Science for Education Today, 2023, vol. 13, no. 5, pp. 124–140
© Tyumentseva E. Y., Shamis V. A., Mukhametdinova S. K., 2023
UDC: 
336.011+004.81+378.1

Factors having the most significant impact on university students’ level of financial literacy: Forecasting based on cognitive methodology

Tyumentseva E. Y. 1 (Omsk, Russian Federation), Shamis V. A. 2 (Omsk, Russian Federation), Mukhametdinova S. K. 2 (Omsk, Russian Federation)
1 Omsk State Technical University
2 Financial University under the Government of the Russian Federation, Omsk branch
Full text (Open Access) — Downloaded 75
Abstract: 

Introduction. The authors explore the problem of increasing financial literacy in modern university students based on an analysis of the results of a sociological survey and cognitive modeling tools. The purpose of the study is to identify a set of interrelated factors that have the most significant impact on the level of financial literacy and predict the features of the development of the system.
Materials and Methods. During the research, the survey method, mathematical and statistical methods for processing empirical data, expert assessment and computer modeling were used. The methodology of cognitive modeling, founded by R. Axelrod, was used as a methodological basis of the study. In order to identify factors that have the most significant impact on the level of financial literacy, a survey was conducted involving 195 Omsk university students. Based on the results of the survey and expert assessment, a cognitive model of the level of financial literacy was developed and a series of computer experiments were conducted.
Results. During the research process, the highest priority topics in the field of financial education were revealed; a set of factors influencing the level of financial literacy was identified, connections between them were determined and an expert assessment of their intensity was carried out; a cognitive model of the level of financial literacy in the form of a weighted directed graph has been developed; a series of computer experiments was conducted and the impact on the target factor of influences of varying intensity exerted on the associated control factors such as, the ability to plan a personal budget, etc. was predicted.
Conclusions. The study showed the social significance of increasing the level of financial literacy in university students. The results of the computer modeling made it possible to predict to what extent influences made on control factors can determine the level of financial literacy and to draw conclusions about the highest priority topics. The results obtained can serve as a scientific basis for designing financial literacy courses in modern universities.

Keywords: 

Financial literacy; Higher education institutions; University students; Sociological survey; Cognitive model; Computer experiment; Forecasting based on cognitive methodology.

For citation:
Tyumentseva E. Y., Shamis V. A., Mukhametdinova S. K. Factors having the most significant impact on university students’ level of financial literacy: Forecasting based on cognitive methodology. Science for Education Today, 2023, vol. 13, no. 5, pp. 124–140. DOI: http://dx.doi.org/10.15293/2658-6762.2305.06
References: 
  1. Abaev A. L., Zbirovskaya E. P., Pratusevich V. R. Analysis of the Russian state university for the humanities experience in the financial literacy improvement among schoolchildren, students and their parent. Bulletin of the Russian State University for the Humanities. Series: Economy. Control. Right, 2017, no. 3, pp. 20–27. (In Russian) URL: https://www.elibrary.ru/item.asp?id=30480503
  2. Vikhrova O. Yu. “Business journalism” as a universal tool for training journalists on how to improve financial literacy of the population. Moscow University Bulletin. Series 10: Journalism, 2019, no. 2, pp. 110–131. (In Russian) DOI: https://doi.org/10.30547/vestnik.journ.2.2019.110131   URL: https://www.elibrary.ru/item.asp?id=37657520
  3. Brovchak S. V., Selivanova M. A., Sochneva E. N., Firsanova O. V., Tsyganov A. A., Shubaeva V. G. Issues of increase in financial literacy of students of higher educational institutions of financial and economic orientation. Prospects of Science and Education, 2019, no. 5, pp. 130–146. (In Russian) DOI: https://doi.org/10.32744/pse.2019.5.10  URL: https://www.elibrary.ru/item.asp?id=41266912
  4. Vospitannik I. V., Koroleva N. I. Formation of economic consciousness and financial literacy of students as terms of their psychological maturity in modern situation. Uchenye zapiski universiteta im. P. F. Lesgaft, 2019, no. 7, pp. 35–42. (In Russian) URL: https://elibrary.ru/item.asp?id=39166162 
  5. Gulyaeva M. A. Integrated approach to formation of financial literacy of students of vocational educational organizations. Vocational Education in Russia and Abroad, 2021, no. 4, pp. 11–20. (In Russian) DOI: https://doi.org/10.54509/22203036_2021_4_11  URL: https://elibrary.ru/item.asp?id=47697000 
  6. Malkina M. Yu., Rogachev D. Yu. Influence of personal characteristics on the financial behavior of youth. Journal of Institutional Studies, 2019, vol. 11 (3), pp. 135–152. (In Russian) DOI: https://doi.org/10.17835/2076-6297.2019.11.3.135-152 URL: https://elibrary.ru/item.asp?id=41177152
  7. Podbolotova M. I. Innovative technologies for improving the financial literacy of children and youth. Bulletin of the Moscow State Pedagogical University. Series: Informatics and Informatization of Education, 2015, no. 4, pp. 83–91. (In Russian) URL: https://www.elibrary.ru/item.asp?id=25013646
  8. Reznik S. D., Chernikovskaya M. V. Financial literacy of university students as a key factor of increasing their economic independence. Druckerovsky Bulletin, 2021, no. 1, pp. 173–185. (In Russian) DOI: https://doi.org/10.17213/2312-6469-2021-1-173-185  URL: https://www.elibrary.ru/item.asp?id=46506842 
  9. Senchenkov N. P., Tsygankova A. N. Assessment of the financial literacy of first-year students of vocational education (on the example of the Smolensk technical school of industrial technologies). Vocational Education in Russia and Abroad, 2021, no. 3, pp. 157–162. (In Russian) URL: https://elibrary.ru/item.asp?id=47173111

10. Stepnova O. V., Starchikova I. Yu. Financial literacy of students of technical universities: Analysis of opinions and development prospects. Prospects for Science and Education, 2021, no. 1, pp. 80–91. (In Russian) DOI: https://doi.org/10.32744/pse.2021.1.6 URL: https://www.elibrary.ru/item.asp?id=44852452

11. Tyumentseva E. Y., Abramchenko N. V., Shamis V. A., Mukhametdinova S. K. Cognitive modeling the level of university students' perceptions of distance learning in the COVID-19 pandemic. Science for Education Today, 2022, vol. 12 (2), pp. 7–28. (In Russian) DOI: http://dx.doi.org/10.15293/2658-6762.2202.01  URL: https://www.elibrary.ru/item.asp?id=48392223

12. Shadarov B. G., Gabeyeva L. N. Developing financial literacy in future handicraft teachers. Bulletin of the Buryat State University. Economics and Management, 2022, no. 1, pp. 98–104. (In Russian) DOI: https://doi.org/10.18101/2304-4446-2022-1-98-104  URL: https://elibrary.ru/hynfet 

13. Chernyshov S. A. Massive shift of schools towards distance learning in the estimates of a local pedagogical community. Education and Science, 2021, vol. 23 (3), pp. 131–155. (In Russian) DOI: https://doi.org/10.17853/1994-5639-2021-3-131-155 URL: https://elibrary.ru/item.asp?id=45272897

14. Agyapong D., Attram A. B. Effect of owner-manager’s financial literacy on the performance of SME’s in the Cape Coast Metropolis in Ghana. Journal of Global Entrepreneurship Research, 2019, vol. 9 (1), pp. 67. DOI: https://doi.org/10.1186/s40497-019-0191-1   URL: https://link.springer.com/article/10.1186/s40497-019-0191-1

15. Agyei S. K. Culture, financial literacy, and SME performance in Ghana. Cogent Economics and Finance, 2018, vol. 6 (1), pp. 1463813. DOI: https://doi.org/10.1080/23322039.2018.1463813   URL: https://www.scirp.org/(S(czeh2tfqw2orz553k1w0r45))/reference/referencespapers.aspx?referenceid=2683191

16. Alharbi R. Kh., Yahya S., Ramadani V. Financial literacy, access to finance, SMEs performance and Islamic religiosity: Evidence from Saudi Arabia. International Journal of Entrepreneurship and Small Business, 2022, vol. 46 (2), pр. 259–285. DOI: https://dx.doi.org/10.1504/IJESB.2022.124456

17. Atakora A. Measuring the effectiveness of financial literacy programs in Ghana. International Journal of Management and Business Research, 2013, vol. 3 (2), pр. 135–148. URL: https://ijmbr.srbiau.ac.ir/?_action=article&au=2321&_au=Atakora,%20A

18. Axelrod R. The Structure of Decision: Cognitive Maps of Political Elites. Princeton University Press, 1976, 405 р. URL: https://archive.org/details/structureofdecis0000unse/page/n11/mode/2up

19. Frimpong S. E., Agyapong G., Agyapong D. Financial literacy, access to digital finance and performance of SMEs: Evidence from central region of Ghana. Cogent Economics & Finance, 2022, vol. 10 (1), pp. 2121356. DOI: https://doi.org/10.1080/23322039.2022.2121356 

20. Funge J., Tu X., Terzopoulos D. Cognitive modeling: Knowledge, reasoning and planning for intelligent characters. SIGGRAPH '99: Proceedings of the 26th annual conference on Computer graphics and interactive techniques. ACM Press/Addison-Wesley Publishing Co., 1999, pp. 29–38. DOI: https://doi.org/10.1145/311535.311538

21. Han S., Lee M. K. FAQ chatbot and inclusive learning in massive open online courses. Computers and Education, 2022, vol. 179, pp. 104395. DOI: https://doi.org/10.1016/j.compedu.2021.104395  

22. Hussain J., Salia S., Karim A. Is knowledge that powerful? Financial literacy and access to finance: An analysis of enterprises in the UK . Journal of Small Business and Enterprise Development, 2018, vol. 25 (6), pр. 985–1003. DOI: https://doi.org/10.1108/JSBED-01-2018-0021  URL: http://www.emeraldinsight.com/info/journals/jsbed/jsbed.jsp 

23. Kuntze R., Wu C., Wooldridge B. R., Whang Y.-O. Improving financial literacy in college of business students: Modernizing delivery tools. International Journal of Bank Marketing, 2019, vol. 37 (4), pp. 976–990. DOI: https://doi.org/10.1108/IJBM-03-2018-0080  

24. Sawatzki C., Sullivan P. Teachers' perceptions of financial literacy and the implications for professional learning. Australian Journal of Teacher Education, 2017, vol. 42 (5), pp. 51–65. DOI: https://doi.org/10.14221/ajte.2017v42n5.4  URL: https://ro.ecu.edu.au/ajte/vol42/iss5/4

25. Stolper O. A. Walter A. Financial literacy, financial advice, and financial behavior. Journal of business economics, 2017, vol. 87 (5), pp. 581–643. DOI: https://doi.org/10.1007/s11573-017-0853-9  URL: http://creativecommons.org/licenses/by/4.0/ 

26. Vaiciukevičiūtė A., Stankevičienė J., Bratčikovienė N. Higher education institutions’ impact on the economy. Journal of Business Economics and Management, 2019, vol. 20 (3), pp. 507–525. DOI: https://doi.org/10.3846/jbem.2019.10156  URL: https://journals.vilniustech.lt/index.php/JBEM/article/view/10156

27. Yudina T. M., Kharitonova A. A. The method of compiling an intellect map in classes of Russian as a foreign language. Reports Scientific Society, 2022, no. 4, pp. 36–39. URL: https://www.elibrary.ru/item.asp?id=50379167

Date of the publication 31.10.2023