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financial literacy financial education test adaptation test of financial literacy ukrainian university students

Financial Literacy of University Students in Ukraine – Challenges and Opportunities of the Adaptation of the U.S. Test of Financial Literacy

Roland Happ , Maryna Kabanets , Liudmyla Adariukova , Stanley F. Schilling-Friedemann , Sebastian Heidel

Reinforced by the Russian war, an even stronger economic, social, and political orientation towards the values of the European Union and thus also Wes.


Reinforced by the Russian war, an even stronger economic, social, and political orientation towards the values of the European Union and thus also Western economic paradigms is taking place in Ukraine. This article investigates financial literacy (FL) as the knowledge and understanding of personal finance among university students in Ukraine. Individual financial decision-making will be central to the reconstruction of Ukraine and the long-term economic growth of the country. We use the principles developed by the U.S. Council for Economic Education in modelling FL. In doing so, we examine the feasibility of using a version of the U.S. American Test of Financial Literacy translated and adapted into Ukrainian. The translation and adaptation process of the 50-item test instrument is presented in the article. Significant differences in the content of FL between Ukraine and the U.S. test instrument are highlighted. At the beginning of the winter semester 2022, the Ukrainian version was administered to 68 students at three East-Ukrainian universities (Donetsk, Sumy, Kharkiv). In the article, we present findings from the initial validation of the test instrument and show from a content perspective which hurdles need to be overcome in the future for some concepts of FL.

Keywords: Financial literacy, financial education, test adaptation, Test of Financial Literacy, Ukrainian university students.

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