Financial Literacy of Telebachillerato Students: A Study of Perception, Usefulness and Application of Financial Tools

Abstract

The aim of this empirical study is to explain how students of a Telebachillerato in Veracruz, Mexico perceive financial variables like income, money management, savings, investment, spending and credit. Telebachilleratos are high schools for rural communities in Mexico assisted by educational audiovisual support and two or three teachers to explain material to students. Hence, the hypothesis raises the existence of a factorial structure that underlies and that allows to explain the perception and knowledge of students towards these financial topics. For this empirical study, the Financial Education Test by Contreras-Rodríguez et al. (2017) was used, which presented an internal consistency of α = 0.859, and was applied upon 368 students enrolled in different semesters of a school year. The data were analyzed by exploratory factor analysis with the criterion of extraction of main components. The findings show a favorable perception towards the variables that were analyzed. There is significant evidence in the “income” variable, for instance, about the clear conviction of students that study and training constitute a bridge that will help them earn a good income when they enter into a job. In addition, it was also perceived that extracurricular courses were another potential source to improve their income.