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FACTORS INFLUENCING FINANCIAL MANAGEMENT BEHAVIOUR AMONG

UNIVERSITY STUDENTS

HAIRIN NISA MEOR NORDIN 1*, NORHASDALINA HASIM2, ROHAIZA MOHAMAD IDARIS3, NIK
HASNAA NIK MAHMOOD4, SHANGKERY A/P THILLAYNATHARAJAN5
VITHIYA A/P POOVALINGAM6

1,2,3,4,5,6Faculty of Business & Accounting, Universiti Selangor, Malaysia

*Corresponding Author: hairinnisa@unisel.edu.my

Abstract: Effective financial management has become an essential skill for students to
possess. This research aims to examine the influence of financial literacy, family influence,
and saving attitudes on financial management behaviour among students in private higher
education. This study utilises a quantitative research design through survey methods. Data
were collected using a self-administered questionnaire, with the samples comprising 200
respondents. The samples were collected from a private university in using a purposive
sampling technique. The study found that there is a significant relationship between financial
literacy, family influence, and saving attitude with the student's financial management
behaviour, contributing to 63.3% of the financial management behaviour of university
students. Family influence was found to be the most influential factor in students' financial
management behaviour. Therefore, this research is expected to create awareness among
students on the importance of financial management practices in life as a student.

Keywords: Financial management, Financial literacy, Saving attitudes, Family influence

1. Introduction

Financial management behaviour is critical to purchasing, utilising, and using financial

resources with a specific goal. University is typically the place where students start to manage
their finances. Parents acknowledge the importance of financial knowledge but they may not
emphasise it to their children. Similarly, universities also do not specifically provide classes on
the subject matter. Money management is a skill that students should be exposed in an early
age because most likely the knowledge that they acquire might stick with them for the rest of
their life. Barr and McClellan (2018) mentioned that life in higher education institutions and
current financial needs are highly demanding. As the economy worsened, the number of
students applying for financial assistance has been increasing. As a result, it is pertinent for
students to manage their money wisely. Chen-Chen et al. (2018) report that the financial
management rate of the population in Malaysia is around 36 % compared to 59 % in
developed countries. One of the factors that contribute to high debts and shocking financial
distress problems occurs among Malaysian students (The Star, 2019). Students in higher
education are primarily young people who strive to prepare themselves for challenges outside
of campus life.

The financial literacy of young adults or youngsters is alarmingly low. Approximately

47 percent of young people in Malaysia have heavy credit debt that leads to bankruptcy
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(Athirah, 2020). Currently, poor financial literacy awareness is one of the significant problems,
especially among university students in Malaysia. Moreover, according to Ummi Raida et al.
(2020), a lack of discipline and financial management leads to several youth financial
problems. Besides, financial expertise and minimum basic financial skills are required to build
a financial management behaviour or financial literacy stated by Peeters (2018). Therefore, a
budget is a plan to spend a student's money every month. To start making the first university
budget, it can start by listing fixed costs such as rent, tuition, books, utility bills, and food.
Additionally, Chen-Chen (2018) said that financial education positively affected financial
expertise and management behaviour.

Furthermore, according to a study conducted by Chen-Chen (2018), among Malaysian

university students, financial values and beliefs mainly learned throughout childhood and
within parenting styles are the foundation of their financial management behaviour and
practices. Besides, a report by Thomas and Subhashree (2020) revealed that family influence
positively affects financial management behaviour, and parents influence the financial
knowledge of their children, and young adults. Furthermore, based on another study by
Sansone et al. (2019), financial lessons from one's parents provide individuals with better
financial confidence and sound financial management behaviour. University students will
relieve their parents' financial pressure and develop a saving attitude. Therefore, the present
study aims to understand the factors that influence university students' financial
management behaviour. Thus, in the context of university students in Selangor, the objectives
of this research are:

1. To determine students’ perception regarding financial management behaviour, family

influences, financial literacy, and saving attitudes;
2. To examine the relationship between financial literacy, family influence, and saving
attitudes with financial management behaviour; and
3. To examine the influence of financial literacy, family influence, and saving attitudes on
financial management behaviour.

2. Literature Review

The literature review focuses on the financial management behaviour of university

students, and the factors that affect their behaviour comprising financial literacy, family
influence, and saving attitudes.
2.1 Financial Management Behaviour

Financial management behaviour is the acquisition, distribution, and use of financial

resources directed toward a personal goal constituting financial management behaviour (Soo-
Cheng et al., 2020). Barr and McClellan (2018) stated that university life and financial needs
are stressful, and the economic conditions of the students suffer. Thus, the need for students
for financial assistance increases, and therefore, students are critical to managing money
wisely. Meanwhile, Mohd Danial et al. (2018) mentioned that students must be prepared with
financial management skills and knowledge to assist university students in matching their
requirements with available resources.

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According to Zulfaris (2020), students who borrow from 'Perbadanan Tabung

Pendidikan Tinggi Negara' (PTPTN) loans would prefer to overspend their education loans on
luxury things. For example, university students prefer to spend money on the appearance of
branded items and food in high-end restaurants. Moreover, Naradin et al. (2018) mentioned
that many students are forced to work part-time for extra money to continue living off-
campus without a proper financial management plan. This has reduced students' interest in
classroom teachings and their ability to review and finish the assigned activities. Therefore, a
financial management behaviour system is required for university students. Students in
higher education are mainly young people who strive to develop skills that will enable them
to face challenges outside campus life.

According to Ameliawati and Setiyani (2018), financial management behaviour is the

ability of a person to manage the planning, budgeting, control, use, search, and savings of
daily financial resources. Moreover, parents play a significant role in their children's
education, including financial management, in all aspects of life. Various studies have been
conducted to relate financial literacy, family influences, and saving attitudes to university
students' financial management behaviour. This study will examine financial management
behaviour, financial literacy, family influences, and saving attitudes among University
students in Selangor.

2.2 Financial Literacy

Financial literacy is knowing, comprehending, and assessing data about an individual’s

accounting. It has been identified as a crucial ability for anyone operating in an environment
where the financial landscape is becoming more complex. Financially literate people are
better able to make proactive and effective decisions in their daily financial dealings
(Sudeshna, 2021). People who have financial literacy can comprehend and utilise different
financial abilities, including individual monetary administration, planning, and contributing.
Meanwhile, financial education is establishing a relationship with cash and is anything but a
deep-rooted excursion of learning (Lusardi, 2019).

According to Garg and Shveta (2018), financial literacy is a valuable instrument for
perceiving how understudies adapt to financial issues. If the understudies are confident with
financial literacy, they may deal with financial issues better. University understudies face one-
of-a-kind financial difficulty. They are at an age where embracing essential financial abilities
and information can significantly affect their adulthood. When understudies have financial
literacy, they have the information and certainty of settling on educated financial choices.
Poznańska (2021) stated that students' understanding of financial matters should be raised
and that this awareness is raised when they participate in extracurricular projects related to
financial education. It is supported by Frisancho (2019); the financial education programme
is highly successful in enhancing the financial literacy of both students. In addition, a financial
literacy-focused education strategy is crucial for ensuring that the coming generation of
young people is more literate and behaves professionally regarding money (Kamel & Sahid,
2021). Meanwhile, Isomidinova and Singh (2017) stated that understudies' financial literacy

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comprises information and the use of human resources explicitly for individual budgets. Thus,
the two-research hypotheses are formulated as follows:

H1a: There is a significant relationship between financial literacy and financial management
behaviour.
H1b: Financial literacy influences financial management behaviour.

2.3 Family Influence

Kim et al. (2017) defined family influence as assigning scant assets like time, cash, and
energy to accomplish significant family objectives; adjusting requirements and assets is
essential. In addition, they also mentioned that family significantly influences student
financial management behaviour. Saxon (2020) indicates strong parental involvement in
students' well-being and happiness. They also added in their research that a correlation did
exist between family influence and financial management behaviour. Thus, it positively
impacts students' happiness, indicating that strong parental involvement can positively
impact a college student's well-being and happiness.

LeBaron et al. (2020) discovered that parents' financial knowledge and mentalities,
along with their financial assets and status levels, impact their children's financial behaviour
(measured in terms of their degrees of obligation). Therefore, parents should increase
financial teaching and monitoring, modelling financial management behaviour, and
reinforcing financial management to improve students' financial behaviour (Antoni et al.,
2019). Ui et al. (2017) mentioned that parents might show their convictions and assumptions
about the importance of spending prudently with their children. For example, participating in
such activities as empowering a relationship with a financial organisation by opening up a
checking or bank account or urging the children to set aside cash routinely for long-term
financial objectives. In conclusion, raising awareness among parents, relatives, and students
on the significance of developing sound financial practices may improve understanding, and
abilities in financial management (Zulfaris et al., 2020). Thus, the two-research hypotheses
are formulated as follows:

H2a: There is a significant relationship between family influence towards financial

management behaviour.
H2b: Family influence influences financial management behaviour.

2.4 Saving Attitudes

Most university students now have significant debts from higher education fee loans
or excessive usage of credit cards. Students' saving attitudes are critical because they are
more likely to be blocklisted borrowers. As a result, one of the objectives of this research is
to look into the influence of students' saving attitudes towards financial management
behaviour among students. This is because saving attitude varies depending on his or her level
of financial knowledge. Furthermore, parents play a crucial influence in encouraging their
children's saving attitudes.

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Apart from that, Norashikin et al. (2013) investigated that most teenagers' or
university students' spending capacity is now motivated by their wants rather than their
financial needs. They spent over 82 % of their money on entertainment, clothing, cosmetics,
and travel. However, they quickly follow their parents regarding personal clothes, personal
care items, transportation, insurance policies, appliances, and food. This demonstrates that
children have a different mindset from their parents. Chavali (2020) stated that university
students' saving attitudes are critical, and students need to learn more about it for their
future. Leiser and Ganin (2020) revealed the effect of parental influence on children's saving
and spending attitudes. Meanwhile, Cummins et al. (2020) reviewed that a lack of financial
knowledge impacts financial saving attitudes, negatively impacting their financial well-being.
It shows that university students may need more preparation to deal with their financial
situation, and youngsters need to plan their expenses.

According to Khalizul and Rosmini (2019), university students are experiencing

spending attitude shock since they are away from home. They have distinct spending
attitudes due to their low incomes and high expenses, and they manage their money
differently. In addition, campus life has evolved, and students have become more responsible
in making lifestyle decisions, which may lead to negative spending attitudes. Moreover, based
on Nyhus's (2017) study, academic achievement and financial self-control were also linked to
favourable saving attitudes. This illustrates that an individual's self-control significantly
impacts saving attitudes.

Furthermore, Sorooshian, and Tan (2016), revealed that the changes in students'
spending attitudes resulted from technological advancements and their changing lifestyles.
Students, for example, spent their money on stationery, books, and other similar products
that are needed for their studies at previous ages. Nowadays, students' needs have been
enhanced, with computers and other technologies, particularly smartphones, required to
complete assignments. Male students are more interested in purchasing electronics than
female students, who are more inclined to spend their money on fashionable apparel, bags,
and shoes to appear appealing in class.

In conclusion, these young people's saving attitudes and ability to manage their funds
will impact their future financial condition, hence a good saving attitude is a critical
component of financial success. Besides, wise saving allows the money to stretch further and
reach financial goals, as Bona (2018) reported. In addition, one possible practical way to
improve responsible saving attitudes is to identify and address factors relating to
overspending among university students, as stated by Jorgensen et al. (2017). University will
likely be a period when they earn very little money. Therefore, debt should be avoided
wherever possible since it can become overpowering. Having some savings on hand for
unexpected situations and needs is critical for students' survival in university life. Based on
the outcomes of the previous studies, this study will look into financial management
behaviour among students at the private university in Selangor, focusing on the factors that
influence saving attitudes and financial management behaviour. Thus, the two-research
hypotheses are formulated as follows:

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H3a: There is a significant relationship between saving attitudes towards financial

management behaviour.
H3b: Saving attitudes influence financial management behaviour.

3. Method

This study utilises a quantitative research design using survey methods. The investigation
attempted to determine population trends, views, and attitudes based on population samples
(Creswell & Creswell, 2017). Self-administered questionnaires can help collect data from a large
number of responders economically in a short period (Sekaran & Bougie, 2016). The population
of this study involved a private university in Selangor. Two hundred samples were selected using
non-probability sampling techniques, which is purposive sampling. The research instrument used
in this study is a survey questionnaire to collect data. The questionnaire was divided into two
parts: demographic details and related constructs of this study, namely financial management
behaviour, financial literacy, family influence, and saving attitudes. All constructs consisted of ten
items using the Five Points Likert Scale. The questionnaire was distributed to both campuses of
the university. The data collection was completed within two months.

3.1 Data Analysis

The IBM Social Science Statistics Package (IBM-SPSS), version 26. was utilised for data
analysis. Firstly, descriptive analyses were conducted to analyse the respondents' demographic
details and determine the respondents' perceptions of the tested variables. Further analysis,
namely correlations Pearson and regressions, were also conducted to examine the significant
relationship between variables and the influence of the independent variables on the dependent
variables.

3.2 Reliability Test

Cronbach's Alpha statistics were conducted to test the reliability of the data from pilot
data collected from the 30 respondents. The result shows that Cronbach's Alpha for the
dependent variable, Financial Management Behaviour = 0.768 and for independent variables,
Financial Literacy = 0.763, Family Influence = 0.887, and Saving Attitudes = 0.719. All four
variables in the study exceed 0.7, which means that the data collected for all variables are
reliable (Bougie & Sekaran, 2011) indicating respondents' consistent responses towards the
questionnaire items. Thus, the researchers proceed with the study with the data collection
and further analysis.
Table 1. Reliability Test
Dimension Cronbach’s Alpha
Financial Management Behaviour .768
Financial Literacy .749
Family Influence .887
Saving Attitudes .719

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4. Results

4.1 Respondents Profiles

Table 1 illustrates the frequencies, and percentage of demographic data of

respondents that participated in the research. In Table 1, 103 (51.5%) of the respondents are
between 21- 24, while 21(10.0%) are 25 and above. Furthermore, it shows that 115 (57.7%)
of the respondents are female, and the remaining 85 (42.5%) are male. The result reveals that
124 (62.0%) respondents are Islam, 68 (34%) Hindu, 7 (3.5%) Christian, and 1 (0.5%) of the
respondent is Buddhist. The result also shows that 124 (62.0%) of the respondents are Malay,
73 (36.5%) Indians, and 3 (1.5%) Chinese. Half of the respondents, 109 (54.5%), are doing
Bachelor's while the remaining respondents are diploma students, 59 (29.5%), foundation 30
(15.0%), master’s and PhD 2 (1.0%) respectively.

Table 1. Respondents Profile

Respondents
Frequency Percentage
Profile
Age 18-21 76 38.0
21-24 103 51.5
25 and above 21 10.5
Gender Male 85 42.5
Female 115 57.5
Religion Islam 124 62
Hindu 68 34
Christian 7 3.5
Buddhist 1 0.5
Race Malay 124 62
India 73 36.5
Chinese 3 1.5
Education Level Foundation 30 15
Diploma 59 29.5
Degree 109 54.5
Master 1 0.5
Ph. D 1 0.5
Current Study
Full Time Student 196 98
Status
Part Time Student 4 2

Regarding the students’ status of study, the result as shown above revealed that most
respondents are full-time students, 196 (98.0%). The remaining 4 (2.0%) of the respondents
are part-time students.

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4.2 Descriptive Statistic Analysis

Descriptive analysis is utilised to characterise, summarise, and organise raw data. In the
present research, three factors were assumed to influence financial management behaviour
among university students: financial literacy, family influence, and saving attitude. The mean
value score has been used to determine students’ perceptions of these tested variables.

Table 2. Descriptive Analysis

N Mean Std. Deviation
Financial Management
200 4.41 0.68
Behaviour
Financial Literacy 200 4.02 0.59
Family Influence 200 4.46 0.79
Saving Attitude 200 4.27 0.56

Table 2 shows the mean score of students’ perceptions of financial management

behaviour (4.42), financial literacy (4.02), family influence (4.46) and saving attitude (4.27)
indicating that the mean scores show high agreement for each variable.

4.3 Correlation Analysis

Pearson correlation statistics were used to analyse the relationship between financial
literacy, family influence, and saving attitude with financial management behaviour. Table 3
shows that there is a significant relationship between financial literacy, and financial
management behaviour (r=0.673), family influence, and financial management behaviour
(r=0.673) and saving attitude and financial management behaviour (r=0.673). According to
Guilford's rule of thumb, the strength of the three independent, and dependent variables
shows a moderate relationship. Therefore, hypotheses H1a, H2a and H3a are accepted.

Table 3. Correlation Analysis

DV IV1 IV2 IV3
DV Pearson
1 .673** .673** .681**
Correlation
Sig. (2-tailed) .000 .000 .000
N 200 200 200 200
IV1 Pearson
.673** 1 .495** .703**
Correlation
Sig. (2-tailed) .000 .000 .000
N 200 200 200 200
IV2 Pearson
.673** .495** 1 .540**
Correlation
Sig. (2-tailed) .000 .000 .000
N 200 200 200 200

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IV3 Pearson
.681** .703** .540** 1
Correlation
Sig. (2-tailed) .000 .000 .000
N 200 200 200 200
**. Correlation is significant at the 0.01 level (2-tailed).

4.4 Regression Analysis

Multiple regression statistics were applied to analyse the influence of financial literacy,
family influence, and saving attitude on financial management behaviour among university
students. The finding in Table 4 shows that financial literacy, family influence, and saving
attitude contribute 63.3% (Adjusted R2=0.633) to the variance of financial management
behaviour.

Based on the beta coefficient score in Table 5, family influence (β=0.383) has the highest
score in influencing students’ financial management behaviour, followed by financial literacy
(β=0.296), and saving attitude (β=0.266). Therefore, one unit of family influence will increase
0.383 units of financial management behaviour. Meanwhile, one unit of financial literacy
increase will increase 0.296 units of financial management behaviour among university
students. In addition, if one unit of saving attitude increases, it will increase 0.266 units of
financial management behaviour. Therefore, H3b, H3b, and H3c are also accepted.

Table 4. Model Summary

Adjusted R
Model R R Square Std. Error of the Estimate
Square
1 .799a .639 .633 .41393
a. Predictors: (Constant), IV1_Financial Literacy, IV2_Family Influence, IV3_Saving Attitude,

Table 5. Coefficients
Standardized
Unstandardized Coefficients
Coefficients
Model B Std. Error Beta t Sig.
1 (Constant) .211 .234 .899 .000
IV1 Financial Literacy .034 .007 .296 9.764 .000
IV2 Family Influence .033 .004 .383 5.462 .000
-
IV3 Saving Attitude .032 .008 .266 .242
1.174
a. Dependent Variable: Financial Management Behaviour

5. Discussion

This study aims to examine factors that contribute to financial management behaviour
among university students in Selangor. All six hypotheses were accepted indicating that a
relationship between financial literacy, and financial management behaviour exists. Moreover,
financial literacy helps individuals better prepare for their future financial management
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behaviour. Lee et, al. (2019) mentioned that financial literacy helps individuals increase their
wealth, preventing loss, and smoothing consumption. Garg and Shveta (2018) expressed that
students’ financial management behaviour is more valuable than their financial goals and is
better organised. Hence, financial education from an early age becomes urgent in familiarising
this financial management behaviour (Damayanti et al., 2020). The implication is that improving
financial literacy among students requires synergy from various parties to make it happen
(Damayanti et al., 2021).

In addition, the study found a significant relationship between family influence and
students' financial management behaviour. According to Antoni et al. (2019), family influence
positively affects financial management behaviour. Parents' influence on the financial
management behaviour level of their children's pocket money given by parents to their children
is found to be an effective tool for teaching good financial habits to their children through
informal means. As a result, the financial lessons from one's parents provide better financial
confidence for individuals. Furthermore, the financial management behaviour of students was
associated with the discussion with parents and children on money matters. The result provides
several valuable insights into the importance of family influence in financial management
behaviour among university students.

The finding of this study also corroborates studies by Rosli (2019) that found the influence
of saving attitudes on financial management behaviour among university students. The finding
of this study indicates that university students currently undergoing study had positive saving
attitudes that resulted in positive financial management behaviour. Tuvesson and Yu (2011)
found that saving attitudes shows that female students have a more positive attitude towards
saving and are slightly more motivated to save than male student. Students with a higher saving
or financial attitude would be good at managing their financial affairs. Attitude and preference
are determined as significant components of financial management behaviour. Thus, parents and
teachers must nurture a saving attitude during childhood to help students manage their financial
activities more effectively in the future.

6. Conclusion

The present study shows a significant relationship between financial literacy, family
influence, and saving attitude towards financial management behaviour among university
students. Financial literacy, family influence, and saving attitude influence university
students’ financial management behaviour. Family influence was found to have the most
influence on financial management behaviour. These findings can be instrumental for
practice, in particular the parents, schools, universities, and government, to explore ways to
enhance financial management behaviour, especially among university students, given that
they are the next generation to join the real working world and participate fully in the
community. Therefore, seminars on financial literacy, family influence, saving attitude and
financial management behaviour can be further developed and carried out by the
government and private institutions/agencies, and universities. Universities can implement a
financial management behaviour programme for all students to raise awareness about
financial management behaviour, and parents too should encourage their children to
participate in various programmes or courses on financial management.

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The present study adds and advances existing knowledge, specifically on the factors
influencing financial management behaviour among university students. By understanding
which variable influences students' financial management behaviour and the extent to which
the variables impact financial management behaviour, helpful interventions can be
established to enhance students' financial well-being. Despite the statistically significant
results obtained from the current study, it also identifies some limitations that should be
considered in future research. This study is limited because the data was collected from one
private university in Selangor.

The present study recommended that future researchers replicate this study in
universities in other states involving public and private universities. It examines the influence
of financial literacy, family influence, and saving attitude on financial management behaviour
among university students. Therefore, it is recommended that the future researcher examine
other variables' influence on financial management behaviour, such as financial self-efficacy,
financial intelligence, lifestyle, culture, and technology. Future studies should also consider
qualitative research methods to understand different financial management behaviours and
patterns among young and older adults. At the same time, future research could further
explore this phenomenon to determine potential mediating or moderating factors such as
culture and technology.

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