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Durham University

Research & business

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Publication details for Professor Dennis Philip

Andreou, P. & Philip, D. (2018). Financial knowledge among university students and implications for personal debt and fraudulent investments. Cyprus Economic Policy Review 12(2): 3-23.

Author(s) from Durham


The study is the first attempt to examine financial literacy, financial aptitude and behaviour among
university students in Cyprus. The student survey covers 881 Cypriot students, aged mostly 18-24,
across the five biggest universities in Cyprus. The financial knowledge scale used in the survey
measures the understanding of basic concepts including interest rates, inflation, risk and
diversification. Results show that 6.24% of students answered all questions correctly, with only
36.9% having a good financial knowledge proficiency level (answering at least 4 correct responses
out of 6). While socio-demographic characteristics and students’ soft skills and traits distinguish
high financial knowledge students, strikingly, parental background and parental advice does not
seem to play an important role for high financial knowledge. Financial knowledge is also seen to
have a distinct channel of influence on students’ understanding of managing their credit card debt
and students’ ability to deter themselves from fraudulent investments.