Does Financial Knowledge and Attitudes Influence the Finance Related Behavior of University Academics

This research analyzed Financial Literacy among University lecturers. A sample of 132 academics were selected from the largest university in the national university system in Sri Lanka to collect data using a structured questionnaire, consisting of 44 questions. Main objective of the study was to measure the level of basic financial literacy of university academics. The study found that the, overall financial literacy of the academics (68.52%) is at a medium level. The knowledge aspect, which was 75.9% is at a medium level, the attitudes aspect, which was 69.7% is also at a medium level. The level of desirable financial behavior of the academics is at a low level of 59.96%. An important observation is that, although, knowledge and attitudes aspects are at a medium level, behavior aspect is at a low level. This suggests that financial knowledge and attitudes of the academics are not fully reflected in their financial behavior. Thus, a behavioral change in academics is needed where they would fully reflect their knowledge and attitudes in their behavior. Further to the basic analysis, relationship among knowledge, attitudes and behavior has also been studied and correlation coefficients suggest that knowledge and behavior and also attitudes and behavior are positively related. The regression results suggest that there is a positive impact of financial knowledge and attitudes on financial behavior. The results suggest financial knowledge and attitudes are crucial in explaining the financial behavior of the academics