Does Financial Literacy Build Student Fraud Resilience?

AbstractThis study aims to determine whether financially literate individuals are more efficient at detecting fraud. Our study explicitly investigates the role of financial literacy in protecting students from fraud, utilizing 279 survey responses. Our findings demonstrate that as students' financial literacy levels increase, their ability to detect fraud also increases rapidly. We have sequentially introduced other socio-demographic factors in our analysis to measure the stepwise effect of financial literacy on fraud detection. Our results indicate that other control factors, such as income and a higher level of education, show significance; however, financial literacy remains a strong and significant factor in fraud detection among all.