................................... 8
Table 8: Descriptive Statistics for Continious Variables ............................................................... 9
Table 9: Reliabilty Statisitics of Financial Literacy ................................................................... 10
Table 10: Reliabilty Statisitcs of Financial Education .................................................................. 11
Table 11: Reliabilty Statisitics of Financial Socialization Agents ............................................... 13
Table 12: Reliabilty of Money Attitude ........................................................................................ 14
Table 13: The Strength of a Correlation ....................................................................................... 11
Table 14: Pearson Product-Moment Correlation Coefficient Test ............................................... 11
Table 15: Model Summary ........................................................................................................... 11
Table 16: Anova Analysis ........................................................................................................................... 14
Table 17: Coefficient ................................................................................................................................. 15
Table 18: Result of Hypotesis Testing ........................................................................................................ 15
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LIST OF FIGURES
Figure 1: Gender of Participants ..................................................................................................... 9
Figure 2: Age of Participants .......................................................................................................... 2
Figure 3: Education level of Respondents ...................................................................................... 5
Figure 4: Figure of Study ............................................................................................................. 15
Figure 5: Histogram ...................................................................................................................... 19
Figure 6: Normal P-P Plot of Regression Standardised Residual ................................................. 22
Figure 7: Scatterplot ........................................................................................................................ 8
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CHAPTER ONE
INTRODUCTION
1.0 Introduction
This chapter aims to provide background to the research study. The chapter one covers several
aspects such as background of the study, problem statement, research objective, research
questions, limitation of the study, significance of the study. In addition, the chapter includes
operational definitions of the financial literacy and financial socialization agents.
1.1 Background of the Study
Globalization is the sense of connectivity in economy and has strong foundation in global
marketplace. Today, through globalization global marketplace is increasingly risky and
becoming more susceptible day by day. Thus, one of its effects is increment of cost of goods and
services which drives people to be able to make well-informed in finance. Consequently, this
phenomenon suggests to the humanity to be prepared with some financial skills and knowledge
which is related to financial literacy or simply to personal financing (Yusliza & Ramayah, 2011).
Financial literacy is the understanding, skill and knowledge of financial concepts and today it has
become more important than ever in today`s world. Today, being aware of personal money
management, spending and saving are able to prepare the individuals with knowledge to take
charge of their finances and to fight with fraud. It is because, we are living in the age of economy
frequency that, younger generation is going to face financial challenges in future (Das, 2016)
In contrast, the financial crisis of 2008 that shocked world, showed that, how important to the
society to be financially literate. Therefore, ability to manage personal finance of youth, has
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received increasing attention to the world. Thus, global crisis played significant role in forming a
social consensus for allocating more effort to teach the value of money, credit management to
young generation.
The economic downturn has imposed huge cost on the global economy but has provided an
opportunity to reflect what to teach for youth in order to increase their financial ability (Rady,
2015)
It can be said that, Financial literacy is not just a trend but an essential life skills and knowledge
in today`s society. On the household point of view, it allows students to increase and manage
their savings which leads to better management of their life events like education, retirement and
job loss. Moreover, financially knowledgeable citizens can be effective in achievement of
economic growth. Therefore, financial education is important for younger generation who later
will have to participate in the economic activities (Ibrahim, 2009)
Thus education at school, universities and colleges are the main sources for having proper
financial education for students in their life. Furthermore, other studies Chen &Volpe, (2002),
Rasoaisi & Kelebe, (2015) have also documented positive influence of financial education on
student`s financial literacy. Financial education curriculum and programs has been found the
main influence factor that has been increased level of financial literacy. Additionally, Chen
&Volpe, (2002) stated that, financial seminars can influence to student`s saving practices.
Supon, (2012) stated that, “our children are financially illiterate and unable to inherit the global
economy unless we start educate them in elementary school”. It is simple that; how can
someone be literate without being educated? Thus, education at school, college or university is
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fundamental for younger generation otherwise, they will not able to have proper knowledge of
money management or other important skills.
Moreover, students are poised to have spending behavior similar to their family and social
environment also influence to the financial behavior of the students. Multiple researches (Destin
& Oyseman, 2009; Johnson & Sheraden, 2007) have documented that peer groups and family
provide positive financial outcomes in students. Moreover, parents with graduate degrees will
encourage positive financial practices for their child. Consequently, children grow up in a certain
environment depending on the family background, so that they follow their parent’s financial
attitude and will be automatically influenced by how their respective parents. Therefore, the
degree of financial literacy in the family eventually have impact on the student`s financial
behavior (Lyons, 2004)
Moreover, other studies found that, money attitude of the students also have high influence on
the level of the financial literacy among students. According to Schoeni &Ross, (2005)
individuals seek to be financially literate depending on how they value money in their life.
Moreover, money is known as a motivator which forces individuals to be financially literate.
Since, understanding financial literacy among students has become an important for developing
individual well- being. Examining how well- equipped young people make financial decision,
also has been becoming the most popular topic in today`s society. Therefore, in Uzbekistan the
focus to the financial knowledge of the young generation has increased and government has been
emphasizing to the educational sector to increase the financial literacy of the younger generation.
Hence, the Uzbek government since 2010, has been providing advice on improving the country`s
economy and financial management of individuals in Uzbekistan (Unesco.org, 2017).
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In fact, According to official estimates, since 2005, the Uzbek economy has been growing at a
continual rate of more than 7 percent. Agriculture and industrial production such as light industry,
food processing and combustibles are the most important branches of the economy. However, in
Uzbekistan the financial capability of individuals is low similarly to nearby countries of Central
Asia and Eastern Europe. This is the result of the ingrained practices of communist times when
people were dispirited from personal planning because of the limited financial opportunities and
relatively stable incomes (UzDaily.com 2014).
But, after being Independence Uzbekistan have been focusing to economic stability and giving
attention to improvement of well-being of the population. Hence, according to official estimates,
Uzbekistan will need to find drivers for economic growth so the emphasis to financial knowledge
of population has become one of the most important development challenges to the country
(Mehmonov, 2013). Since, future of national development and economic welfare of individuals
depends on the level of financial literacy of younger in an increasingly more complex economy
(Nwokoji, 2016) Therefore, it is important to assess the level of financial literacy and identify
influencing factors like education, financial socialization agents and money attitude on the level
of financial literacy among students in Uzbekistan.
1.2 Problem Identification
Today, financial literacy has become more important over the past decades. And many studies
around the world have been emphasizing the importance of financial literacy in an ever
increasing complex financial landscape. Moreover, developed countries have realized that, under
current condition of the global economy, it is important to make sure that, financial skills of the
people are higher than ever. It is because now financial landscape has changed considerably in
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the world and it is becoming more complex with introduction of several financial services and
products. Thus, in order to understand their risk and return people have to be financially literate.
However, customers do not have enough knowledge and skills in order to use them to their
advantage (Ansong & Gyenare, 2012).
Eventually, financial literacy allows individual`s better manage and increase their earnings and
then helps to manage other life events such as retirement or jobless. Today, more than ever,
financial skills are needed to grow personal well- being as well as for country`s economic growth.
Additionally, now, young generation generate and dispose their income more than previous
generation. The changes in work life and global economy have made changes in human well-
being and they become more consistent (Sabitova, & Muelller, 2015)
Moreover, financial literacy is one of the main pillars of financial well- being of the society, both
macro and micro levels. As financially illiterate society can create several problems in the
economy of the country. Hence, knowing financial knowledge and skills is not important only
human being but important to the country`s economy towards achieving economic growth. For
example, financial literally nation can better asses’ financial policies of their respective
government`s financial system. Moreover, financially knowledgeable citizens are effective and
will help country in achievement of economic growth. Therefore, financial literacy is important
not only to the individuals as well as to the country`s economy (Rasoaisi & Kalebe, 2015)
Consequently, well- being of the population is one of the key success factors in the society.
Many studies showed that, the level of the financial literacy worldwide is low and developing
countries has low percentage of financial literate population than developed countries. And
people find it difficult to take decisions regarding to their personal finance issues and often make
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mistakes during their financial choices. Therefore, a vital task for every country is to create the
financial programs and help an individual to make deliberate financial decisions. For instance,
United States of America and Germany already paid attention to the financial literacy among
their population and promoting financial literacy by imparting financial education (Bhushan &
Medury, 2013). And now Uzbekistan also have been putting step to the development of the
young generation to be financially literate. It is because the problem of economic and social
well- being is especially urgent in the countries where undergoing serious transformation in the
areas of market economy. Moreover, this is an overriding issue in Uzbekistan where the majority
of the population is low income and money is known as quality of the life. Besides that, as
mentioned above financial capability of individuals is low and it is the result of Soviet Union
practices where the populations were discoursed from personal planning because of limited
financial opportunities (Amerova, 2010).
Therefore, since 2010, government has been focusing raising financial literacy in Uzbekistan
among younger generation and has been providing several projects in order to increase financial
capability of people. Moreover, education program has provided for low income households
through institution building of professional counseling services in financial institutions. From
those projects, it is expected that the undertaken financial education and projects will contribute
to the significant improvement of financial behaviors of young generation in terms of planning
house budget, borrowing, saving and effective use of financial services (Uzbekistan-Ministry of
Finance, 2014).
Until now, there has been robust discussion by many governments and financial community
leaders generally, that financial security can only be achieved when population of the country is
considered to be financially literate (Lusardi & Mitchell, 2006). So, Uzbek government has put
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structures in place as a result of external evidence so that population should be questionable to
the level of financial literacy. But until now there was lack of research on level of the financial
literacy among students in Uzbekistan.
Therefore, the necessity of the investigation the determinants of financial literacy is an important
tool to realize the level of financial literacy among students. Moreover, after investigation can be
determined influence factors of financial literacy which will affect the development of financial
well- being of the individuals.
However, the relationship between Education, Financial Socialization Agents and Money
Attitude towards Financial Literacy among students in Uzbekistan is still unclear. There exists a
theoretical gap in the relationship between Education, Financial Socialization Agents and Money
Attitude towards Financial Literacy among students in Uzbekistan. Therefore, this research is to
investigate influence factors towards financial literacy of students in Uzbekistan. This study
aims to further investigate whether influencing factors like education, financial socialization
agents and money attitude has positive influence on the level of the financial literacy among
students in Uzbekistan or not. Based on the research result the author will be able to provide
sound recommendation for the future development of the financial literacy concepts.
1.3 Research Objective
1.3.1 General Objective
To study the relationship between Education, Financial Socialization Agents and Money Attitude
towards Financial Literacy among Students in Uzbekistan
1.3.2 Specific Objectives
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i. To determine whether there is a relationship between Education and financial literacy
among students in Uzbekistan.
ii. To access whether there is a relationship between financial socialization agents and
financial literacy among students in Uzbekistan.
iii. To investigate whether there is a relationship between money attitude and financial
literacy among students in Uzbekistan.
1.4 Research Questions
The research questions are:
i. Is there a relationship between Education and financial literacy among students in
Uzbekistan?
ii. Is there a relationship between financial socialization agents and financial literacy among
students in Uzbekistan?
iii. Is there a relationship between money attitude and financial literacy among students in
Uzbekistan?
1.5 Hypothesis of the Study
There have created following three hypotheses in order to investigate research question:
H1 Hypothesis 1: Financial Education has a correlation to financial literacy of students.
The first hypothesis focuses on Education and was created in order to investigate the impact of
Education towards financial literacy.
H2 Hypothesis 2: Financial socialization agents have a correlation to the level of financial
literacy among students.
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The second hypothesis focuses on Financial Socialization agents and was created to find whether
it has an influence on financial literacy of the students.
H3 Hypothesis 3: Money Attitude has positive correlation to financial literacy of students.
The last hypothesis focuses on money attitude and was created in order to investigate the impact
of money attitude towards financial literacy of students and if the impact or correlation is
significant.
1.6 Significance of the Study
This study is significant in several ways. Eventually, today with the rapid development, the
interest of the study the level of the financial literacy among young generation is becoming more
interesting topic to researches. And there has been done several researches related to current
topic. But it is undoubtedly true that, in Uzbekistan has been found lack of study on financial
literacy of the Uzbek students. And since 2010 started implement financial literacy curriculum in
schools and colleges in order to increase financial literacy of the younger generation (Saliev,
2014) Nevertheless, current study is more debated in United States of America and United
Kingdom, and they have done research about importance of financial literacy and its
determinants, phenomena and perspectives (Beal & Delpachitra, 2003; Lusardi & Mitchell,
2006; Hogarth, 2002). Hence, taking into account an increased interest to financial literacy of
younger generations in Uzbekistan, the relationship Financial Education, Financial Socialization
Agents, Money Attitude and Financial Literacy and the level of financial literacy of students in
Uzbekistan has to be investigated. In a nutshell, below is an importance of why this research
needs to be conducted.
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1.6.1 Theoretical Perspectives
In terms of theoretical perspectives, this research will add to the existing body of knowledge
about financial literacy. Further, this study would help individual to prove and support future
findings with a reference. Further, this study contributes to the existing literature by proposing a
new model of analyzing determinants of financial literacy. The determinants of financial literacy
have been analyzed and developed independently from each other offering different relationship
and impact to financial literacy.
1.6.2 Management Perspectives
Considering management perspectives, the research is believed to contribute the education
management team the knowledge of factors which affecting the financial literacy of students in
Uzbekistan. Further, the result of the current study might play beneficial role in creating practical
implications for education system in Uzbekistan as the study outlines the importance financial
education towards financial literacy of the students.
1.6.3 Academic Perspectives
Regarding the academic perspectives, this research is beneficial to the academicians to undertake
further research on financial literacy among students in Uzbekistan. In addition, this study can be
used a reference for other researchers to conduct a further research in related topic with similar
determinants in the same country or others countries. Current research can add value to the
literature on financial literacy, financial socialization agents or money attitude.
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1.7 Scope of the Study
The main focus of this study is to identify the relationship and impact Financial Education,
Financial Socialization Agents, Money Attitude towards financial literacy of students in
Uzbekistan. The data of the study is limited to the students in some collages, lyceum and
universities throughout Uzbekistan such as students in Fergana State University, Andijan State
Medical University, Uzbekistan State World language University, Management Development
Institute of Singapore in Tashkent, Westminster International University in Tashkent, Fergana
Polytechnic Institute, Academic lyceum 3 under the Fergana State University, Fergana branch of
Tashkent University of Information Technology and Fergana medical and pedagogical colleges.
The study is only focused on the popular and well-established universities, colleges and lyceums
in Andijan, Fergana and Tashkent cities since the survey are collected in some cities in
Uzbekistan the results cannot be generalized to represents the whole students in Uzbekistan.
1.8 Limitations of the Study
The reliability of this study depends on the honesty of the respondents in giving the desirable
information. The findings from this study should not be generalized as whole as it is only
consists a small number of respondents in Uzbekistan and the results obtained from this study
could be inimitable to this particular sample. In addition, cost and time restrictions are also part
of the limitation of this study. Based on the Raosoft Samle Size Calculator which is provided in
Chapter Three of the study, the actual sample size of the survey should be 377. However, due to
the limited time and cost concern the margin error were changed to 10 percent, while the
confident level remains at 95 percent. Hence, the minimum sample size suggested in the survey
has been changed to 98.
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1.9 Terminology Definition
Terms Conceptual Definition Operational Definition
Education According to Peters (2010) The Education in this study

Education is the development refers to six questions adopted
of knowledge, character and by (Huston, 2010)
skills of individuals
Financial Socialization Financial Socialization is a The financial socialization

Agents process by which individuals agents in this study refers to 3
acquire from the environment dummy variables namely,
those skills, knowledge, and peers, schools and media while
attitudes that are necessary to using family as a reference
maximize their consumer role group adopted by (Samkin,
in the financial marketplace Low &Taylor, 2012).
(Albeerdy &Gharleghi, 2015)
Money Attitude Attitude is person`s favor or To assess attitude, the five-

disrepute toward an action. point Likert Scale was used
Besides that, it is considered (ranging from 1, Strongly
the way individuals respond to disagree to 5, Strongly Agree,
and are disposed towards, an for Demographics the
object (Zhang &Kim, 2013). respondent was asked to tick
the appropriate select
(Albeerdy &Gharleghi, 2015)
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Financial Literacy
Financial Literacy it the The Financial LIterayc in
ability to make informed this study refers to 30 items
judgments and to make adopted by
effective decisions regarding (Kim, 2003).
the use and management of
money (Hilgert, Hogarth &
Baverly, 2003)
1.10 Deliverables
This current final year project starts with a description of various contents in which the problem
statement and objectives are investigated. And the second chapter is about the review related
literature which includes financial literacy, education, financial socialization agents and money
attitude. The methodology of the research related with research design and the selection of the
study areas will present in Chapter Three. Then, Chapter four present the results of the study and
the data analysis. The last part of this project is ended with conclusion, implication, limitation
and recommendation.
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CHAPTER TWO
2.0 Literature Review
In this chapter, some relevant related literatures will be presented to this research. Current
chapter will be divided into several subtopics, namely: Financial Literacy, Education, Financial
Socialization Agents, and Money Attitude.
2.1 Financial Literacy
Definition of the financial literacy has been in long discussion among researches and different
meaning of this statement has been employed by scholars. Until now there is no constant
definition has been developed yet. Usually, financial literacy, financial education and financial
knowledge often have been interchangeably in academic literature as well as in media. One
definition of financial literacy is an individual`s ability to understand, manage, analyze and
control personal finance matters. Kozina & Ponikvar, (2015) define financial literacy as a
components of human capital that is used in financial activities to increase individual`s financial
well- being. According to Mahdzan &Tabiani, (2013) financial literacy is basic skills and
knowledge that persons need in order to survive in modern society.
Additionally, Krechovska (2015) stated that, the ability of secure personal income, capability to
make decisions on expenditures, consequences of personal decision on current and future income
and orientation on the job market are also another definition of the financial literacy.
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In contrast, Huston (2010) analyzed seventy-one researches which are published between 1996
and 2008 by different scholars. The research was based on fifty-two different data sets that
include wide range of financial literacy and financial knowledge measurements that developed
since last decade. There were identified four main categories that are emerged with financial
literacy as well as financial matters such as saving, borrowing, investing and personal saving
basics. Thus, there were examinations of the financial literacy and financial knowledge
definitions that is used earlier studies and found that majority scholars (72%) did not include a
definition of financial literacy. And others forty-seven percent of the researches used both terms
synonymously. And there were proposed financial literacy could have two dimensions such as
understanding financial knowledge and usage of those personal financial skills in everyday life.
Therefore, financial literacy can be defined a measuring how well an individual understands and
apply personal financial skill or financial related information in their life (Ibrahim, Harun &
Mohamed Isa, 2009).
Thus, from above definitions, it can be defined that, the financial literacy is the financial world
which leads individuals to correct and improve their effective decision making and relevant skills
in the financial area. Additionally, it includes understanding, knowing complex principles of
saving, spending and investing while applying those knowledge and skills in order to manage
personal financial resources efficiently for personal well- being.
Therefore, financial literacy is not just convenience or knowledge that everyone has, but an
indispensable survival tool that individual`s necessity in order to survive in the modern society
where every step of people is chargeable (Jacob, Hudson & Bush, 2000).
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Especially now, in twenty first century the financial product innovation, rearranging of the
financial service industry, technological and marketing advances as well as changes in pension,
tax and retirement plans are effecting to the consumers’ attitude and significantly influencing to
their financial decision and hence challenge the financial literacy (Agnew, 2006).Therefore,
today financial literacy has became more important tool than ever and it is vital to the long term
well-being of all individuals. Thus, having an effective level of financial literacy is important for
everyone especially for younger generation that increases effective accessibility of financial
services and products.
The benefits of the financial literacy are widely reported globally but the lack of financial
literacy leads a number of negative consequences. Low level of personal financial literacy may
lead to wrong financial decision that results into many problems such as debt or even bankrupts
of younger generation. On the other hand, financial literacy not only important for individuals
well- being but it has significant impact to the country`s economic as well. The financially
literate society is an important factor to any country and every country are needed citizens who
are financially literate. As the President of United States of America Barack Obama said that,
“Future prosperity depends on the financial security of all Americans, take time to improve our
own financial knowledge and share that knowledge with our children”.
This word of Obama approves that, the importance of financial literacy of younger generation is
essential to the financial security of country (Albeerdy & Gharleghi, 2015).
(Hilgert, Hogarth & Baverly, 2003) added that, “financial literacy is the
application of knowledge, understanding, skills and values in financial contexts and the related
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decisions that impact on self, others, the community and the environment”. Thus, financial
literacy has impact not only individual well-being, but on country`s economy as well.
Financial literacy is fundamental for younger adults when they are exposed to a selection of
financial products and services where they need to choose whilst embarking on their own major
financial life cycle events such as acquiring a job, earning their first salaries, secure student loans
or managing their credit card spending. Besides that, lifestyle aspirations spurred on by the
influence of advertising and the media are also likely to increase younger people reliance on debt.
Hence, it is a vital for students to be financially literate in order to be strong and confident in
their financial life cycle (Fear &O`brein, 2009).
The first year of student life is vital transitional stage of development within the larger
transitional period because; most of the students are not yet financially independent. Moreover,
they perceive this independence as key to achieve adult status. If for these youngsters are not
provided a suitable financial literacy curriculum or knowledge the students will be needed
support for them to enhance their skills in purchase behavior and saving whereby they can take
challenge their potential of accumulating wealth at an early stage (Cameron et al.,2014)
2.2 Financial Education and its relationship with Financial Literacy
Education is defined as a process of educating, and teaching hence, it can be both achievement
and task. According to Peters (2010) Education is the development of knowledge, character and
skills of individuals. Thus, from the definition can be supposed that, the purpose of the education
is to develop individual`s knowledge and skills in order to increase social well- being of the
people. Generally, financial education is any program, knowledge and skill that addresses to the
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financial concepts and topics. Moreover, it can be said that, it is the programs, subjects and other
workshops that educate students to improve their financial literacy.
Today, Financial education is becoming more important to the young generation as well as
country`s economy and also gaining popularity because everyone understand that, financial
education is need for all stages of the human being (Kezar & Yang, 2010). Therefore, younger
generation need to know and understand basic financial concepts. It is because; in the first stage
of their independent life adults and teenagers have to know to make long- term financial
decisions and take responsibility for their life.
Since, financial literacy is important life skill to younger generation it is commonsense that,
students must be educated at point of their life on how to spend money and able to calculate their
income and savings. Thus, financial skills will affect at a later stage of their life, and where else
to educate them if not in college and university.
As noted by Fox, Bartholoma & Lee (2005) most of the financial education programs introduced
in the late 1990s and in 2000 scholars begun to study the effect of the education to the level of
the financial literacy of people. The goal for implementing personal finance programs or
curricular was to increase and develop financial literacy among younger.
Thus, among there scholars Gille & Loeffler, (2012), Lusardi & Mitchell, (2006) conducted a
survey on students who took the high school personal finance curriculum and founded that, more
than 60 percent respondent`s self-financial behavior was improved after taking financial
curriculum and they had made change in their spending behavior. Eventually, after students are
being exposed to study financial courses there will be certain improvement on their mind how to
24
control and spend money while using it successfully. Thus, being more financial literate will
guide students to be able to differentiate and understand the importance of money management.
Moreover, Bernheim, Garrett & Maki (2001) outlined that, there is linkage between financial
education and financial well-being of the students and it has carrying great weight effects on
their behavior and knowledge. They conducted natural experiment on respondents between the
age of thirty and forty and asked about their personal finance courses from high school and their
current saving ratings. Some respondents answered that they had a personal finance mandate but
half of them do not had. Consequently, result showed that, the respondents with high saving rate
had a financial education in high school.
Baokye & Kansanba, (2013) asserted that, modern education is a lifelong process and essential
to the economic well-being of society. To gather the views about the benefits of education, he
surveyed consumer and found that, education offers the following benefits to individuals:
encourages critical thinking, imparts life skills that contribute to success in every living,
promotes self-confidence and improves the quality of life. On the other hand, financial
education empowers individuals to take their financial decisions in a better way. Financial
education programs cover topics such as a savings, borrowings, budgeting and making use of
financial services. People who take financial education courses are going to be more likely to
know about other financial topics and therefore should be able to answer the questions correctly.
Logically, there is the argument that, personal finance should be part of basic education of all
students. Therefore, most developed countries started to educate, personal finance to their
children from the kinder garden (Akromov, 2015) Hence, this promotes the importance of
education towards an early age, so that, the students will have a better shape of education
knowledge and management in future. Thus, it can be considered that, education influences on
25
the level of financial literacy among younger generation. In conclude, based on the significant
researches supports following hypothesis can be given:
H1: There is relationship between education and financial literacy.
2.3 Financial Socialization Agents and its relationship with Financial Literacy
Financial socialization is a process of getting knowledge and skills about money management
and developing financial skills such as budgeting, saving, insurance and credit card use in order
to maximize individual`s role in the financial market place. Generally, main agents for student`s
socialization are family as well as peer group, school and media. And all of them occur at one
point of time throughout people`s life cycle. Thus, children through observing their parent’s
participation in a financial practice, are able to learn any knowledge and skills easily by
receiving direct instruction (Bowen, 2002). In short, the first school for any child is their family
and parents act as a first teacher for them providing life skills with direct instruction.
According to John (1999) research on financial socialization dates back to the 1930s and since
past decade several scholars have done research about financial socialization of students.
Moreover, Pinto, Parente & Mansfield, (2005) conducted research and 1,170 students were
surveyed to understand their knowledge about money management and use of credit cards. And
research found that, student`s receive more financial skills and attitude from their parents and
they play a main role in their financial attitude. Furthermore, they learned how to use credit
cards from their parents. So, children learn financial behavior through observing their parents’
attitude and participation.
26
Moreover, Peng et al. (2007) states that, a family always is umbrella that protects from
everything and role model for children which shows right direction to them. Parents always
influence their children cognitively through direct teaching reinforcement and purposive
modeling. Thus, students already have knowledge, motives, and attitudes on most subjects that
cover consumer role concepts before coming to classroom. Hence, this shows how family has
influence on the financial behavior of the individual. The degree of the education towards
financial concept always link between parent’s attitude to the finance and children respond this
behavior in future.
Furthermore, scholars have noted that influence of peers also have a huge impact to the young
person`s financial literacy and behavior. For instance, how peers can have an influence on an
individual`s behavior and skills can be analyzed the study on youth gambling tendencies made
by Shim et.al (2010) Their study reported that, despite the attitudes and actions of parents a
strong peer influence existed in a youth gambling behavior. Hence, it is said that, being
surrounded with financially literate peers, an individual will automatically reciprocate and will
educate himself to follow his peers. According to, Sohn at.al (2012) students and pupil during
their student life they be more exposed with their peers rather than their family so that time peers
can have huge impact on student’s attitude and behavior.
Another, research conducted by Lyons et al. (2006) and it was reported that, 33 percent of
students use media as a mean to seek financial knowledge. Additionally, research showed that,
the amount of television viewed is positively affected to the purchase intention, saving behavior,
materialistic attitudes and financial attitude of the students. Hence, by analyzing the study can
be understood that, media has medium influence to the students to be financially literate because
they trust to media (i.e. internet, television, newspaper) how to spend and save money.
27
Moreover, another study also accepted that media also plays main role on the financial behavior
of the students. Therefore, they use media for better obtaining financial guidance and that
guidance has positively resulted with better financial practices. Thus, this way called the best
way to learn and increase student`s financial literacy and media is the easy tool for the grab
financial skills (Buijzen & Valkenburg, 2003)
Moreover, Chan & McNeal (2006) have also emphasized that, parents, peer groups, school and
media are the most important agents of consumer socialization agents and they have high
influence financial attitude of the students. Thus, it can be considered, family, peer groups and
media have important role on the level of financial literacy among students in Uzbekistan.
H2: There is a relationship between financial socialization agents and financial literacy.
2.4 Money Attitude and its relationship with Financial Literacy
Today attitudes towards money and the meaning of money also have become important topics
for scholars in the area of finance, economic and consumer’s psychology (Dowling, Corney &
Hoiles, 2013). Money is an important issue for an individual and it is not only utilitarian
commodity but also an emotional representation of worth or through symbolic meaning.
Traditionally money is studied from the point of its economic sense. First off all money performs
economic function around the world such as payment and accumulation, medium of exchange
and measure of the cost of goods. But, now studies found that money have not only economic
issue but also acquired psychological and social features (Simkiv, 2013)
According to Moskalenko, (2004) money makes changes and influence the individual`s life
undoubtedly effect the development of the country`s economy, politics and culture. Moreover,
money has been recognized as a motivator of behavior and factor that creates job satisfaction.
28
For instance, person falls under influence of money as money becomes an instrument to satisfy
person`s own needs and goals.
Furthermore, attitude refers to psychological tendency that is conveyed by assessing a particular
entity with some degree of service or disgrace. Attitude can be defined as an assessment of the
degree to which one likes performing the behavior. Meanwhile attitude has taken significant role
in researches that influence feelings, thoughts and consumer’s decision making process (Zhang
&Kim, 2013). This is to say that student’s attitude towards money may shape their knowledge
financially. So in some point value of money will eventually effect on person`s literacy
financially. Therefore, having a positive attitude towards money will influence student`s
behavior to gain more financial knowledge and literacy in order to increase personal money
management. Whereas, poor negative money attitude will lead to the poor management of the
personal money whereas it can be related to the theory of reasoned action.
Moreover, Grable & Joo (2001) have done research among students and added that; money
attitude is related to children being open about their financial situation with their parents. Hence,
by having positive money attitude an individual`s concerns about their current financial situation
and they try to know how to manage money in order to be financially stable.
According to (Das, 2014) The Theory of Reasoned Action speculates that, in an individual`s
decision making process an attitude of the person is a direct predictor to the behavioral intention.
The theory of Reasoned Action was developed by Martin Fishbein and Icek Aizen in 1967 and
theory explore that, individuals will behave based on their preexisting attitudes and behavioral
intentions. Thus, within current theory, an attitude of the person to the specific object will lead to
the individual`s basic motivation to perform an action. Hence, if we link to the theory, with
29
money attitude of the students towards financial literacy, student`s money attitude will influence
to learn financial literacy or develop financial skills in order to get successful money
management in future. Moreover, theory suggests that, the stronger attitude lead to increased
effort to perform the behavior, which also increases the likelihood for the behavior to be
performed well. Thus, student`s attitude towards money is critically important to the be
financially literate.
Thus, specific money attitudes are related to self- direction and values implying that those
attitudes of the person likely will get connection with a self- directed behavior for security such
as financial knowledge seeking. All in all, it depends on how students value of money in order to
seek knowledge how to manage their income. Then, it may activate the student’s intention to
acquire skills required for having a better knowledge in area of finance (Hayhoe et al., 2000)
Furthermore, another reason forcing students to be financially literate is changes of society
which has influenced human being in twenty first decades. It is because, in this modern society,
moral values are becoming less important and the world is turning into a more materialistic
concept whereby young generation are more concerned with the earning money rather than
believing in conservative beliefs of their forefathers. Therefore, money become more important
value for most individuals and it is acting as a motivation for younger that influencing to order to
become more financially literate than previous generation (Wilhelm & Haynoe, 1999).
Additionally, Kidwell & Turrisi (2004) have done research on the budgeting tendencies of
students and have founded that, students with high confidence with their skills to keep a budget
were able to justify reason for keeping budget and they perceived money as normative
expectances. But on the other hand, student with low control of their budgeting relied more on
30
their emotional feelings towards budgeting rather than cognitive beliefs. It is understood that, it
will depend on perception of students towards money in order to be able to set an appropriate
budget for them. Thus, based on their attitude, perceptions, feeling and thoughts students will
decide to increase their knowledge or not. Furthermore, a considerable of studies found that
money attitude positively affects to the level of the financial literacy among students.
In overall, (Wu and Lo, 2009) taking salient outcomes of Fishbein`s behavior intention model
there is positive effect of money attitude towards financial behavior of the students. Thus, based
on the significant researches supports following hypothesis can be given:
H3: There is relationship between money attitude and financial literacy
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2.5 Underpinning Theories
2.5.1 Theory of Planned Behavior and Social Learning theory
The theoretical foundation for this study was based on the human behavior theories. Specially,
behavioral theories such as planned behavior theory and social learning theory were applied in
this study in order to better understand how individual`s behavior patterns towards financial
matters could be transformed through financial determinants. These theories have been
successfully applied in education sector to influence behaviors.
The Theory of Planned Behavior guided the development of hypothesis in this investigation. The
Theory of Planned Behavior explains all behaviors over which individuals have the ability to
exert self-control. Specifically, The Theory of Planned Behavior (TPB) was applied in this
research in order to understand how individual`s behaviors outlines towards financial patterns
could be transformed through self-concept and attitude. Initially, The Theory of Planned
Behavior (TPB) began with the Theory of Reasoned Action in 1980 to expect an individual
intention to engage in a behavior at a specific reason, time and place. According to Theory of
Reasoned Action behavior is predicted use attitudes towards specific behavior and subjective
norms to form a behavioral intention (Kennedy, 2013).
Das (2014) added that Azjen adapted the Theory of Reasoned Action to create the TPB and
Theory of Planned Behavior differs from the TRA in that a perceived behavioral control such as
attitude toward the behavior and subjective norms was included in order to contribute to the
formation of behavioral intention. Hence, the perceived of behavioral control was lacking in
TRA and this factor has changed Theory of Planned Behavior from TRA in order to address the
issue of personal control.
32
Hence TPB explains how the greater the perceived behavioral control will change the attitude to
the stronger the behavioral intentions. If individual’s intentions are influenced by some subject,
they are more likely to imitate the behavior and they have ability to exert self-control. The
Theory of Planned Behavior has been applied to a variety of topics including financial behavior,
compulsive behavior and children`s socialization. The application of this theory could provide
better understanding of how individual behaviors are formed and influenced. Initially, the
personal finance is a behavior-based discipline and it depends on the decision-maker`s
willingness to exchange the behavior or attitude to learn the personal finance. Personal finance
the process in which individuals develop and acquire financial resources to satisfy their current
and future financial needs. Mostly, it is concerned with skills, behaviors, understanding towards
money matters. For example, the intention of individuals to be financially literate will affect to
their behaviors and attitude to develop their personal finance by learning new skills or learning
through process of socialization or even changing the behavior towards the money.
Furthermore, previous studies documented that intention to increase financial literacy are able to
change the behavior to acquire financial education. However, Jumpstart survey (2012) also
indicated that, financial education not only increase the individuals financial literacy but also
translates into more responsible financial behavior.
Furthermore, Social theory also guided the development of the hypothesis in this study.
Generally Social Learning theory explains how an individual learn behavior by observing others.
Hence, people learn behavior though the process of socialization, process by which individuals
acquire knowledge, skills and attitudes to getting into relations with other member of society.
Hence, an individual learn and shape their knowledge by observing their parents, family
members, peers and other member of society. According to Amoah (2016) social learning theory
33
posits that learning is a cognitive process that takes place in a social context and can purely
through observation or direct instruction, even in the absence of motor reproduction or direct
reinforcement. Consequently, this theory explains how students acquire their financial literacy
through environmental influence. For example if a children born in a family which they have
positive attitude towards money and they are good in managing and controlling their personal
finance, later on children also intentionally grow by parents behavior similarly with same attitude
and values. Furthermore, Fortuna, (2007) mentioned that money attitude also comes from
student’s home environment. As students learn over the years through social interaction they
begin to understand and form their values, attitude and knowledge about personal finance.
Consequently, family, peers, media and community all shape student`s knowledge and attitudes
over time. Hence, social learning theory and theory of planned behavior explains how behavior
of students will impact to their attitudes to learn how to manage their personal finance.
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CHAPTER THREE
RESEARCH METHODOLOGY
The chapter three describes methods in detail how the study will be carried out in order to collect
the data to meet the objectives of the study and answer the research questions. Collection of
reliable data required careful planning on data collecting process so that it can be replicated by
other researches. The concept of the research is onion is figured by the research techniques
through the six layers of the onion. Generally the chapter contained 13 subtopics and it has
included some crucial aspects for researcher while doing the research. Hence, the detail of each
subtopic will be discussed in Chapter 3.
35
3.0 Introduction/ Research Design
This research is basic research and the main purpose of basic research is to increase the scientific
knowledge and understanding the particular research area (Cherry, 2016). According to
Saunders, Lewis, & Thornhill, (2012), it is actually unusual for the researcher to begin thinking
about questionnaire or interviews. But, according to “onion” the question which is belongs in the
center of the research, is chosen in order to depict the problem underlying the choice of the data
collection techniques (Saunders, Lewis & Thornhill, 2012).
Table 1: Research Onion
As presented in Table 1, the layers of the research onion involves of research philosophy, time
horizon, approach, strategy choices, strategy, data analysis and data collection. Hence, the main
purpose of the basic research is to discover and analyze the relationship between the variables
36
(Fidersek, 2015). Thus, a survey will be accepted to collect quantitative data from students in
several universities, colleges and lyceums in Uzbekistan. Hence, for the research in chapter 3
each layer of the research onion will be explained in the subsequent paragraphs.
3.01 Research Framework
Determinants of the Financial Literacy among students in Uzbekistan
Independent Variable (IV) Dependent Variable (DV)
Education
Financial Socialization Financial Literacy

Agents
Money Attitude
Table 2: Research Framework
Source: Self-made
3.1 Research Philosophy
Research philosophy is the nature and development of the knowledge that are basically categorized
into three different philosophies that are positivism, realism and interpretivism. Basically, the
research philosophy is a belief that in which way the data should be gathered and analyzed. Current
37
research philosophy is based on positivism which is based on the factual knowledge that gained from
the observation and trustworthy. In addition positivism philosophy depends on quantifiable
observation which leads to statistical analysis which knowledge stalks from human experience
(Smith, 2008). Hence, to generate research strategy will be used positivism philosophy to develop
hypothesis on current study. In addition, predictions can be made on the basis of the previous studies
then will be tested and confirmed wholly or partly which will be lead to the further development of
theory that might be used or tested by further researcher (Saunders, Lewis & Thornhill, 2012).
3.2 Research Classification
Research classification is actually purpose of the study and explains why research is done and it
is classified as exploratory, descriptive, and explanatory. The current research is explanatory
research where the researcher goes beyond describing the characteristics. Furthermore, emphasis
of the explanatory research is that, in this study main emphasis given to explain the relationships
between variables. Additionally, in explanatory research there will be description of
characteristics to analyze why and how something is happening in current research (Synder,
1995).
Moreover, there is two research approaches deductive and inductive. And the current research is
based on deductive research. Mainly, research approaches are mainly based on the research
philosophies and linked together and deductive approach is commonly used with positivism
philosophy. So, in deductive approach hypothesis and theory are developed and a research
strategy will be designed to test the hypothesis (Kowalczyk, 2015). Thus, this research is based
on deductive approach and first objective of the deductive approach is to explain fundamental
38
relationship between variables then hypostasis was developed, hence, to test the hypothesis the
collection of quantitative data was accepted (Colvin, 2005).
3.3 Research Strategy
Initially, choice of research strategy will be guided by the research questions of the current
research. Mainly, there are seven research strategies such as, experiment, case study, survey,
action research, grounded theory, ethnography and archival studies. Thus, in current research
survey strategy is chosen and considering the research questions to collect quantifiable will be
later analyzed that. Mainly, the survey strategy is associated with the deductive approach. And
the mainly strategy in business and management research is that, in this research most frequently
used to answer who, what, where, how much and how many questions. Actually, surveys are the
most popular strategy among research strategies as they allow the collection of a large amount of
data from a sizeable population in a highly economical way.
3.4 Research Choices
This research is quantitative research and quantitative is mainly used as a synonym for any data
collection techniques that uses numerical data (Wyse, 2011). Hence, this research will be in
quantitative since the data analysis and collection will be in numerical format and the
quantitative research relies on deduction. In addition, in quantitative research will be used
variety of quantitative analysis techniques that range from providing simple descriptive of the
variables to establishing statistical relationships till complex statistical modeling. In a nutshell, in
this research the main purpose of the researcher is to stud and analyze the relationship between
an independent variables and dependent variables which is variable in a population (Earl,
B.2010).
39
3.5 Time Series
Mainly, research is classified or there is two tie horizons applicable they are: cross-sectional and
longitudinal. Cross- sectional research is studies a particular phenomenon at a specific point in
time and carries out once ( Saunders, Lewis & Thornhill, 2012) Hence, this research carried
with aim that to study and explain the relationship between variables and also aimed to find the
relation at the present time therefore cross-sectional research is accepted in this study. And as
mentioned above cross-sectional research employs the survey strategy therefore to study current
research particular time is taken to explain the impact of the factors and their relationship. In a
nutshell, cross- sectional research employs survey strategy to collect data (Sekaran, 2006).
3.6 Data
Actually, in business research there are two types of data collected; primary data and secondary
data. So, in this research the primary data is used and data originated for the specific purpose to
address the research problem. Thus, in this primary data, data will be collected through
questionnaire but in other researchers might apply interviews or observations to collect data. As
mentioned above, questionnaires tend to be used explanatory research and for this explanatory
research, the data will analyses the relationships between variables (Sekaran, 2003).
3.7 Instrumentation
Questionnaire is one of the most important methods of collecting primary data which includes
prearranged set of questions related to the investigation. And it will be offered in the form of
booklet. According to Sekaran ( 2003) researcher must to make sure that questions should be
clear and short which will be understandable to the respondents and the number of the questions
40
should not be long for the reason that the respondents might refuse to fill up long survey (
Sekaran, 2003).
Hence, designing questionnaires for current research, self- administered questionnaire is chosen
due to its convenience for the researcher additionally some questions are based on past research
done previous researchers. The purpose of the questionnaire is to generalize from sample to
population in order to take conclusive information about the characteristics of the population
(Smith, 2008). Taking into account the distance between Malaysia and Uzbekistan the
researcher distributed and collected questionnaire through internet. Questionnaires were
distributed among various Universities, colleges and lyceums throughout Uzbekistan. A sample
of the cover letter along with self-completed questionnaire is attached to the Appendix C.
Hence, there two parts in the design of the questionnaire. The first part is known as Section A,
which asks from respondents their demographic characteristics such as their age, gender and
study level. The second part detailed the independent and dependent variables that would be
asked and tested in the survey. The questions adoption was from different sources Albeerdy &
Gharleghi, (2015), Shim et al., (2010), Tang`s Money Ehic Scale (1992). Five point Likert
scales are used in structuring the questions because this scale is suitable for self- administered
survey method. In addition, this questionnaire is administered electronically using the Internet-
mediated questionnaires. And total of 200 questionnaires were distributed to the respondents to
collect quantitative data.
3.7.1 Financial Literacy
Three questions in this instrument were adopted by Albeerdy & Gharleghi (2015) to identify the
relationship with other independent variables and the rate of financial literacy of the respondents.
And other questions are developed by the researcher with the help of Collage Student Financial
41
survey but it will be modified in order to relate to the current study. The question will
compromise of four items in order to measure each of the dimensions. All the 4 statements of the
scale in a positive statement and 5 point scale ranging 1(strongly disagree) to 5(strongly agree)
was used in order to measure the rate of the respondents financial literacy.
The questions will compromise of four items which are:
1. I consider myself a financially literate person.
2. I am able to manage my own financial statement.
3. I maintain financial records.
4. It is important to maintain my financial records.
3.7.2 Financial Education
This instrument to be used for Financial Education is developed by the researcher. In this
instrument 4 questions were included and 5-point liker scale ranging 1 (strongly disagree) 5
(strongly agree) is used in order to complete the research objective.
1. Financial Education is important for being financially literate
2. The Financial course (s) increased my knowledge of personal finance
3. The Financial course (s) helped me to become more confident in my personal financial
management skills.
4. Students that have taken a financial curriculum or courses have more financial knowledge
compare to their colleagues.
3.7.3 Financial Socialization Agents
The third instrument was adopted by Shim et al., (2010) to look the role of financial socialization
agents on financial literacy of respondents. The instrument consists of 4 statements, in order to
42
identify whether the respondents agree or disagree with the statements. All 4 statements of the
scale are in a positive statement and 5 point liker scale as used ranged from 1 (strongly disagree)
5 (strongly agree). This instrument will also include as influence part by the socialization agents
to be measure by providing positive sentences to know what influences the respondents the most
in order to seek financial knowledge. The questions set which includes all the agents are:
1. Financial Socialization agents have an impact on my financial knowledge.
2. When it comes to managing money, I look to my parents as my role models.
3. My friends influenced me more to be financially knowledgeable.
4. Social Media and Television influence me to be a more financially literate person.
3.7.4 Money attitude
This instrument is used in for the study of money attitude is conducted by Tang`s Money Ehic
Scale (1992) which was comprised of four items which are classified and rated on a five Likert-
scale ranging from (1) being “Strongly Disagree” and to (5) “Strongly Agree” but the researcher
modified it in order to set positive sentences. The questions are classified based on power, good,
freedom and achievement. In order to better understand the money attitude of those students,
these items will be included in the methodology:
1. Money gives me the opportunity to be what I want to be.
2. Money is one of the most important goals in my life.
3. I prefer to save money rather than spending it.
4. My attitude toward money improves my financial literacy.
These questions will highlight the respondents` views on money and their attitudes towards money.
43
3.8 Administration of Questions
As mentioned above questionnaires must be introduced wisely and clearly to the respondents to
confirm a high response rate. According to Saunders, Lewis & Thornhill, (2012) administration
of questionnaires must be appropriate and should match to the type of the survey. As stated
above for this study, self-administered questionnaire were used with a covering letter attached. A
total of 200 internet- mediated questionnaires were administered via email, whatsApp, Facebook
and Telegram. The respondents were given about 10 days in order to collect acceptable amount
of data. A total of 110 questionnaires were completed in this research question.
3.9 Sampling
For all research questions where it would be impracticable to collect data from the entire
population the researcher need to select a sample (Saunders, Lewis & Thornhill, 2012). Thus, for
current research, this will be important because of the use of the survey for data collection
technique. The sampling saves time and it is manageable to find and organize data collection
since in sampling a fewer people are involved. The sampling techniques are divided into two
types there are representative sampling and non-probability sampling. However, non-probability
sampling is used most practically. The sample size was based on the formula by Krejcie &
Morgan (1970).
In a nutshell, the target population in this research covered all university students in Uzbekistan.
The calculated sample size based on Roasoft was 325 and Convenience sampling technique was
used to select possible respondents in this survey. Due to time constraints, the sample size for
this survey is minimum 68 (margin of error = 7%, confident level =90%). In a nutshell, for this
research Convenience sampling was used and this involves selecting random cases and the
easiest to obtain for the researcher sample (Saunders, Lewis & Thornhill, 2012).
44
3.10 Data preparation
Data Preparation involves checking or logging the data in; checking the data for accuracy;
entering the data in the computer; transforming the data; and developing and documenting a
database structure that integrates the various measures (Saunders, Lewis & Thornhill, 2012).
After data have been collected from the respondents the next step is to analyse the sample to test
the research hypothesis (Sekaran, 2006). Assigning to the various categories of variables or
coding to be used in data analysis. Coding is translating answers into numerical values. Data
editing is to check for accuracy and the incoming mailed survey data was checked for
incompleteness and variations, if any (Sekaran, 2003). Hence, after editing which guarantees the
information on the schedule is accurate the data are put together in tables using the Excel
spreadsheet so that it may also endure some other forms of statistical analysis. Lastly, the data
later downloaded using the SPPS program.
3.11 Data analysis
As stated David (2013), data analysis includes three objectives: getting a feel for the data, testing
the goodness of data and testing the hypothesis developed for the research. The feel for the data
gives introductory ideas of how good the entering and coding have done and how well good the
scales are. Thus, in this research, Descriptive statistics is used to obtain to check the central
dispersion and tendency. In addition, the range, the mean, the standard deviation, skewness and
kurtosis gives the researcher clear information of how respondents have reacted to the questions
in survey and how good the measures are (Sekaran, 2006).
By testing consistency and stability, the reliability of a measure established and the reliability of
coefficient indicates how well the items are set in a positively connected to one another. For the
45
validity of data the testing will be reviewed through experts, which will be submitted for factor
analysis.
Furthermore, Pearson Product- Moment Correlation Coefficient is conducted by the researcher
in order to identify and test the correlation coefficient between two variables. Generally,
Correlation Analysis is used in the research to describe the strength and direction of the linear
relationship between variables. Therefore, in this research Pearson Product- Moment Correlation
Coefficient is used by the researcher in order to measure of the degree of linear relationship
between two variables (Greasley, 2008).
Lastly, researcher conducted Multiple regression analysis to test relationships among variables.
According to Pallant (2003) Multiple Regression is used to address a variety of research
question and provides information about the model as a whole and the relative contribution of
each variable that made up in the research. Furthermore it helps to researcher to identify which
variable in a set of variables is the best predictor of an outcome and how well a set of variables is
able to predict a particular outcome (Barry & William, 2013).
Then, the researcher will be ready data to test the hypothesis, once the data will be ready for
analysis. Thus, in this research Statistical Package for Social Science (SPSS) version 20.0 will be
applied to generate the data collection from questionnaires to identify and analyze the results
from the results of the research. In addition, frequency of data will be implemented to formulate
the percentage of respondents that identifies variety of answers which will help to analyze the
determinants of the financial literacy among students in Uzbekistan.
46
3.12 Ethical Consideration
Research ethics is the appropriateness of the researcher behavior in relation to the right of the
respondents of those who become the subject of the research. The research ethics are also related
to the researcher and as well as other researchers (Resnik, 2015). Saunders Lewis & Thornhill,
(2012) stated that possible ethical issues should be considered from the beginning of the research
and also should be provided criteria against research is judged. Hence, this research will be
conducted based on certain terms and conditions which are applied by APU. Taking into
consideration ethical rules the research has been conducted with honesty and there will be
avoided providing wrong data information which is strictly prohibited by the law. In addition,
data collection will be handling in secure and data will not be exposing to third party without
respondents acknowledgement. Information that provided by respondents will be strictly used for
the purpose of the completing current final year project and participants may withdraw from the
process anytime without any justification. In a nutshell, in this research, especially in survey will
not be any sensitive information or question that can cause physical or emotional harm to the
respondents.
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CHAPTER FOUR
Presentation and Data Analysis
4.1 Introduction
In the chapter 4 were discussed the findings of current study though collected data. The chapter
summarized the results of the questionnaire and started the analysis with descriptive analysis.
Frequency tables were presented to show the weightage of each answer for each variable and it
charted by different groups, pie chart and histogram in order to show the distribution results.
Furthermore, the reliability test was conducted to examine whether the collected data is accurate
and reliable among measurement. Cronbach`s alpha was used to test and forecast of the
reliability in the research.
Additionally, multiple regression analysis were used to explore relationship among Financial
Education, Money attitude, Financial Socialization Agents and Financial Literacy that were
explained with tables and figures. Lastly, the Normal P-P plot of regression standardized residual
values Scatterplot were conducted and briefly concluded the whole chapter with its critical
findings and summary in relation to the objectives of this research.
48
4.2 Descriptive analysis
In this this section, descriptive analysis includes Gender, Age, Education Level and Field of
Study of respondents.
Statistics
Gender Age Education Level Field of Study
Valid 110 110 110 110

N
Missing 0 0 0 0
Table 3: Respondents Demographic Profile
4.2.1 Gender
Gender
Frequency Percent Valid Percent Cumulative Percent
male 62 56.4 56.4 56.4
Valid female 48 43.6 43.6 100.0
Total 110 100.0 100.0
Table 4: Gender of Respondents
49
Gender
Figure1: Gender of Participants
The above Table 4 illustrates that out of the 110 respondents, 62 were male and 48 female. The
number of male had the highest percentage with the 56.36 % because they were willing to
respond than the female respondents. 43.64 % of the respondents were female. This shows that,
male participants were more supportive than female respondents.
50
4.2.2 Age of Respondents
Age
Frequency Percent Valid Percent Cumulative

Percent
18-19 years old 13 11.8 11.8 11.8
20-25 years old 83 75.5 75.5 87.3
Valid 26-35 years old 11 10.0 10.0 97.3
35 and above 3 2.7 2.7 100.0
Total 110 100.0 100.0
Table 5: Age of respondents
Age of Respondents
Figure 2: Age of Participants
As it shown, from both Table 5 and Figure 2, there were 13 respondents with the 11.82 % who
were below age group of 18-19. There are 83 students who were in the between age of 20-25
with the highest percentage of 75.45. From the age of 26-35 there were only 11 respondents and
with the lowest percentage of 2.7 who situates themselves in 35 and above.
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4.2.3 Education level of Respondents
Education Level
Frequency Percent Valid Percent Cumulative

Percent
lyceum 4 3.6 3.6 3.6
college 13 11.8 11.8 15.5
Valid bachelor`s degree 86 78.2 78.2 93.6
master`s degree 7 6.4 6.4 100.0
Total 110 100.0 100.0
Table 6: Education level of Respondents
Education Level
Figure 3: Education Level of Respondents
The both table 6 and Figure 3 indicates that, 3.64 % respondents were lyceum students and 13 of
the 110 students were college students. Bachelor`s degree students were highest with the 78.18
percentage and only 7 students out of the 110 were master`s degree. From the results known that,
bachelor`s degree students were more willing to answer to the questions.
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4.2.4 Field of Study
Field of Study
Frequency Percent Valid Percent Cumulative Percent
Business Management 36 32.7 32.7 32.7
Education 39 35.5 35.5 68.2
Valid Engineering 9 8.2 8.2 76.4
Others 26 23.6 23.6 100.0
Total 110 100.0 100.0
Table 7: Field of Study of Participants
Field of Study
Figure 4: Field of Study
Figure 4 indicates that, the majority of respondents were studying in Education sector with the
35.45 percent and 32.72 % were studying in Business Management. 9 students out of 110 were
Engineering students and 26 students were studying in other field of study.
53
4.3 Descriptive Statistics for Continuous Variables
Generally, for continuous variables the best method to use is Descriptives, which provides to
researcher summary statistics such as mean, standard deviation, median, skewness and kutrtosis.
According to David (2003) researcher can collect the descriptive information on all continuous
variables hence it is not necessary to analyse each instrument in all variables. Thus, the
researcher in this study decided to use continuous descriptive for all variables in order to avoid
long output. Furthermore, the descriptive statistics for continuous variables was provided to
research with summary statistics such as mean, std. deviation, Skewness and Kurtosis. Thus, the
table above shows, the measures of central location, which point out to values that attempted to
describe a set of data by identifying their central position.
Descriptive Statistics
N Minimum Maximum Mean Std. Deviation Skewness Kurtosis
Statistic Statistic Statistic Statistic Statistic Statistic Std. Error Statistic Std. Error
Literarcy 110 2 5 3.85 .702 -.066 .230 -.723 .457

FEducation 110 1 5 3.85 .895 .162 .230 .045 .457
MAttitude 110 1 5 3.40 .819 -.132 .230 -.259 .457
FSAgents 110 1 5 3.16 .865 -.163 .230 .270 .457
Valid N
110
(listwise)
Table 8: Descriptive Statistics for Continuous variables
The tables 8 represents summary of information for each variables. Hence, the interest of
researcher in Descriptive analysis is to look column that is labeled mean. In the above table
represented summary of the means for 16 items according to each variables. As it is represented
all the items have a means score above 3.00.According to Tabachan & Fiddell (2001), the mean
represents the average value of the distribution. Survey distributed on a five point Likert scale,
54 Not in Reference
List
that starts 1(strongly disagree) to 5 (strongly agree). Based on the dependent variable and
independent variables mean score, greater than 3 which indicates that majority of respondents
agreed with the statement items for each variable. Therefore, those items are considered to have
influence to financial literacy of students in Uzbekistan. However, with the highest mean
Financial Education score of 3.85, hence it indicates that, Financial Education have high
relationship towards financial literacy among students in Uzbekistan.
Moreover, researcher decided to analyse skewness and kurtosis in the research. According to
Pallant (2003) the skewness value provides a sign of summary of the distribution. Furthermore, it
measures how symmetrical the distribution is. According to Field (2000) the value for
“Skewness” and “Kurtosis” ranged between -2 to +2 is considered as the acceptable level of
normal distribution. Hence, if the standard error of Skewness and Kurtosis value in this research
falls within these ranges (-2 to +2) it is considered as not seriously interrupted. Therefore, all
variables are positive and moderately skewed. Hence, positive skewness value directs a
clustering of scores at the high end and right side of the graph. However skewness value for
variables indicates negative value because it is skewed to the left.
Furthermore, kurotsis on the other hand offers valuable information about the peakedness of the
distribution. According to Freema (2009), positive kurtosis value shows that the distribution
clustered in the centre with long thin tails. Hence in this research, kurtosis values for Financial
Socialization Agnets, Financial Educationand Money attitude indicates indicates positive
kurtosis value. However Financial Literacy with kurtosis value shows positive value because it
exceeds the acceptable ranges which are -0.723. Kurtosis values below 0 shows a distribution
that is relatively flat.
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4.4 Reliability test
Reliability analysis is refers to the consistency of systematic measure that measurements are
repeated several times. According to Sekaran (2003), the measurement on a scale is considered
to be reliable when the participants answer all questions in a consistent manner.
Cronbach`s alpha coefficient were chosen as a common measure of internal consistency which
is suitable for this research. Internal consistency is one of the main issues and it states to the
degree to which the items make up the scale. Generally, Cronbach`s alpha coefficient is used as a
general indicator of internal consistency and preferably Cronbach`s alpha coefficient should be
above 7. According Pallant (2005) there is rule of skim that can be used as a guideline for the
measurement: > 0.90 (excellent), 0.80 – 0.89 (good), 0.70 – 0.79 (acceptable), 0.60 – 0.69
(questionable), 0.50 – 0.59 (poor) and < 0.50 (unacceptable).
The highest alpha specifies that, when the participants select high score for one item, they likely
select high scores for other items as well. In a nutshell, in this research all variables were tested
for reliability.
4.4.1 Financial Literacy
Table 9 shows the Cronbach`s Alpha reliability coefficient statistics of the total number of items
for Financial Literacy.
Reliability Statistics
Cronbach's Alpha N of Items
.690 4
56
Table 9: Reliability Statistics of Financial Literacy
In the Table 9 Reliability statistics provides the actual value of Cronbach`s alpha. From the value
known that, Cronbach`s alpha of the 4 items of Financial Literacy is at 0.690. According to the
rule of reliability skim, the result indicates acceptable internal consistency between these 4 items.
However, Cronbach`s alpha value does not indicate good internal consistency between these 4
items in this research but value is acceptable.
4.4.2 Financial Education
.793 4
Table 10: Reliability Statistics of Financial Education
In table 10, indicates the Cronbach`s alpha reliability coefficient statistics provides the actual
value of Cronbach`s alpha. From the second table it is known that, Cronbach`s alpha of the 4
items of Financial Education is 0.793. According to the Pallant (2003) for a reliability analysis
to be valid the value of Cronbach`s alpha must be 0.7 and higher. Hence, the Cronbach`s alpha
value in this variable vindicates a good consistency between these 4 items in the scale.
Therefore, it can be concluded that, there is high level of reliability.
57
4.4.3 Financial Socialization Agents
.602 4
Table 11: Reliability Statistics of Financial Socialization Agents
The last table 11, shows the internal consistency results for Financial Socialization Agents with
Cronbach`s alpha 0.602. As mentioned above according to the rule of thumb, the internal
consistency of the 4 items in Financial Socialization Agents is acceptable. Unfortunately, the
Cronbach`s value in the second independent variable is the lowest among other variables in the
research.
4.4.4 Money Attitude
.638 4
Table 12: Reliability Statistics of Money Attitude
From the table 12, it is shown that the result of Cronbach`s alpha for 4 items in last independent
variable is 0.638 which indicates an acceptable internal consistency between 4 items. Hence, it
can be concluded that there is average level of reliability or internal consistency. In a nutshell, all
variables have on a scale is reliable therefore hypothesis statement are accepted.
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4.5. Pearson Product- Moment Correlation Coefficient Test
Generally, Correlation Analysis is used in the research to describe the strength and direction of
the linear relationship between variables. Pearson product- moment correlation coefficient is
usually designed for continuous variables. Hence, in this research Pearson Product- Moment
Correlation Coefficient is used by the researcher in order to measure of the degree of linear
relationship between two variables. Table 13 represented rule of the strength of a correlation in
order to identify relationship between two variables.
Table 13: The strength of a correlation
As a general guideline the relationship would be ranged from -1.0 to +1.0. According to
(Greasley, 2008), A value ranging from-0.1 to -1 indicates negative relationship. However, value
ranging from 0.5 and above would be classed a strong correlation and 0.1 to 0.4 would be
regarded a weak correlation. Furthermore, a value that is indicates zero value indicates the
absence of any relationship between two variables.
59
Correlations
Literacy FEducation MAttitude FSAgents
Pearson Correlation 1 .639** .584** .605**
Literacy Sig. (2-tailed) .000 .000 .000
N 110 110 110 110

Pearson Correlation .639** 1 .556** .598**
FEducation Sig. (2-tailed) .000 .000 .000
N 110 110 110 110
Pearson Correlation .584** .556** 1 .452**
MAttitude Sig. (2-tailed) .000 .000 .000
N 110 110 110 110
Pearson Correlation .605** .598** .452** 1
FSAgents Sig. (2-tailed) .000 .000 .000
N 110 110 110 110
**. Correlation is significant at the 0.01 level (2-tailed).
Table 14 Pearson Product – Moment Correlation Coefficient Test
Table 14 represents the correlation coefficient between dependent variable and independent
variables including, Financial Literacy, Financial Education, Money Attitude, Financial
Socialization Agents. Hence, Table 12 shows that, all independent variables such as Financial
Education, Money Attitude and Financial Socialization Agents have positive relationship with
Financial Literacy. It is because the coefficient values of these variables are 0.5 and above as
explained in the strength of correlation rule. The strongest positive relationship between
dependent variable and independent variable is Financial Education with the value of 0.639.
Moreover, Financial Socialization Agents also has strong positive relationship with Financial
Literacy with the value of 0.605. However, result showed that, Money Attitude has slightly
weaker positive relationship with Financial Literacy. Thus, all analysis data proves that Financial
Education, Money Attitude, Financial Socialization Agents influence to Financial Literacy
among students in Uzbekistan.
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4.6 Multiple Regression Analysis
Multiple Regression analysis is known as a one of the fussier statistical techniques to explore
relationships among variables. Multiple Regression analysis is a family of techniques that makes
a number of assumptions about data. Generally, Multiple Regression is sophisticated exploration
of the interrelationship among a set of variables and it is ideal for the investigation of more
complex real-life rather than laboratory- based research questions (Pallant, 2003).
Hence, in this research Multiple Regression Analysis was used in order to identify relationships
among variables. Further, this analysis identifies how well a set of variables to predict a
particular outcome. Multiple Regressions analysis includes the tables such as Model Summary
that measures R Square and ANOVA table is given to present F value and Significance. Lastly,
Multiple Regression provides Coefficient table to test regression equation.
4.6.1 Model Summary
Model Summaryb
Model R R Square Adjusted R Std. Error of the

Square Estimate
1 .709a .503 .492 .41286
a. Predictors: (Constant), IV1, IV2, IV3

b. Dependent Variable: Financial Literacy
Table 15: Model Summary
The Table 15 shows the Model Summary, which is the first table in the Multiple Regression
Analysis. According to Pallant (2003) the table of Model Summary provides goodness of fit
61
measures between the variables. The table starts with R value that represents the simple
correlation. In this study R value indicates a good degree of correlation with the value of 0.709.
Furthermore, R Square in the Model Summary indicates how much the dependent variable can
be explained by the independent variables. Hence, in this research the Coefficient determination
of R Square is 0.503. It indicates that, model which includes Financial Education, Money
Attitude, Financial Socialization Agents contributed only 50.3 percent of variance towards
Financial Literacy among students in Uzbekistan. Thus, 49.7 percent indicates elastic factors in
Financial Literacy among students in Uzbekistan are uncontrollable. In a nutshell, in this
research 0.503 is quite respectable result; it is because the small sample usually provides lower
value rather than the normal R Square value.
4.6.2 ANOVA Analysis
ANOVAa
Model Sum of Squares df Mean Square F Sig.
Regression 23.964 3 7.988 46.864 .000b
1 Residual 23.693 106 .170
Total 47.657 109
a. Dependent Variable: Financial Literacy

b. Predictors: (Constant), IV1, IV2, IV3
Table 16: ANOVA Analysis
Table 16 presents ANOVA analysis that is second important table in Multiple Regression
analysis. The ANOVA represents result of significance and F value. According to Yilmaz,
Altinkurt & Cocluck (2011), under Significant P- value should be less than (p<0.05). Hence, in
this research F value is 46.864 48.866 at the level of 0.00 (p<0.05).
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According table 16, F value is 46.864 8.195 is significant at the level of 0.000 (p<.0005). Hence,
the overall regression model for Financial Education, Money Attitude and Financial
Socialization Agents is working properly in explaining the difference in financial literacy among
Uzbek students
4.6.3 Coefficients
Coefficientsa
Model Unstandardized Coefficients Standardized t Sig.

Coefficients
B Std. Error Beta

(Constant) .514 .307 1.674 .000
FEducation .459 .081 .347 3.835 .000

1
MAttitude .080 .069 .079 .749 .252
Agents .214 .075 .212 2.845 .005
a. Dependent Variable: L
Table 17: Coefficients
This analysis identifies the contribution of each independent variable to the prediction of the
dependent variable. To compare the different variables it is important to look at the column
labeled Beta under Standardised Coefficient. According to Joreskog (1999), Standardised
Coefficient presents values for each of the independent variables that have been converted to the
same scale in order to compare them. Therefore there was used beta value in order to identify the
contribution of each independent variable to the prediction of dependent variable. From the table
above, 0.347 is the largest beta coefficient which is for Financial Education. This means,
Financial Education has strongest unique contribution to explaining Financial Literacy. If
financial education of students increases by one unit, it will definitely affect to the contribution
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of financial literacy by 0.347. The beta value for Financial Socialization Agents was slightly
lower .212 which is indicated that, this independent variable made less contribution to the
dependent variable. However, with the beta value .079, Money Attitude did not make significant
contribution to the dependent variable.
Furthermore, in this Coefficient table it is important to look at the column labeled Sig. which
tells whether the variable is making a statistically significant unique contribution in the equation.
According to Pallant (2003) Sig. value is very dependent on which variables are included in the
equation and how much overlap among the independent variables. Hence, the variables in order
to be in a unique contribution to the prediction of the dependent variable the Sig. value should be
less than 0.05. Thus, from the table is shown that, financial education is made significant unique
contribution to the prediction of the Financial Literacy with the value of .000. However, Money
Attitude with Sig. value of 0. 252, which is less 0 .05 did not make significant unique
contribution to the prediction of Financial Literacy.
4.6.4 Normal Probability of the Regression Standardized - Financial Literacy
According to Tabachan & Fiddell (2001) Normal Probability Plot of the Regression
Standardized, Histogram and Scatterplot were requested as a part of the analysis. Generally,
these results were presented at the end of the output.
64
4.6.4.1 Histogram
Figure 5: Histogram
Figure 5 represents the regression standardized residual histogram that symbolizes residual
values. According to Pallant (2003) the distribution of the histogram must be close to the curve
of normal distribution. In this table, the histogram shows that, the residual approximate a normal
distribution curve which is normally distributed around a mean of zero.
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4.6.4.2 Normal P-P Plot of Regression Standardized Residual
Figure 6 : Normal P-P Plot of Regression Standardized Residual
Figure 6 shows the Normal Probability Plot of Regression Standardized Residual for dependent
variable. According to Sekaran (2003), the values expected to be very close to reference line or
on the reference line. In this research, Normal Probability Plot lie in a reasonably straight
diagonal line from bottom left to top right. As stated Pallant (2003) this plot is well distributed
alone the line.
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4.6.4.3 Scatterplot
Figure 7: Scatterplot
The hope of the researcher from the Scatterplot is that the residuals should be roughly
rectangular distributed, along the 0 point. Figure 7 shows that, residuals in Scatterplot roughly
distributed and the most scores concentrated in the center. Hence, the Q-Q Plot of zpred and
zpresid indicates in a linear regression analysis there is no tendency in the error terms. In a
nutshell, the researcher can draw the line across the line (Pallant, 2003).
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4.7 Summary of Hypothesis Testing
Hypothesis Regression Decision

Results
H1: Financial Education has a correlation to p= 0.000 Hypothesis

p< 0.05 accepted
Financial literacy of students.
Regression analysis shows that impact is significant
H2: Financial socialization agents have a correlation to p= 0.005 Hypothesis

p< 0.05 accepted
the level of financial literacy among students.
Regression analysis shows that impact is significant
H3: Money Attitude has positive correlation to p= 0.252 Hypothesis

p> 0.05 rejected
Financial literacy of students.
But based on regression analysis the impact is not significant
Table 18: Results of Hypothesis Testing
Table 18 represents the summary result of hypothesis testing for current research. According to
Pallant (2003), in order to accept the hypothesis the p value should be less than 0.05 (p< 0.05).
Hence, in this study the H1 and H2 were accepted since p value of both hypothesis were less
than 0.05 (p< 0.05). However, H3 was rejected in this research with p=0.252. Thus, it is indicates
that Financial Education and Financial Socizalization Agents have influence towards financial
literacy among students in Uzbekistan. And Financial Education found to be highest significant
impact towards financial literacy of students. However, Money Attitude did not have significant
relationship with financial literacy of students in Uzbekistan.
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4.8 Conclusion
In a nutshell, the chapter 4 conducted data analysis and presented descriptive, reliability, Pearson
correlation and multiple regression analysis that is obtained from SPSS result. The chapter
started brief explanation of chapter and continued with descriptive analysis for all variables. The
analysis indicated that, majority of the respondents scored above the mean 3.0, it is indicates that
financial literacy of the students in Uzbekistan have an average to high level of financial literacy.
And Financial Education, Money attitude and Financial Socialization agents have influence to
them to be financially knowledgeable.
Furthermore, the chapter conducted reliability analysis for each variable and it is found that all
participants answer all questions in a consistent manner. And Pearson Product-Moment
Correlation Coefficient was conducted in order to test and measure the correlation coefficient
between independent variables and dependent variable. Thus, from the result it is founded that,
all independent variables had positive relationship with dependent variable and Financial
Education indicated the strongest positive relationship with Financial Literacy. However, Money
attitude represented slightly lower positive relationship with Financial Literacy but result was in
acceptable level. Lastly, the researcher conducted the Multiple Regression Analysis to test the
relationship among variables. Hence, it is found that, Financial Education have significant
relationship with financial literacy among students in Uzbekistan. However, Money Attitude did
not have relationship to dependent variable in this research.
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CHAPTER FIVE
RESEARCH FINDINGS
5.0 Introduction
In the chapter 5, a summary of all the results of research are presented. The chapter started by
concluding the main finding and results of the study that is observed and collected from chapter
one until chapter four. Further, researcher presented research limitations that identified while
pursuing the research to aware future researcher in this research area. Then, there provided
detailed information and discussion about the main findings in current research and comparison
current findings with those previous findings by other researchers which were mentioned in
chapter two. Lastly, researcher provided some recommendation for future research for current
research area in order to improve the quality of this study.
5.1 Discussion
Financial literacy is authoritative that enables students to manage their personal finance in a
consistent manner. Hence, this study is aimed to investigate the financial literacy of students in
Uzbekistan and objectives of this research study relationship between independents variables
towards dependent variable. Consequently, Financial Education was found to be one of the
strongest impacts towards financial literacy of students in Uzbekistan. However, data analysis
concluded that there is no relationship between money attitudes with financial literacy among
Uzbek students.
5.1.1 Financial Education and its relationship with Financial literacy
Based on the multiple regressions and hypothesis testing, it is concluded that, there is significant
relationship between financial education and financial literacy of students in Uzbekistan. This
implies that, financial education and dependent variable which is financial literacy have an
70
inverse correlation. It means that, if individuals improve their financial knowledge it will
definitely impact to the increment of their financial literacy. Looking back at the literature
review in chapter 2, most previous studies supported the impact of financial education towards
financial literacy of individuals. Consequently, this factor is recognized an important determinant
of financial literacy in almost all empirical research studies and most studies relate its impact on
financial literacy.
Thus, most notably, financial education is the strongest predictor among financial literacy topics.
According to Huston (2010), Letkiewicz (2012), Albeerdy & Gharleghi (2015), Ahmad, Simun
& Masoud, (2010), Gille & Loeffler, (2012), Lusardi & Mitchell, (2006) Financial Education
had been positively associated with financial literacy. Thus, it is generally agreed that financial
education increase the financial well- being of students and also positively influence their
confidence level that clearly shows the importance of financial education. Further research
shows that, financial curriculum and programs increase individual’s knowledge and changes
their financial attitude and literacy in the case of borrowing, saving and spending (Ahmad,
Simun & Masoud, 2010).
Furthermore, Bhushan & Medury (2013), mentioned that, students are not well- informed about
their personal finance, generally do not have adequate financial knowledge. It is because, lack of
knowledge in the finance might lead to failure of managing personal finance which can lead a
serious social consequences. Moreover, it is believed that, people fail to make correct personal
financial decisions because they did not received any financial education. On the other hand,
students who are financial educated are believed to be able to make better decisions in the
financial well- being and economic security.
71
However, according to Rob & Sharpe (2009), financial education has negative impact on college
student’s credit card decisions. Students with higher financial education level had significantly
higher credit card balances with their high level of confidence on their managing personal
finance. On the other hand, it is indicates that, financial knowledge still increases the confidence
level of students on managing their personal finance. Furthermore, Lewis (1997) contends that
financial education has positive impact on financial literacy of individuals in terms of increasing
their confidence and responsibilities compare their colleagues.
As mentioned above, financial curriculum and other programs help to increase the interest of
students to learn and improve their financial literacy. In fact Nano & Cani (2009), studies the
relationship between financial education and financial decision making and distributed the
questionnaire among high school students. Then results demonstrated that, students who took the
financial courses or curriculum were more financially literate then those who had not. Moreover,
it is also documented that majority of students believes that they need more financial education
in order to improve their financial literacy.
Hence, students who have taken personal financial courses are shown to be more financially
literate than their counterparts. Therefore, workshops and programs need to be developed from
the school and need to be taught to school children about money habits, in an early age. So the
earlier students learn how to manage money in their entire life. In nutshell, the study reveals
that, in comparison on financial literacy determinants financial education has highest impact to
the financial literacy of students in Uzbekistan. It indicates that, financial education helps
students to gain financial knowledge and control their personal manner efficiently.
72
5.1.2 Financial Socialization Agents and its relationship with Financial literacy
The Multiple Regression analysis indicated that there is positive relationship between financial
socialization agents and financial literacy of students in Uzbekistan. However, financial
socialization agents did not have as much as significant impact like financial education with the
result of p= 0.005. But p value is less than 0.05 therefore it is concluded that there is positive
relationship between variables.
Several studies Moschis, Moore & Smith, (1894), Peng et al. (2007), Shim et al. (2010),
documented that, many students learn basic financial literacy or knowledge through observing
their family or friends. Consumer socialization research added that, an individual increases their
financial literacy though the influence of socialization agents such as parents, peers, family
member and media (Moschis, Moore & Smith, 1894). Hence, what students experience and
learned from their family of peers in the past could affect their financial knowledge and attitude
positively (Chaplin & John, 2010). Therefore, from the experience and knowledge in early stage
children will shape their knowledge, attitudes time by time which help them to increase and
improve their financial literacy faster.
So, peers have become increasingly important to children as they begin wean themselves from
parents as become independent beings. Consequently, in this study, it is founded that, peers were
second most important socialization agent that influence on the financial literacy of students in
Uzbekistan. 59.09% students were agreed that peers were main socialization agents that shaped
their money management skills. According to Sabri (2011) peer groups contribute effective
learning about money management and monetary values of children after their family members.
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On the other hand, Mass media such as television, internet and newspaper also plays an
important role in the socialization that impact financial attitude of the students. According to
Bindah & Othman (2011) media was the second most important socialization agent that
influence on college students financial attitude. However, in this study media were third factor
on socialization of students with the percentage of 40.91%. But, as mentioned in literature
review according to Lyons et al. (2006), 33 percent of students use media as a mean to seek
financial knowledge. However, based on current research the percentage of students that use
media as mean to seek financial knowledge is higher than previous research studies. However,
the result might rely on time framing, which represented difference on results.
On the other hand, several studies Pinto, Parente & Mansfield, (2005), Peng et al. (2007), Shim
et al. (2010), documented that, parents have greater influence than peers, media and school on
financial literacy of students. This findings insights that, parents plays an important role in the
process by which children learn about managing money in early age. Furthermore, the studies
indicated that, parents are important socialization agents that develop financial management
behavior of their children though the lesson that delivered intentionally by them.
Relevant to this, Sabri (2011) found that, usually students learn from their parents how to
manage credit card than any other financial socialization agents. Consequently, parents
understanding on financial literacy also have great impact to children. Therefore, parent’s
knowledge of managing money is significant factors to the financial literacy of children that has
great impact to the knowledge and behavior of children.
Accordingly, the findings of this research provided that, 77.27 % of students look to their parents
as a role model when it comes to managing money. It means, the parents are the main factor on
the financial literacy of students in Uzbekistan. Consequently, according to Uzbek culture is
74
family oriented culture and they have additionally attention to family, therefore result indicated
high parental influence on financial literacy of students (Rajabova, 2014). In response, Calamato
(2010) added that, students from different culture background and different ethnic are socialized
differently. Hence, it can be said that, socio- economic characteristics are influence to students to
socialize differently which influence them to learn money management from different members
of financial socialization agents. Hence, as many studies documented that, family, media and
peers are the main typical sources of financial literacy.
5.1.3 Money Attitude and its relationship with Financial literacy
Money attitude are considered one of the important indicator of financial literacy among
individuals. However, based research findings Money Attitude did not have significant
relationship with financial literacy with the value of p=0.252. It means that, money attitude did
not have significant influence to students in Uzbekistan to seek financial literacy.
This contradicts with much of the past studies. For instance , the contradictive study by Albeerdy
& Gharlegh (2015) indicated that, money attitude has significant relationship with financial
literacy of students and added that; positive attitude towards money will enhance the willingness
of individuals to manage properly their financial statement as compared if they perceive money
in a different way.
However, in this research hypothesis result represented negative relationship between money
attitude and financial literacy of students in Uzbekistan. Hence, as mentioned in literature
review, financial literacy of individual depends on their attitude towards money. If an individual
have positive attitude towards money it will definitely increase the interest to learn how to
manage their money management. But, if student’s perception about money is negative, there
will not be any effort in learning their money management. Therefore, money attitude does not
75
influence to an individual behavior to improve their personal money management if they have
negative attitude towards money.
Additionally, a number of studies Kinzie, (2013), Fah (2010) proved that there is also negative
relationship between money attitude and financial literacy. According to Kinzie, (2013) poor
negative money attitude will lead to the poor management of the personal financial statement.
Therefore, it depends on student`s attitudes and perception towards money whether they increase
the interest to learn money management or not.
In response, Fah (2010) mentioned that, generally most of the youngsters have more negative
attitudes towards money and based on the research survey “ money is there to be spent”, “I prefer
to spent money than saving” financial reflected statements was quite high in the research
findings. Hence, the researcher found, more than 60 percent of youngsters believed that, money
has to be spent, instead of saving or managing accordingly to the specific circumstance.
Therefore, if students have negative attitude towards money they will be less inclined to
undertake financial behaviors which lead them to improve their financial literacy.
On the other hand, some studies Ibrahim & Alqaydi (2013) proved that, formation of money
attitudes is affected by psychological individualities of a person as well as cultural and social
demographic characteristics. According to this study, if an individual have different demographic
characteristics and different cultural perception their attitude towards money definitely will be
different from each other.
In response to this, Adrian & Michael (1998) studied cross cultural research and founded that,
people in underdeveloped and developing countries consider money to be less important. In
addition, Kent & Donald (1982) mentioned that, money attitude do not depend on the level of
income and people who lives in big cities found to be have more positive attitudes towards
76
money. Hence, from the explanation is known that, the reason of having negative relationship
between money attitude and financial literacy in Uzbekistan is the cultural preference of people
that do not consider money as the main important factor in their life (Rajabova, 2014). Therefore,
negative attitude towards money did not influence to learn and increase their personal money
management skills. Secondly, as mentioned above underdeveloped counties consider money to
be less important in their life and they prefer other important values in their life such as family,
friendship and others. Therefore, less consideration to money attitude did not increase their
knowledge and showed negative results towards financial literacy among students in Uzbekistan.
5.2 Conclusion
This research study aims to analyze the determinants of financial literacy of students in
Uzbekistan. In order to complete research objective few studies have been conducted.
First of all, in chapter one Introduction and Research Problem has been discussed the subject
matter by providing a brief background about the research and its inquiries. The researcher
started by arguing the problem statement for each variable which provided a closer look into the
core problem. Then, there were provided valid general and specific research objective by the
researcher in order to complete those research objectives successfully. Furthermore, researcher
specified the significant of the study which argued the benefit of the research by managerial,
theoretical and academic perspectives.
In Chapter two literature review has been discussed all variables of research whether Financial
Education, Financial Socialization Agents and Money attitude have influence towards financial
literacy or not. The chapter was started by giving brief information about financial literacy and
by examining the basic elements of financial literacy that were studied in previous researches.
77
Then each variable were discussed by using previous studies to analyses how they impacted the
financial literacy in each case study.
Third chapter were given in order to give brief information about methodology of the researcher
how the data will be distributed, collected and analyzed. In the chapter three researchers
identified to use quantitative and explanatory in order to complete research objectives.
Furthermore, researcher mentioned to use descriptive, correlation, reliability and multiple
regression analysis in order to investigate results.
Then, in chapter four, all data analysis was presented in order to find hypothesis testing result.
Hence, as mentioned above, firstly descriptive analysis was represented with charts and tables to
give clear explanation about survey result. Furthermore, reliability was used and it was founded
that there is reliability between independent variables and dependent variable. In addition
correlation analysis represented that, all variables of research study have correlation with
dependent variable. Lastly, multiple regressions used in order to find hypothesis testing of the
research and it was founded that Financial Education and Financial Socialization Agents had
significant relationship with financial literacy of students in Uzbekistan. However, Money
Attitude did not significant relationship with financial literacy of Uzbek students. In a nutshell,
researcher provided valuable research studies in order to prove hypothesis results which are
found from the data analysis.
78
5.3 Limitations of Research
Throughout the process of pursuing current research several limitations have been identified
which provided researcher some uncomfortably. Hence, first limitation was in resource
constraints that limited to study, scope of study and get any information since in Uzbekistan it is
difficult to get all information about financial literacy of youth from the internet. Furthermore,
some data, about level of financial literacy in Uzbek students did not provide that was needed to
analyses and observe by the researcher in current study.
Moreover, research is limited in terms of sample size since research is conducted only from
opinion of 110 respondents compared to entire population. Initially, the research target was to
distribute 200 questionnaires and to receive same amount of questionnaire copies from
respondents. But researcher were able to receive only 100 questionnaires copies from
respondents within short period of time that made another limitation to collect, data from the
respondents. Therefore it is considered as a limitation and there might be differences in the actual
data if it taken on a larger scale.
Furthermore, there is also limitation was from the respondents while answering for
questionnaires. Hence, some of the respondents did not have sufficient knowledge and
understanding about the research topic (financial literacy, financial socialization agents) and
research field of the questionnaire. Therefore, it is found to be difficult to explain some of the
respondents about the research topic and its variables that are used in the study. Consequently,
lack of understanding affected to the quality of answers that respondents could not answer
questions in a consistent manner. In a nutshell, these are all limitations that were faced by the
researcher during period of research project and limitations in each research differs from each
other and they are not compound to all research studies.
79
5.4 Recommendation
Based on current study there are some recommendation of researcher that could be helpful to the
future researcher in their research.
First recommendation is to extend this study to wider population since the current study only
covering students. To get more generalized result the researcher should include wider population
such as employees, Y generation, X generation and other member of society.
Secondly, in this research, the sample size is only 110 due to some limitation of the researcher.
Since this kind of small sample size may not be representative. Therefore, it is recommended
that, the higher sample size should be used in order to get better results.
Furthermore, this research is included only three variables but there are other variables such as
financial behavior, demographic characteristics, culture and religion that can be included in order
to analyze the determinants of financial literacy. Moreover, this research can be extended to
other countries in order to identify relationship between variables.
Lastly, explanatory sequential mix method research study should be implemented by the
researcher in order to get perfect results. The result obtained though quantitative research can be
further validated using qualitative method. Hence, this method will provide better debt in
finding. In a nutshell this research is only restricted only in some cities in Uzbekistan that
distributed survey.
80
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7.0 Appendix
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TABLE OF CONTENTS

LIST OF TABLES ......................................................................................................................... 2

LIST OF FIGURES ........................................................................................................................ 5

CHAPTER One : INTRODUCTION TO RESEARCH ................................................................. 9

1.0 Introduction ............................................................................................................................... 9

1.1 Background of Study ............................................................................................................... 2

1.2Problem Identification ............................................................................................................... 5

1.3 Research Objective ................................................................................................................. 15

1.3.1 General Objective............................................................................................................. 19

1.3.2 Specific Objective ........................................................................................................... 22

1.4 Research Question .................................................................................................................... 8

1.5 Hypotesis of the Study .............................................................................................................. 9

1.5 Significance of the Study ........................................................................................................ 10

1.6.1 Theoretical Perspectives................................................................................................... 11

1.6.2 Management Perspectives ................................................................................................ 13

1.6.3 Academic Perspectives..................................................................................................... 14

1.7 Scope of the Study .................................................................................................................. 11

1.8 Limitation of the Study ........................................................................................................... 11

1.7 Terminology defination .......................................................................................................... 11

1.6 Deliverables ............................................................................................................................ 14

CHAPTER TWO .......................................................................................................................... 15

2.0 Literature Review.................................................................................................................... 15

2.1 Financial Literacy ................................................................................................................... 15

2.5 Underpining Theory ................................................................................................................ 28

2.5.1 Theory of Planned behavior and Social Learning theory ................................................ 28

CHAPTER THREE: RESEARCH METHODOLOGY .............................................................. 30

3.0 Introduction Research Design ................................................................................................. 30

3.0.1 Rersearch Framework ..................................................................................................... 32

3.1 Research Philosophy ............................................................................................................... 34

3.2 Research Classification ........................................................................................................... 35

3.3 Research Strategy ................................................................................................................... 30

3.4 Research Time Choices........................................................................................................... 32

3.5 Time Series ............................................................................................................................. 34

3.6 Data ......................................................................................................................................... 35

3.7 Instrumentation ....................................................................................................................... 30

3.7.1 Financial Literacy............................................................................................................. 34

3.7.2 Financial Education .......................................................................................................... 35

3.7.3 Financial Socialization Agents ......................................................................................... 34

3.7.4 Money Attitude ................................................................................................................ 35

3.8 Administration of Questions ................................................................................................... 34

3.9 Sampling ................................................................................................................................ 35

3.10 Data Preparation ................................................................................................................... 30

3.11 Data Analysis ........................................................................................................................ 32

3.12 Ethical Consideration ............................................................................................................ 34

CHAPTER FOUR: PRESENTATION AND DATA ANALYSIS .............................................. 35

4.1 Introduction ............................................................................................................................. 30

4.2 Descriptive Analysis ............................................................................................................... 34

4.2.1 Gender .............................................................................................................................. 34

4.2.2 Age of Respondents ........................................................................................................ 35

4.2.3 Education level of Respindents ........................................................................................ 34

4.2.4 Field of Study ................................................................................................................... 35

4.3 Descriptive Statistics for Continious Variables ..................................................................... 35

4.4 Reiabilty test ........................................................................................................................... 30

4.4.1 Financial Literacy............................................................................................................. 34

4.4.2 Financial Education .......................................................................................................... 35

4.4.3 Financial Socialization Agents ........................................................................................ 34

4.4.4 Money Atitude ................................................................................................................. 35

4.5 Pearson Product- Moment Correlation Coefficient .............................................................. 35

4.6 Multiple Regression Analysis ................................................................................................ 35

4.6.1 Model Summary .............................................................................................................. 34

4.6.2 Anova ............................................................................................................................... 35

4.6.3 Coefficiant ....................................................................................................................... 34

4.6.4 Normal Probabilty of the Regression Standardized ....................................................... 35