Analysis of financial literacy level among college students and its determinants: A case of State Islamic University of Sultan Syarif Kasim Riau, Indonesia

Financial literacy which is generally defined as the proficiency to understand finance, should be a matter of concern for all of us. Many factors serve as predictors of financial literacy, such as gender, participant's major, class, and rank, not to mention demographic factors including information on age, family status, geographical location, work and income. Other factor that also play an important role is financial literacy education. This study intends to test the student's level of understanding of the basic concepts of finance consisted of: 1) General Knowledge of Personal Finance, 2) Savings and Loans, 3) Insurance, and 4) Investment, as well as examine the effect of GPA, courses, and gender on the level of financial literacy. This research is conducted in Economic Faculty in State Islamic University of Sultan Syarif Kasim Riau, in Indonesia. In this study, it is found that GPA does not have significant influence on the level of financial literacy. Furthermore, this study also discovers that there is no differences between gender and course on the level of financial literacy.