Date of Defense
4-17-2025
Date of Graduation
4-2025
Department
Accountancy
First Advisor
Onur Arugaslan
Second Advisor
Wenling Lu
Abstract
This thesis investigates the persistent gap in financial literacy among high school and college students, despite increased emphasis on financial education over recent decades. Drawing inspiration from Lewis Mandell’s studies, including “Financial Literacy: If It’s So Important, Why Isn’t It Improving?”, the research evaluates the effectiveness of financial literacy courses and highlights their failure to produce long-term gains in knowledge or behavioral change. Through a synthesis of academic literature and critique of methodologies, the thesis explores the inefficacy of current teaching models, including overreliance on engagement tools like the Stock Market Game, and the influence of socio-economic factors, motivation, and sample bias. Furthermore, this study incorporates original research from Western Michigan University (WMU), comparing the financial literacy of business and non-business students using a 25-question anonymous survey. Preliminary findings suggest that business students show slightly higher confidence and understanding, but knowledge gaps remain across the board. This research highlights the intricate relationship between education, behavior, and financial outcomes, suggesting that comprehensive curricular reform and context-sensitive, behaviorally informed teaching methods are necessary. Ultimately, the thesis calls for a more nuanced approach to financial literacy that acknowledges emotional, social, and cognitive barriers while offering practical recommendations for universities like WMU to better support student financial competence.
Recommended Citation
Mkheidze, Ivane, "The Difference in Financial Literacy Between Students of the Business College and the Rest of the Student Body at WMU" (2025). Honors Theses. 3947.
https://scholarworks.wmich.edu/honors_theses/3947
Access Setting
Honors Thesis-Open Access
Defense Presentation