University of Oulu

A cross-faculty analysis and comparison of university students engaging in financial investments

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Author: Häcki, Joram1
Organizations: 1University of Oulu, Oulu Business School, Department of Finance, Finance
Format: ebook
Version: published version
Access: open
Online Access: PDF Full Text (PDF, 1.6 MB)
Pages: 67
Persistent link:
Language: English
Published: Oulu : J. Häcki, 2023
Publish Date: 2023-05-11
Thesis type: Master's thesis
Tutor: Ruman, Asif
Reviewer: Sahlström, Petri
Ruman, Asif


This study investigates factors that influence university students’ decision-making about engaging in financial investments while studying. Data obtained via questionnaire from more than 1’200 Finnish university students across various faculties are analyzed. The derived and then examined factors hypothesized to affect students’ investment decisions include gender, age, financial literacy, risk aversion, money attitude, income, and wealth. A quantitative approach using econometric evaluations is applied to measure the magnitudes, directions, and statistical significances of data outputs. While the data are analyzed first from descriptive, univariate, and bivariate perspectives, multiple linear and probit regressions are then used in a multivariate framework. The results suggest that male students are more likely to invest and do invest substantially higher amounts than female students. Whereas age, money attitude, income, and wealth are other factors that significantly affect students’ engagement in investing, findings regarding financial literacy and risk aversion are somewhat less explicit. Yet, the results further reveal that distinct investing differences between students across faculties exist. Overall, while the conclusions of this study underpin, for the most part, previous research discoveries, several valuable findings are also provided about less emphasized variables by the literature, novel aspects, and a unique sample. This research thus contributes to academia by providing both a deeper and broader understanding of investor characteristics, factors influencing investment decisions, and behavioral finance at large.

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Copyright information: © Joram Häcki, 2023. This publication is copyrighted. You may download, display and print it for your own personal use. Commercial use is prohibited.