Open AccessRELATIONSHIP BETWEEN FINANCIAL LITERACY AND INDEBTEDNESS: A CASE OF UNIVERSITY OF NAIROBI STUDENTS
Author(s) -
Morris Irungu Kariuki
Publication year - 2021
Publication title -
scholarly research journal for interdisciplinary studies
Language(s) - English
Resource type - Journals
eISSN - 2319-4766
pISSN - 2278-8808
DOI - 10.21922/srjis.v8i65.1343
Subject(s) - financial literacy , finance , sample (material) , financial plan , descriptive research , financial management , medical education , descriptive statistics , business , sociology , medicine , social science , chemistry , statistics , mathematics , chromatography
The study objective was to determine the relationship between financial literacy and indebtedness a case of University of Nairobi Students. The study used a descriptive research design. The study was based at the University of Nairobi, Mombasa Campus. The study population was 2101. The sample size was 336 students. A questionnaire was used to collect the data. SPSS was used to analyze the data. The study attained 83% response rate. Money management, financial planning and financial planning were found to correlate strongly and positively with indebtedness and also significant at 5% level of significance. Therefore, they were found to be major contributors to student indebtedness. The study therefore found that money management, financial planning and financial decisions, affect indebtedness of the students at University of Nairobi. The study concluded that financial literacy affected indebtedness of the students at University of Nairobi. The study recommended that the University of Nairobi should roll out financial education, training, advice and counseling programs targeted at its students.