Financial literacy has also been a popular topic among university administrators.
Students who are more financially knowledgeable are expected to be able to handle
financial stressors more effectively than financially less knowledgeable students. When a
dummy variable representing whether or not the student took a personal finance class in
college was added to the model as an effector, it did not have a significant effect. The most
likely explanation for this is that the self-efficacy measure accounted for the effect of taking
a financial class. This is consistent with prior research that has shown that financial
knowledge is a strong predictor of self-efficacy (Heckman & Grable, 2011). Additionally,
although self-efficacy was not specifically mentioned by Gillen and Loeffler (2012), they