Exploring Financial Management Practices and Problems among Students

Abstract

Financially educated society tend to make better financial decisions. Nevertheless, individuals are seldom having a perfect financial knowledge. Behavioral economics admitted that individuals are not always rational and emotions can always affect decision making. Thus objectives of this paper are to investigate the financial problems among the students as well as their financial management practices. This is because the ability to manage personal finances has become increasingly important in both university and college in preparing their students with good financial management. Data for this study was collected through a self-administered questionnaire and distributed through purposive judgmental sampling method. A total of 369 questionnaires were completed and been analyzed using SPSS. The finding from the study shows that the financial problem occurs due to the inability of students to increase income. As a student, they need to spend more time for their study instead of finding a way to increase income. The students were found have good financial management practice because they are avoiding overspending of their money. The result contributes to the university and particularly the academia to know the students' financial management practice and financial problem to educate them in making a wise financial decision in future.

A Study of the Emotional Intelligence and Personality Traits of University Finance Students

“…First, and from a theoretical perspective, there are significant differences in the levels of EI and PT between university students and professionals in the financial industry that are associated with financial behavioral biases. Previous research has shown that EI and PT influence financial behavioral biases [6] and that university students present a gap in EI compared to professionals from other industries [11]. However, this is the first study to show that university students present a gap in EI and PTs compared to professionals in the financial industry and that this gap is related to some biases of the students' financial behavior.…”

“…In this regard, various criteria have been used to try to explain the factors that cause biases in financial behavior, highlighting among the most recent ones emotional intelligence (EI) and personality traits (PTs). On the one hand, high levels of EI have been shown to lead to superior employee performance [3][4][5] and the better financial performance of employees [6]. On the other hand, investor decisions and portfolio performance have also been found to be directly related to PTs [7,8].…”

Personal Financial Management Skills Of University Students and Their Financial Experiences During The Covid-19 Pandemic

“…The author argued that by delaying paying bills, one accrues interest each day that the bill is not paid and interest adds up quickly, which makes the overall cost of the item(s) purchased much larger than the initial cost. An investigation on financial management practices and financial problems faced by University students revealed that students have good financial management practices but fail to meet their financial obligations due to low incomes to sustain their needs as they spend more time studying instead of finding a way to increase their income (Azer & Mohamad, 2018). Primary data was collected through a self-administered questionnaire among 369 University students in Malaysia.…”

International Students’ Nostalgic Behaviour towards the Purchase of Products and Services

“…In the current era of globalization, students, mostly from developing countries, travel to advanced countries to secure an education [28,29]. International students are careful when purchasing products and services in international markets [30].…”