Factors having the most significant impact on university students’ level of financial literacy: Forecasting based on cognitive methodology

Introduction. The authors explore the problem of increasing financial literacy in modern university students based on an analysis of the results of a sociological survey and cognitive modeling tools. The purpose of the study is to identify a set of interrelated factors that have the most significant impact on the level of financial literacy and predict the features of the development of the system. Materials and Methods. During the research, the survey method, mathematical and statistical methods for processing empirical data, expert assessment and computer modeling were used. The methodology of cognitive modeling, founded by R. Axelrod, was used as a methodological basis of the study. In order to identify factors that have the most significant impact on the level of financial literacy, a survey was conducted involving 195 Omsk university students. Based on the results of the survey and expert assessment, a cognitive model of the level of financial literacy was developed and a series of computer experiments were conducted. Results. During the research process, the highest priority topics in the field of financial education were revealed; a set of factors influencing the level of financial literacy was identified, connections between them were determined and an expert assessment of their intensity was carried out; a cognitive model of the level of financial literacy in the form of a weighted directed graph has been developed; a series of computer experiments was conducted and the impact on the target factor of influences of varying intensity exerted on the associated control factors such as, the ability to plan a personal budget, etc. was predicted. Conclusions. The study showed the social significance of increasing the level of financial literacy in university students. The results of the computer modeling made it possible to predict to what extent influences made on control factors can determine the level of financial literacy and to draw conclusions about the highest priority topics. The results obtained can serve as a scientific basis for designing financial literacy courses in modern universities.