Investment Literacy of University Students in South Africa


  • Damilola Aboluwodi
  • Bomi Nomlala


Investment literacy; Financial literacy; Personal finance; South Africa; Logistic regression model


There is a lack of evidence on the levels of investment literacy among South African
university students in business-related courses. Being an investment literate is pivotal in making
informed financial decisions that affect long term financial well-being. This study surveyed 344
students studying business degrees at a South African university to assess their investment literacy and
the relationship between their investment literacy and their gender, age, discipline, major field of study,
race and monthly allowance. The 2012 Financial Services Board survey revealed poor levels of
financial literacy among South Africans, especially in areas of savings and investments. This study
utilised ANOVA and a logistic regression model to analyse and explore relationships between the
students’ mean percentage scores for each investment literacy question vis-à-vis their sociodemographic
diversities. The findings suggest that business students are investment literate. However,
it was found that female business students are less knowledgeable than male business students and
finance-related students are more knowledgeable than non-finance related students. The differences
between these groups are statistically significant and imply that not all business students and eventual
business graduates are investment literate. Hence, this study advocate for the inclusion of personal
investment modules in the students’ curriculum.




How to Cite

Aboluwodi, D., & Nomlala, B. (2020). Investment Literacy of University Students in South Africa: Array. Acta Universitatis Danubius. Œconomica, 16(1). Retrieved from



Business Administration and Business Economics