Teaching financial literacy in introductory accounting course: A reflection and proposal

Abstract

Numerous financial literacy studies have consistently identified young adults to have low levels of financial capability. Of particular concern is that many of these young people do not have adequate money skills to ride their freedom during university time which may contribute to suboptimal financial behaviours. Prior research into university students’ financial literacy and financial education in school suggests that many students are not confident about money matters with many preferring to learn about financial literacy in university . Accordingly, an initiative including workshops on basic budgeting and saving topics , and a seminar delivered by a financial guru during university orientation week was trialled. However, attendance to these workshops and the seminar were disappointingly low. The experience prompted the researchers to consider other approaches to help students improve their financial literacy. This paper provides a reflection of the orientation week initiative , as well as proposes ways to incorporate financial literacy in introductory accounting course .