Financial literacy plays a significant role in the macro and microeconomy as it empowers individuals to make informed financial decisions regarding spending, investing, and more. The aim of this study is to assess how demographic factors affect financial literacy levels among business, technical, vocational education, and training (BTVET) students in Uganda. We utilized a cross-sectional research design with a sample size of 400 students randomly selected from the central region of Uganda. Exploratory Factor Analysis (EFA) was employed. The results show that parents' education, students' gender, “money management,” “school textbooks usage,” and “school lessons on investment attended” positively and significantly affect the financial literacy levels of the students. Therefore, parents should guide their children on money management, and policymakers should incorporate financial literacy courses into the curriculum of BTVET institutions.
Keywords: Financial literacy, Financial illiteracy, BTVET students, Exploratory Factor Analysis, Uganda
Manuscript submitted to Cogent Economics and Finance | This work was made possible in part by a grant from Carnegie Corporation of New York with Grant number G-20-57628. The statements made and views expressed are solely the responsibility of the authors. We acknowledge the Future Africa, University of Pretoria; and thank the research assistants for providing support during data collection.
