Business

Financial literacy among undergraduates – research findings of concern

Published

6 years ago

2020/10/12

Sri Lanka has shown a high literacy rate of about 92% compared to other south Asian countries, and is on par with other developed countries. However, there is a noted dearth of surveys and studies that assesses the financial literacy level in the Sri Lankan context. It is observed that people with low levels of financial literacy suffer from that lack of knowledge at every stage of their lives and studies also assert that people with a high degree of financial literacy are more likely to plan for retirement, and that people who plan for retirement have more than doubled the wealth of people who don’t. On the other hand, the quite alarming fact noted is that even some educated professionals had fallen prey to financial scams in Sri Lanka, questioning the financial literacy of such intellectuals.

Thus, a study was carried out involving the undergraduates in the Sri Lankan state universities (due to being one of the major sources of future leaders) to find the level of financial literacy and how different specializations impact financial literacy levels. In the research conducted by the authors, the undergraduates were tested on their fundamental financial knowledge on dimensions of general finance, saving & borrowings (i.e., banking products), insurance and investment, and nearly 653 students from the five main state universities in ten main disciplines (business and non-business disciplines) were selected, where the data was collected over a period of 1 1/2 years. Undergraduates of the business discipline included undergraduates from accountancy and business management and non-business discipline included undergraduates from the fields of engineering, physical sciences, humanities and social sciences and information technology.

The findings indicate that the overall financial literacy level was on average 69.58% out of 100% of undergraduates in the business discipline. In terms of the sub-dimensions of financial literacy, these undergraduates scored the highest of 74.51% in the savings and borrowing sub-category, while they scored the lowest of 59.08% in the investment sub-dimension. When compared with the general literacy rate of 92% of this country, the findings of this study indicate that their overall average is quite low as well as knowledge in the investment sub-dimension is even lower.

The alarming finding is related to the undergraduates coming from the non-business majors, where the average financial literacy level was only 42.83% out of 100%, which is even lower than 50%. This we see as a major concern. Their knowledge in the investment related sub-dimension was just 28.16% out of 100%.

When considering these findings of the research conducted by the authors, it is clear that the undergraduates coming from the business management discipline had a better knowledge than students from non-business management disciplines. Although the students coming from the non-business disciplines may be conversant in their own areas of study, they were lacking an awareness in fundamental financial aspects that any citizen should possess to continue normal day-to-day life.

The authors observe that there is a systematic deficiency of personal finance education in our local education system. Introduction of subjects related to financial literacy for all students (regardless their discipline) in their formative stages as well as introducing course components related to accounting and finance in the curricula of non-business majors at universities (and other tertiary institutions) could be suggested to remedy this dire situation.

Authors– S.S. Edirisinghe (surathse1978@gmail.com) and S.S. Samarakkody,

Senior Lecturer,

Department of Accounting, Sri Lanka Institute of Advanced Technological Education, Sri Lanka,

Senior Prof. DBPH Dissa Bandara and Dr. AR Ajward,. Senior Lecturer

Department of Accounting, University of Sri Jayewardenepura, Sri Lanka

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Business

SLT-MOBITEL driving Sri Lanka’s economic resilience through digital infrastructure

Published

8 hours ago

2026/09/10

Sahan Weerasooriya

SLT-MOBITEL marks its triple triumph at the National Business Excellence Awards 2026

Corporate accolades underscore the alignment between its operational excellence and national development

In an era where national competitiveness is intrinsically tied to digital connectivity, strengthening the country’s digital backbone has become an urgent priority. Within this context, the evolving role of Sri Lanka’s leading telecommunications provider, SLT-MOBITEL, offers valuable insight into how technological infrastructure can underpin broader economic resilience.

Telecommunications and digital networks are foundational to economic transformation. By expanding high-speed broadband access, upgrading enterprise cloud capabilities, and bridging the urban-rural connectivity divide, SLT-MOBITEL helps reduce business transaction costs, streamline supply chains, and enable micro, small, and medium enterprises to reach global markets.

Recent corporate accolades further underscore this alignment between operational excellence and national development. SLT-MOBITEL’s triple triumph at the National Business Excellence Awards 2026 – winning in the Infrastructure and Utilities sector, Performance Management, and ICT Services categories – highlights its growing impact. Notably, the recognition of eChannelling’s contributions to digital healthcare reflects a broader strategic pivot toward integrated technology solutions.

“Institutional efficiency of this nature is critical for attracting foreign direct investment, as global partners increasingly assess a country’s digital maturity and systemic stability before committing capital,” noted industry observers.

Moreover, the company’s transition from a conventional telecom utility to a comprehensive digital solutions provider aligns seamlessly with Sri Lanka’s national digitalisation agenda. As the country pursues public sector modernisation, enhanced e-governance, and a competitive knowledge economy, the private sector must step up to deliver secure, scalable, and future-ready networks. Investments in data centres, cybersecurity frameworks, and advanced ICT infrastructure act as strategic buffers, ensuring that Sri Lanka’s economic apparatus remains agile and resilient amid future global uncertainties.

However, industry experts caution that while these achievements are commendable, SLT-MOBITEL still has a considerable distance to cover in fully enabling a truly digital economy.

Business

Port City Colombo strengthens Gulf investment ties at Dubai diplomatic engagement

Published

8 hours ago

2026/09/10

Sahan Weerasooriya

The panel discussion at the engagement

Port City Colombo (PCC) took a prominent role as Platinum Sponsor at the second edition of Sri Lanka Beyond Your Dreams, a high-level diplomatic and investment engagement hosted by the Consulate General of Sri Lanka in Dubai and the Northern Emirates. The event, held on 2nd September 2026 at the Hilton Dubai Al Habtoor City, brought together over 400 senior UAE-based business leaders, investors, diplomats, and institutional stakeholders, alongside Sri Lanka’s most senior government representatives.

The gathering was graced by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, as Guest of Honour, and Vijitha Herath, Sri Lanka’s Minister of Foreign Affairs, Foreign Employment and Tourism. A high-level Sri Lankan delegation – including the Secretary to the Prime Minister, the Chairman of the Board of Investment, the Chairman of the Export Development Board, and the Director General of Commerce – underscored the government’s strong commitment to deepening economic diplomacy with the UAE.

In his keynote address, Minister Herath reaffirmed the centuries-old ties between Sri Lanka and the Arab region, emphasising the UAE’s vital role as a key economic partner. He stressed the urgency of finalising a Comprehensive Economic Partnership Agreement (CEPA) with the UAE, which would establish a robust framework to elevate trade, investment, and bilateral cooperation. Declaring Sri Lanka “open and ready for business,” he positioned Port City Colombo as the physical embodiment of this economic mission – a modern Special Economic Zone (SEZ) with a dedicated legal framework and competitive incentives, offering UAE investors a natural gateway to South Asia while maintaining strong Gulf connectivity.

Business

American Premium Water strikes Gold at Dragons of Sri Lanka 2026

Published

9 hours ago

2026/09/10

Sahan Weerasooriya

The achievements are particularly significant given that the company’s debut at the Dragons awards has resulted in four Dragons across four categories.

American Premium Water has secured four wins at Dragons of Sri Lanka Awards 2026, including three Gold Dragons and one Black Dragon, marking a significant milestone for the brand following its relaunch last year.

Part of the prestigious Dragons of Asia awards, Dragons of Sri Lanka brings the program’s regional platform to the local market, celebrating creative and effective marketing communications, with entries evaluated on strategic thinking, creativity, execution and impact. Established in 2000, Dragons of Asia is one of Asia’s premier results-driven marketing awards programs.

For American Premium Water, the achievements are particularly significant given that the company’s debut at the Dragons awards has resulted in four Dragons across four categories. In the distinction of Gold Dragons, American Premium Water was recognized across three categories including Product Launch or Re Launch, Cause, Environment or Sustainability and Creative Excellence while the Black Dragon was awarded in recognition of Small Budget.

Competing alongside leading brands and agencies in Sri Lanka, American Premium Water’s four wins demonstrate the strength and effectiveness of its recent work. Winning three Gold Dragons across three distinct categories highlights the breadth of the brand’s achievements, while the Black Dragon for Small Budget further emphasizes its ability to create meaningful impact through focused and efficient investment.