"Financial Literacy and Sustainable Investment Among University Students: An Analytical Exploration"
Abstract
This study investigates university students' interest in sustainable investment, focusing on various determinants such as financial knowledge, attitudes toward financial planning, awareness of sustainable investment, perceived importance of sustainability, social influence, perceived financial self-efficacy, financial risk tolerance, and financial social responsibility. Additionally, it examines the role of demographic factors, including gender, city of residence, and educational discipline, in shaping investment interests. Employing a descriptive research design, data was collected from 552 valid responses out of 759 distributed questionnaires, achieving a robust response rate of 72.7%. The study encompassed university students across five regions of Gujarat, using both online and offline methods for inclusivity. Reliability and validity tests revealed strong internal consistency across variables, though certain constructs exhibited minor issues with convergent validity. Structural Equation Modelling (SEM) highlighted significant predictors of sustainable investment interest, with social influence, financial risk tolerance, and financial knowledge playing pivotal roles, while attitudes toward financial planning negatively influenced perceptions. Notably, sustainable investment awareness and financial social responsibility emerged as critical drivers, underscoring the need for targeted educational interventions. The findings suggest gaps in financial literacy and awareness of sustainable investment, with practical implications for educational institutions, policymakers, and financial service providers. By addressing these gaps through tailored financial literacy programs, enhanced curriculum design, and leveraging social influence mechanisms, stakeholders can foster greater engagement with sustainable investments among university students. This research provides a foundation for future studies on sustainable financial behaviours and offers actionable insights for promoting sustainability in investment practices.
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