A Financial Literacy Model for University Students

  • Kelmara Mendes Vieira
  • Ani Caroline Grigion PotrichEmail author
  • Wesley Mendes-Da-Silva


Financial literacy, understood as the mastery of a set of knowledge, attitudes, and behaviors, has assumed a fundamental role in allowing and enabling people to make responsible decisions as they strive to attain financial well-being. In this context, the objective of this chapter is to build and compare models that assess university students’ financial literacy. To this end, models that integrate financial knowledge, behavior, and attitude are integrated. The models are subsequently estimated, and many comparative tests are performed. For an analysis of the collected data, structural equation modeling (SEM) was employed using two strategies. The findings indicate that, in the model estimation stage, the scales for behavior and attitude have been reduced. Among all of the models estimated, the best adjusted model indicates that financial knowledge and financial attitude have positive impacts on financial behavior. In practical terms, the financial behavior expresses the ability to establish long-term aims and savings aimed at future acquisitions and unexpected spending. This behavior is directly influenced by basic and advanced questions of financial knowledge and also by the importance attributed to attitude by establishing aims, control of spending and financial reserves.


Financial literacy Structural equation modeling Competing models 

JEL Code

C91 E51 D9 


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Copyright information

© Springer International Publishing AG, part of Springer Nature 2019

Authors and Affiliations

  • Kelmara Mendes Vieira
    • 1
  • Ani Caroline Grigion Potrich
    • 2
    Email author
  • Wesley Mendes-Da-Silva
    • 3
    • 4
  1. 1.Department of Business AdministrationFederal University of Santa MariaSanta MariaBrazil
  2. 2.Department of Business AdministrationFederal University of Santa CatarinaFlorianópolisBrazil
  3. 3.Sao Paulo School of Business Administration (FGV/EAESP)Sao PauloBrazil
  4. 4.University of Texas at AustinAustinUSA

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