FUTURE FINANCIAL ASPIRATIONS OF UNDERGRADUATES: WITH REFERENCE TO UNIVERSITY OF KELANIY
Financial literacy has become an important concept in the modern global economy. Due to globalization, all countries and nations can easily interact with each other. It is essential to have a good knowledge of financial concepts in order to transact with each other in the current economy (Klapper, Lusardi, & Oudheusden, 2016). Empowering people with knowledge of financial literacy will have a dramatic impact on society and the nation as a whole. The impact of financial literacy can no longer be ignored. Prioritizing financial literacy in our society belongs to policymakers, educators, and individuals with adequate personal resources. Financially literate citizens are well versed in money and pricing issues and can manage their budget responsibly. Money is an important part of everyday life and financial literacy is the best way to prevent the heavy debt burden of citizens. So, it should be taught at an early age. As awareness spreads and people hear their voices, the impact of this skill will be further ignored.
Education on financial literacy is ubiquitous and will become this crucial life skills standard. The positive impact of financial literacy is undeniable and will benefit everyone as soon as the business expands (National Financial Educators Council, 2004). Financial literacy increases when people are concerned about their ability to secure their financial well-being (Lusardi & Mitchell, 2014). Young people’s financial literacy is important as they reach adulthood. Young people had to face a high collection of choices at some point in their life cycle. Moreover, they point out that advertising and the media affect the confidence of young people in debt. So wrong financial decisions can have devastating effects on their lives (Cull & Whitton, 2011). Goals, informed by personal values, are based on the individual’s unique needs and desires. Goals are measurable steps that serve as a push towards short- and long-term financial success.
Consumers point out that setting goals are an expected skill (Clements, Johnson, Michelich, & Olinsky, 1999). The future success of our students relies on providing opportunities for them to learn, develop, and strengthen core life skills they need today and more importantly tomorrow as successful graduates. When considering students’ financial literacy, there is a lack of qualitative research that can be found in the Sri Lankan context, especially in the Sri Lankan context where financial goals and related
strategies have not been adequately studied. Therefore, there is a literary gap in the Sri Lankan context that needs to be filled with more academic studies. To fill that literature gap, the researcher conducted the current study focusing on students’ financial goals.