Financial literacy and advice perceptions among UK higher education students: an ethnicity tale?

Leone, V. and Thompson, P. ORCID: 0000-0003-1961-7441, 2023. Financial literacy and advice perceptions among UK higher education students: an ethnicity tale? Review of Economics of the Household. ISSN 1569-5239

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Although considerable efforts have been made in many countries to raise the financial literacy of those from disadvantaged backgrounds, it is unclear whether these are having an effect. This is particularly the case for those of ethnic minority background, who may suffer from other disadvantages. This study examines the financial literacy of students from two universities in the East Midlands region of the UK. It considers the role played by ethnic background. It is found that significant differences in financial literacy remain between the White majority and particular ethnic groups. In part, this appears to reflect their perceptions of the types of decision they see financial literacy relating to. Some ethnic groups saw financial literacy as being of more relevance for larger, less frequent financial decisions, but saw less connection, and relevance, to the day to day choices they had to make. Ethnicity also potentially has an indirect effect, as informal sources of advice, and those that promote a financial market perspective, tend to be valued more highly. The implications are worrying given that the respondents are the more highly educated independent young members of the population. Current attempts to assist the development of financial literacy therefore appear to be failing those from some ethnic minority groups. This will leave them at a continuing disadvantage, unless interventions can highlight the day to day importance and value of financial literacy.

Item Type: Journal article
Publication Title: Review of Economics of the Household
Creators: Leone, V. and Thompson, P.
Publisher: Springer Science and Business Media LLC
Date: 7 July 2023
ISSN: 1569-5239
Rights: © The Author(s) 2023. This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made. The images or other third party material in this article are included in the article’s Creative Commons license, unless indicated otherwise in a credit line to the material. If material is not included in the article’s Creative Commons license and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this license, visit
Divisions: Schools > Nottingham Business School
Record created by: Laura Ward
Date Added: 10 Jul 2023 13:50
Last Modified: 10 Jul 2023 13:50

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