Improving Financial Literacy Among Portuguese Youth: A Multicriteria Decision Analysis Using the Analytic Hierarchy Process

Financial literacy is critical for individual well-being and sustainable economic development, yet significant gaps remain among Portuguese young adults. Using a two-phase design, this study combines a diagnostic assessment and multi-criteria decision analysis to identify and prioritise effective financial education strategies. In Phase 1, a diagnostic questionnaire administered to 172 first-year university students revealed pronounced deficiencies in core financial concepts. Only 29.1% correctly answered a question on compound interest, and almost half were unable to understand the concept of inflation. Additionally, 62.8% reported low exposure to financial education during compulsory schooling, and 59.9% strongly agreed that it should be included in the mandatory curriculum, indicating both unmet need and strong receptiveness. Phase 2 employed the Analytic Hierarchy Process (AHP) to evaluate five educational alternatives across four criteria. Engagement and motivation (0.32) and knowledge acquisition (0.31) were prioritised over behavioural impact (0.22) and accessibility (0.15). Based on expert assessments weighted by student preferences, in-person courses emerged as the most effective strategy (0.42), substantially outperforming online courses (0.22), videos and digital content (0.14), books (0.13), and games (0.10). The findings point to the need for policy-driven integration of structured, educator-led financial education within formal curricula, supported by approaches that prioritise active engagement and knowledge acquisition over convenience, with digital tools serving as complements rather than replacements.