Assessing the Impact of Financial Literacy Programs on Entrepreneurial Intent and Economic Behavior among Final-Year Economics Education Students

Project Abstract

This study evaluates how financial literacy programs influence entrepreneurial intention and economic behavior among final-year economics education students, examining whether curricular interventions translate into measurable changes in career aspirations, risk-taking propensity, investment planning, and practical financial management skills. Drawing on a mixed-methods design, the research combines a quasi-experimental pretest-posttest framework with longitudinal follow-up and qualitative insights to capture both the magnitude of impact and the underlying mechanisms. A sample of 480 students from three universities was randomly assigned to an intervention group, which participated in a structured financial literacy module embedded within the economics education curriculum, and a control group that received standard instruction over a 12-week period. Quantitative data were collected at four time points baseline, immediately post-intervention, three months, and six months after completion. Instrumentation included validated scales for entrepreneurial intention, financial literacy, financial self-efficacy, risk preferences, and behavioral economic measures such as budgeting accuracy and savings behavior. In addition, semi-structured interviews with a purposive sub-sample (n=40) explored perceived relevance, classroom experiences, and barriers to applying financial knowledge in real-world contexts. The study employs hierarchical linear modeling to assess treatment effects while controlling for prior exposure to financial topics, gender, socioeconomic status, and academic performance. Mediation analyses test whether improvements in financial literacy and self-efficacy mediate changes in entrepreneurial intention and economic behavior, while moderation analyses examine the role of gender and cultural norms. Findings indicate that the financial literacy program significantly increases entrepreneurial intent (effect size d = 0.42, p < 0.01) and enhances prudent economic behaviors, including increased budgeting discipline (p < 0.05) and higher propensity to save (p < 0.05), with effects sustained at six months. Mediation results reveal that financial literacy improves self-efficacy, which partly mediates the rise in entrepreneurial intention, suggesting that confidence in managing money translates into proactive venture-oriented thinking. Qualitative data corroborate these results, revealing that students perceive practical relevance through case-based learning, experiential budgeting activities, and micro-entrepreneurship simulations, yet report barriers such as time constraints and external economic uncertainty. The study contributes to the literature by linking curricular financial literacy with entrepreneurial psychology and behavioral economics in the context of higher education economics pedagogy. Policy implications include integrating targeted financial literacy modules into economics education programs, training for educators to deliver experiential learning, and aligning assessment frameworks to capture behavioral outcomes beyond traditional financial knowledge. Limitations involve potential self-selection bias, short follow-up duration relative to long-term behavioral change, and context-specific factors that may limit generalizability to non-university settings. Future research should explore cross-cultural replication, the role of peer learning communities, and the integration of digital financial tools to reinforce behavioral change over extended periods.

Project Overview

What This Project Is About

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A plain-language overview of how financial literacy programs might influence students approaching careers in economics education, focusing on their desire to start or run ventures and how they think about money and markets. The project investigates whether teaching practical money skills changes entrepreneurial interest and everyday economic choices among final-year students.

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The Problem It Addresses

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Many graduates enter the job market with limited training in money management and business thinking, which can affect future entrepreneurship and responsible economic behavior. There is a need to understand if structured financial literacy training can boost entrepreneurial intentions and improve real-world financial decisions.

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Objectives of the Project

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1. Assess students’ baseline entrepreneurial interest and financial knowledge.
2. Evaluate the impact of a financial literacy program on entrepreneurial intent.
3. Examine changes in budgeting, saving, and investment attitudes after the program.
4. Identify which parts of the program are most effective for economics education students.

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What You Will Do Step by Step

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1. Review related literature on financial literacy and entrepreneurship.
2. Design or adapt a short financial literacy curriculum suitable for final-year students.
3. Recruit participants and conduct a pre-test to gauge knowledge and attitudes.
4. Deliver the program and monitor engagement.
5. Administer a post-test to measure changes in outcomes.
6. Analyze data using simple descriptive and comparative methods.
7. Interpret findings and relate them to theory and practice.
8. Draft recommendations for educators and policymakers.

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Expected Outcome

The project is expected to show whether financial literacy training increases entrepreneurial interest and leads to more prudent financial behaviors, informing teacher preparation and curriculum design in economics education.