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This paper reports preliminary findings from a study on financial behaviors of college students. Objectives of the study are to identify factors associated with financial behaviors and to examine associations between financial behavior and quality of life of the students surveyed. Results of bivariate analyses show that frequencies of performing po...
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... our model, we posit that financial behaviors ultimately affect one's overall well-being, not only with respect to his or her personal finances but also with respect to physical/mental health, school achievements, and life satisfaction. The conceptual framework is presented in Figure 1. For a more detailed discussion of this conceptual model, see Xiao, Shim, Barber, and . ...
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Citations
... Braunstein & Welch (2002) on their study noted that modern financial services, bank deposits, loans and credit products as well as retirement products are essential tools to understand which only comes from financial knowledge. In addition, the correct usage of credit cards is a basic component of financial knowledge (Lyons et al., 2007). Elsewhere, the Jumstart Coalition for Personal Financial Literacy stated that K-12 students should acquire financial knowledge, learn financial responsibility and decision making. ...
This paper sought to assess the effects of financial education on the adoption of financial technology (FinTech) services within the Buea Silicon Mountain community of the south region of Cameroon. A total of three hundred individuals were purposively sampled and data was collected through the use of structured questionnaires guided by parameters as observed in the Technology Adoption Model (TAM). Hypotheses were tested using the CB-SEM technique with analytical packages including SPSS 24 and AMOS 23. The findings revealed limited utilization of online banking and peer-to-peer lending platforms, with cryptocurrency exchanges and crowd-funding platforms ranking as the least utilized instruments. Additionally, the study establishes a significant influence of both financial knowledge and financial behaviour on the adoption of FinTech services. Individuals who comprehend the financial benefits of FinTech and perceive these services as innovative solutions are more likely to adopt them. This positive attitude is driven by the perceived ease of use, transaction tracking, and the potential to generate income through FinTech solutions. However, this paper did not find any statistically significant effect of financial skills on the adoption of FinTech services. Therefore, financial knowledge and a positive attitude toward FinTech services emerged as pivotal factors positively influencing financial services adoption in the Buea Silicon Mountain community of Cameroon.
... In this study, respondents were asked about how often they performed several behaviors related to personal finance. This method is in line with previous research [20] where each statement was given an ordinal scale: score "never" (score 1), very rarely (score 2), Sometimes (score 3), Often ( score 4), "always" (score 5). Chi-Square Calculation Results can be seen in Table II. ...
... Students were then asked a series of 17 subjective and objective questions about their financial knowledge. First, they were solicited to rate their overall knowledge about personal finance and money management (adapted from Xiao, Shim, Barber, & Lyons, 2007a;Xiao, Shim, Barber, & Lyons, 2007b;Xiao, Tang, & Shim, 2009). Responses ranged from a five-point Likert scale (0 = no knowledge to 5 = very high knowledge). ...
Being in a romantic relationship is a transition that many college students enter while earning a college degree. Twenty-four students between the ages of 19 to 29 years old who self-identified as being in a committed relationship participated in this study. They completed an online survey that included both quantitative and qualitative (open-ended) questions pertaining to money management practices. Key findings suggest that participants believe in communicating about their individual and combined finances so as to prevent or solve financial challenges. They also discussed the importance of having similar perspectives about financial values within their relationship. Financial therapists, counselors, and educators working with the college student populations should be aware of the issues couples in committed relationships face, and should tailor their money management programming with this in mind.
... Purchase and spending behavior exhibited by individuals are the outcome of the attitude that they develop towards money overtime. It keeps on developing with new experiences at every stage of life(Xiao et al., 2007) but the impact of parents in initial years of life play important role and is reflected in money ...
Money attitude is an important factor that affects the purchase and spending behavior of individuals. As acknowledged in earlier studies, children adapt their outlook towards money due to their observational behavior. Family peers and friends are the major social agents that work for development of temperament towards money. The current study investigates the role of socialization in development of attitude towards money. This study contributes towards developmental psychology. It underlines and discerns the thoughts that work in dealing with money.
... Purchase and spending behavior exhibited by individuals are the outcome of the attitude that they develop towards money overtime. It keeps on developing with new experiences at every stage of life (Xiao et al., 2007) but the impact of parents in initial years of life play important role and is reflected money attitudes exhibited throughout life (Shim et al., 2009;Bandura, 1986;Moschis, 1985). This paper studies the impact of socialization in the development of money attitude in individuals. ...
ABSTRACT
Money attitude is a learning experience. Attitude towards Money is an important factor that affects the purchase and spending behavior of individual. As acknowledged in earlier studies, children adapt their outlook towards money due to their observational behavior. Family peers and friends are the major social agents that work for development of temperament towards money. The current study investigates the role of socialization in development of attitude towards money. This study would be a contribution towards developmental psychology. It would underline and discern the thoughts that work in dealing with money.
Keywords: Money attitude, socialization, peer effect, purchase behaviour, spending behaviour
Sharia financial literacy pertains to individuals’ capacity to manage their finances, partake in Sharia-compliant agreements, and make investments based on Islamic tenets for long-term prosperity. This study explores the relationship between Sharia financial literacy, financial stress, financial behavior, and financial well-being among Islamic university students in Medan, Indonesia. Three hundred seventy-eight (378) students from various regions of Medan, Indonesia, were used as the research sample. The questionnaires were disseminated using social media chat functions or messaging applications (e.g., WhatsApp, Telegram) in which the Google Forms link is shared. The Likert scale measures indicators in responses to statements and questions. The analysis was conducted using SEM with PLS 3.0 software. The findings show a significant positive effect of Islamic financial literacy on financial behavior and well-being (p < 0.05). However, financial stress does not significantly impact financial behavior and financial well-being (p > 0.05). In addition, financial behavior positively affects financial well-being among university students (p < 0.05). This study also demonstrates that Islamic financial literacy indirectly improves financial well-being through its influence on financial behavior (p < 0.05). However, financial stress does not indirectly affect financial well-being through financial behavior (p > 0.05). Acknowledgment This research was funded in 2024 by the Ministry of Education, Culture, Research and Technology of the Republic of Indonesia under the Basic Research – Regular (PF-R) category. Thanks also go out to the different tiers of administration at Universitas Muhammadiyah Sumatera Utara, such as the administration of the School of Economics and Business and the staff at the Institute for Research and Community Service (LPPM).
This phenomenological study explores the financial management behaviors of the sandwich generation in Kotamobagu, North Sulawesi, Indonesia. The sandwich generation faces the unique challenge of simultaneously supporting their children and aging parents, leading to significant financial pressures. With a high population dependency ratio in Kotamobagu (43.15%), this study investigates how individuals in this generation perceive and manage their finances to achieve financial well-being. Using in-depth interviews with five individuals from diverse occupational backgrounds (trader, stall owner, service worker), the research identifies key strategies employed to navigate financial constraints. Data analysis, guided by a transcendental phenomenological approach, reveals that prioritizing spending on basic needs (food, education, healthcare) is a primary strategy. Informants also utilize simple income and expense tracking to monitor and control finances. The ability to save is a main strategy to dealing with financial uncertainty. Financial decisions are made collectively to maintain economic stability and achieve long-term financial well-being. These findings contribute to the Behavioral Finance Theory and offer practical insights for the sandwich generation, financial institutions, and policymakers in developing targeted financial literacy programs. This study provides a clearer understanding of the dynamics of financial management carried out by the sandwich generation and help them develop more effective strategies to achieve financial well-being in the midst of various challenges they face.
This study examines the relationship between financial self-efficacy and the financial behavior of college students at the University of Mindanao. The study uses quantitative research and a non-experimental correlational approach. Power analysis was used as the sample size calculator, and 150 college students from the University of Mindanao were selected using proportional stratified random sampling. Data were gathered online via survey through Google Forms. The reliability and validity of the constructs were assessed using Cronbach’s alpha, average variance extracted, and heterotrait-monotrait ratio. Financial behavior and financial self-efficacy have a strong positive relationship, as indicated by the path coefficient of 0.742. The large effect size of f² = 1.222 shows that financial behavior has a significant impact on financial self-efficacy. The R-squared value of 0.550 indicates that 55% of the variance in financial self-efficacy is explained by financial behavior.
Financial well-being is a critical factor in personal and professional success,
particularly in today’s rapidly evolving financial landscape. For finance students, building financial literacy and budgeting skills is not just an academic requirement but an essential life competency. This study explores how financial literacy and budgeting skills affect the financial
well-being of finance students at a university in Cagayan de Oro. Guided by the Theory of Planned Behavior (TPB) and Social Cognitive Theory (SCT), this study examines factors such as financial risk awareness, confidence in financial decision-making, income management, and expense tracking. Using a descriptive-correlational methodology and survey-based data, the analysis highlights the significant role of these competencies in promoting financial
resilience and responsible money management. Findings aim to aid educators, policymakers, and institutions in developing financial education programs that strengthen students' financial resilience and better equip them to navigate financial challenges during their studies and future careers.
Financial technology (FinTech) is one of the new fields made available to users through the introduction of technological breakthroughs. These advancements have made banking and finance-related services and transactions easier and more accessible for customers. As undergraduates, who represent the younger generation in the nation, complete their academic and associated work, they are increasingly exposed to these new technologies. While several surveys and studies from other nations have examined the variables influencing the adoption and utilisation of financial technology, Sri Lanka has not received sufficient attention in this specific area of inquiry. Therefore, this research aims to fill the current gap in the field by focusing on the final-year undergraduates of the University of Sri Jayewardenepura and identifying the key determinants underlying undergraduates' adoption of financial technology usage in Sri Lanka. 305 undergraduate students from the university's three main faculties were selected using simple random sampling, and PLS structural equation modelling was employed to analyse the data. The findings of the study indicate that the most significant factors influencing the adoption of financial technology usage are digital accessibility, convenience, and personal innovativeness. The results of the study provide valuable insights on how to promote awareness and usage of financial technology among students. The conclusions drawn from the study have significant implications for empowering FinTech usage within the Sri Lankan undergraduate population.
