Financial literacy patterns of managers of the University of Medical Sciences and its relationship with financial self-efficacy

Abstract

Background& aims: Financial literacy is recognized as one of the core competencies of managers in the 21st century, playing a decisive role in economic and organizational decision-making. Existing studies have primarily focused on describing average levels of financial literacy or its linear relationship with other variables, whereas university managers may exhibit heterogeneous and distinct patterns of financial literacy. Identifying such patterns provides a foundation for designing targeted educational interventions and policies tailored to the needs of each group. The present study was conducted to examine the financial literacy patterns of managers at Mazandaran University of Medical Sciences and to analyze their relationship with financial self-efficacy.
Methods: This cross-sectional study was carried out on a convenience sample of 81 managers at Mazandaran University of Medical Sciences. Participants completed online questionnaires on financial literacy, financial self-efficacy, and demographic information via social media platforms such as Eitaa (domestic Iranian platform) and WhatsApp. Latent profile analysis was employed to extract financial literacy patterns, while one-way ANOVA and chi-square tests were used to compare self-efficacy and demographic variables across the identified profiles.
Results: Based on three components of financial literacy—financial knowledge, financial experience, and financial skills—three distinct profiles were identified: high financial literacy (50.6%), moderate financial literacy (40.7%), and low financial literacy (8.6%). A significant relationship was found between financial literacy patterns and financial self-efficacy, with managers in the high financial literacy group reporting higher average levels of self-efficacy.
Conclusion: This study revealed diverse patterns of financial literacy among managers of Mazandaran University of Medical Sciences. Managers with higher financial literacy, likely due to greater knowledge and skills, demonstrate stronger confidence in their ability to manage financial matters effectively.