Browse > Article
http://dx.doi.org/10.13106/jafeb.2020.vol7.no3.245

Students and Money Management Behavior of a Malaysian Public University  

ZULFARIS, Mohd Danial (Department of Accounting and Finance, Faculty of Economics and Management, Universiti Putra Malaysia (UPM))
MUSTAFA, Hasri (Department of Accounting and Finance, Faculty of Economics and Management, Universiti Putra Malaysia (UPM))
MAHUSSIN, Norlida (Faculty of Science and Technology, Universiti Sains Malaysia)
ALAM, Md. Kausar (Department of Accounting and Finance, Faculty of Economics and Management, Universiti Putra Malaysia (UPM))
DAUD, Zaidi Mat (Department of Accounting and Finance, Faculty of Economics and Management, Universiti Putra Malaysia (UPM))
Publication Information
The Journal of Asian Finance, Economics and Business / v.7, no.3, 2020 , pp. 245-251 More about this Journal
Abstract
This study aims to investigate whether financial literacy, parental socialization, peer influence and self-control have a significant impact on money management among students of a Malaysian public university. In most settings, the studies on the determinants of personal saving behavior among university students focus on personality factors, attitudes toward money and possessions, and financial knowledge as predictors of money management behavior. Primary data are collected using a self-administered questionnaire with the samples comprised 186 students. The findings show that all the financial literacy and parent socialization have a positive relationship with money management; meanwhile, peer influences and self-control have a negative relationship with money management. This is because the majority of students admit they cannot control their self in managing their money. In this study, parent socialization has a significant relationship with money management which signifies that parents are playing essential roles in ensuring their children to establish money management. In practical, this study can contribute to the parents in providing their children to foster sound money management. Besides, Perbadanan Tabung Pendidikan Tinggi Nasional (National Higher Education Fund Corporation) PTPTN should monitor the loan, and management process and arrange motivational program so that students can more focus on the educational expense.
Keywords
Financial Literacy; Parental Socialization; Peer Influence; Self-control;
Citations & Related Records
Times Cited By KSCI : 6  (Citation Analysis)
연도 인용수 순위
1 Barr, M. J., & McClellan, G. S. (2018). Budgets and financial management in higher education. Hoboken, NJ: John Wiley & Sons.
2 Baumeister, R. F. (2002). Yielding to temptation: Self-control failure, impulsive purchasing, and consumer behavior. Journal of Consumer Research, 28(4), 670-676.   DOI
3 Brown, S., & Taylor, K. (2016). Early influences on saving behavior: Analysis of British panel data. Journal of Banking & Finance, 62, 1-4.   DOI
4 Currie, E., Dethier, J. J., & Togo, E. (2003). Institutional arrangements for public debt management. Washington, DC: The World Bank.
5 Lim, C. S., Sia, B. K., & Gan, G. J. (2011). The analysis of psychological factors affecting savers in Malaysia. Middle Easter Finance and Economic, 12, 77-85.
6 Jamal, A. A. A., Ramlan, W. K., Karim, M. A., & Osman, Z. (2015). The effects of social influence and financial literacy on savings behavior: A study on students of higher learning institutions in Kota Kinabalu, Sabah. International Journal of Business and Social Science, 6(11), 110-119.
7 Jorgensen, B. L., & Savla, J. (2010). Financial literacy of young adults: The importance of parental socialization. Family Relations, 59(4), 465-478.   DOI
8 Jung, M.-H. (2020). The Effect of Social Capital on Personal Happiness: A Focus on Service Industry Employees. Journal of Asian Finance, Economics and Business, 7(1), 291-299. https://doi.org/10.13106/jafeb.2020.vol7.no1.291   DOI
9 Kezar, A., Chambers, A. C., & Burkhardt, J. C. (Eds.). (2015). Higher education for the public good: Emerging voices from a national movement. Hoboken, NJ: John Wiley & Sons.
10 Kim, Y. E., & Yang, H. C. (2020). The Effects of Perceived Satisfaction Level of High-Involvement Product Choice Attribute of Millennial Generation on Repurchase Intention: Moderating Effect of Gender Difference. Journal of Asian Finance, Economics and Business, 7(1), 131-140. https://doi.org/10.13106/jafeb.2020.vol7.no1.131   DOI
11 Lusardi, A., Mitchell, O. S., & Curto, V. (2010). Financial literacy among the young. Journal of Consumer Affairs, 44(2), 358-380.   DOI
12 Mohamed, M. (1993). Economic Understanding: for those who lead and lead. Kuala Lumpur, Malaysia: Cahaya Pantai (M) Sdn. Bhd.
13 Ergun, K. (2018). Financial literacy among university students: A study in eight European countries. International Journal of Consumer Studies, 42(1), 9-15.   DOI
14 Wankanfad. (2012). Use of PTPTN loan among second year students in the Faculty of Manufacturing Engineering and Technology Management. Retrieved November 10, 2019 from http://wankanfad.wikispaces.com/ questionnaire
15 D'Silva, N. V. (2012). Market research on student spending. Retrieved November 10, 2019 from www.buzzle.com/articles/market-research-on-studentspending.html
16 Danes, S. M., & Hira, T. K. (1987). Money management knowledge of college students. Journal of Student Financial Aid, 17(1), 4-16.
17 De Ridder, D. T., & Lensvelt-Mulders, G. (2018). Taking stock of self-control: A meta-analysis of how trait self-control relates to a wide range of behaviors. In Self-Regulation and Self-Control (pp. 221-274). Abingdon, United Kingdom: Routledge.
18 Delafrooz, N., & Paim, L. H. (2011). Determinants of saving behavior and financial problem among employees in Malaysia. Australian Journal of Basic and Applied Sciences, 5(7), 222-228.
19 Falahati, L., Paim, L., Ismail, M., & Masud, J. (2011). Assessment of university students' financial management skills and educational needs. African Journal of Business Management, 5(15), 6085-6091.
20 Falahati, L., & Paim, L. H. (2011). Toward a framework of determinants of financial management and financial problems among university students. Journal of Business Management, 5(22), 9600-9606.
21 Fernandes, D., Lynch, J. G. Jr., & Netemeyer, R. G. (2014). Financial literacy, financial education, and downstream financial behaviors. Management Science, 60(8), 1861-1883.   DOI
22 Sabri, M. F., Cook, C. C., & Gudmunson, C. G., (2012). Financial well-being of Malaysian college students. Asian Education and Development Studies, 1(2), 153-170.   DOI
23 Naradin, D. K., Ismail, F., Harun, N. S., & Khamis, Z. (2018). Determinants of the Saving Behaviour among Students of UiTM Terengganu. Terengganu International Finance and Economics Journal, 5(1), 31-40.
24 Nepomuceno, M. V., & Laroche, M. (2017). When materialists intend to resist consumption: The moderating role of selfcontrol and long-term orientation. Journal of Business Ethics, 143(3), 467-483.   DOI
25 Otto, A. M. C. (2013). Saving in childhood and adolescence: Insights from developmental psychology. Economics of Education Review, 33, 8-18.   DOI
26 Purwono, R., Nugroho, R. Y. Y., & Mubin, M. K. (2019). Response on New Credit Program in Indonesia: An Asymmetric Information Perspective. Journal of Asian Finance, Economics and Business, 6(2), 33-44. https://doi.org/10.13106/jafeb.2019.vol6.no2.33   DOI
27 Sabri, M. F., & Falahati, L. (2012). Estimating a model of subjective financial well-being among college students. International Journal of Humanities and Social Science, 2(18), 191-199.
28 Gentina, E., Tang, T. L. P., & Gu, Q. (2018). Do parents and peers influence adolescents' monetary intelligence and consumer ethics? French and Chinese adolescents and behavioral economics. Journal of Business Ethics, 151(1), 115-140.   DOI
29 Garrison, S. T., & Gutter, M. S. (2010). Gender differences in financial socialization and willingness to take financial risks. Journal of Financial Counseling and Planning, 21(2), 60-72.
30 Geer, C. Y. (2012). Students need money-management lessons too. Retrieved November 10, 2019 from http://online.wsj.com/article/SB10000872396390444318104577587400019575634.html.
31 Gentina, E., Tang, T. L. P., & Gu, Q. (2017). Does bad company corrupt good morals? Social bonding and academic cheating among French and Chinese teens. Journal of Business Ethics, 146(3), 639-667.   DOI
32 Gutter, M. S., Garrison, S., & Copur, Z. (2010). Social learning opportunities and the financial behaviors of college students. Family and Consumer Sciences Research Journal, 38(4), 387-404.   DOI
33 Haws, K. L., Bearden, W. O., & Nenkov, G. Y. (2012). Consumer spending self-control effectiveness and outcome elaboration prompts. Journal of the Academy of Marketing Science, 40(5), 695-710.   DOI
34 Hilgert, M. A., Hogarth, J. M., & Beverly S.B. (2003). Household Financial Management: The Connection between Knowledge and Behaviour. Federal Reserve Bulletin, 309-322.
35 Selvaratnam, D., Tan, K., Abu Bakar, N., Endut, W., & Fatimah, R. (2013). Awareness and Socialisation of Consumer Rights among UKM Students. SSRN Electronic Journal, 1-19. http://dx.doi.org/10.2139/ssrn.2211324
36 Sabri, M. F., & MacDonald, M. (2010). Savings behaviour and financial problems among college students: The role of financial literacy in Malaysia. Cross-Cultural Communication, 6(3), 103-110.
37 Sam. Y. T., Caroline. G., & Rosle., A. M., (2010). Financial behaviour among undergraduate student with and without financial education: A case among University Malaysia Sabah Undergrades. Jilid, (1), 210-224.
38 Saunders, M., Lewis, P., & Thornhill, A. (2009). Research methods for business students (4th ed.). Harlow, England: Prentice Hall.
39 Shim, S., Barber, B., Card, N., Xiao, J. J., & Serido, J. (2010). Financial socialization of first-year college students: The roles of parents, work and education. Journal of Youth and Adolescence, 39(12), 1457-1470.   DOI
40 Shim, S., Serido, J., Tang, C., & Card, N. (2015). Socialization processes and pathways to healthy financial development for emerging young adults. Journal of Applied Developmental Psychology, 38, 29-38.   DOI