Personal finance education in undergraduate economics programs

A necessity in the digital age

Abstract

In the digital age, where financial technologies (FinTech) are transforming personal finance behavior, equipping undergraduate economics students with Personal Financial Literacy (PFL) is essential. This study investigates the integration of Personal Finance Education (PFE) in economics curricula across Vietnamese universities and evaluates its impact on students’ financial capability. A mixed-methods approach was employed: content analysis of 120 course syllabi from six universities, combined with a quantitative survey of 400 third- and fourth-year economics students. Findings show that only 9.6% of programs include mandatory PFE courses. 

Regression analysis reveals that students who completed a PFE course scored significantly higher in PFL (Beta = 0.40, p < 0.001) even after controlling for income, gender, academic performance, and digital financial behavior. Notably, FinTech use not only has a direct positive effect on PFL (Beta = 0.35) but also amplifies the effectiveness of PFE through a significant interaction effect (Beta = 0.22). This suggests that digital engagement enhances financial education outcomes. The paper calls for a systemic shift toward integrating compulsory PFE in economics programs, aligned with FinTech practices and active learning strategies. Such an approach supports the development of financially capable, digitally fluent graduates, prepared for the complexities of the modern financial landscape.