Financial Literacy of Military Academy Cadets

Abstract

Financial literacy enrichment is significant since it is a life skill for everyone, which teenagers should cultivate seriously. Thus, the purpose of this research is to study and measure financial literacy level and suggest the financial literacy development guideline of cadets. This research is multiphase mixed method design. The informants were 305 cadets from all levels and disciplines. Quantitative data was obtained from questionnaires and analyzed by descriptive statistics. Qualitative data were obtained from interviewing the cadets. The results of this section were analyzed by content analysis. Hypotheses were tested by one-way analysis of variance and Pearson correlation coefficient. The results of the research showed that level of financial literacy of the cadets are higher than those of the Thai people as a whole. When considering each area, it was found that the financial attitude in which the cadets had lower skill levels than the Thai people and OECD. Cadets from each level of the academic year have different financial behaviors with a statistical significance at the level of 0.05. Also, it is found that financial behavior has a very positive relationship with financial literacy. The guidelines for Developing the financial literacy of the cadets by creating good financial attitudes, the promotion of financial behavior, and the provision of financial literacy.