Financial management skills among university students: a case of Makerere University

Abstract

The purpose of the study was to establish the financial management skills that students possess specifically at Makerere University “University”. Sixty-two (62) students were interviewed to find out the financial management skills they possess and how these skills were acquired using qualitative approach. The study further examined how this knowledge influences the students’ day to day decisions. Conclusions from the study show that the specific financial management skills that students possess at the University include but not limited to saving skills, budgeting skills, planning skills and investing skills. These have been acquired from various sources, including but not limited to parents and guardians, high schools, the University, conferences, trainings and workshops on financial management. The research concluded that students offering business majors tend to understand financial management skills and its elements more than their counterparts offering non-business courses. The knowledge of financial management has influenced the personal decisions of such students when it comes to finances. Additionally, the research reveals that students have knowledge of financial management skills to some extent. Business students seem to be more knowledgeable about financial management as compared to their counterparts offering non-business courses. This notwithstanding, when it comes to applicability, its non-discriminatory on the students either business or non-business students. Recommendation to management of the University is that emphasis should be put on the applicability of such knowledge in student’s daily life to determine if it can lead a successful life. And that the management of the University should ensure that all students, irrespective of their courses are taught basic financial management skills.