The effect of financial education on financial knowledge, financial attitude and financial behavior of students (case study: management and accounting students of Mashhad)
Subject Areas :
Mahdi Filsaraei
1
,
Behzad Shafiei Moghaddam
2
1 - Assistant Professor, Department of Accounting, Hakim Toos Higher Education Institute Mashhad, Iran
2 - Hakim Tous Institute of Higher Education, Mashhad, Iran
Keywords: Financial attitude, financial behavior, financial education, financial knowledge,
Abstract :
Purpose: The purpose of this research was the effect of financial education on financial knowledge, financial attitude and financial behavior of management and accounting students of Mashhad. Methodology: The statistical population of the research was management and accounting students of Mashhad city in Razavi Khorasan province. 400 questionnaires were collected and structural equation modeling method was used. The method of data collection is library and field method with questionnaire distribution. This research is an applied and descriptive survey, and the data collection was a questionnaire prepared from several standard questionnaires that were integrated by the researcher. To test the hypotheses, correlation test method, structural equation model and regression (path analysis) were used in SmartPLS. Findings: The results showed that the effect of financial education on financial attitude, knowledge and behavior was confirmed. The effect of financial attitude variable on financial behavior was positive and significant, and the effect of financial knowledge on financial behavior was positive and significant. Originality: Many studies have been conducted on the factors affecting financial education. The present study has been conducted by examining the impact of financial education on components such as financial knowledge, financial attitude and financial behavior in a certain group of people (students) who are responsible for the future of the society. Therefore, in this sense, it adds to the existing literature.
آذر، عادل، غلام‌زاده، رسول، و قنواتی، مهدی. (1391). مدل‌سازی مسیری - ساختاری در مدیریت، انتشارات نگاه دانش.
بیگی، بهزاد. (1402). تاثیر تحمل ریسک مالی ، سواد مالی و نگرش مالی افراد بر رفتارهای مالی آنها، نهمین کنفرانس ملی یافته‌های نوین علوم و تکنولوژی با محوریت کامپیوتر، مدیریت و حسابداری، تهران.
دری سده، سولماز، و توکلی، مرتضی. (1400). بررسی و ارزیابی سواد مالی کارآفرینان روستایی شهرستان سمیرم استان اصفهان. روستا و توسعه پایدار فضا، 2(1)، 97-112. doi: 10.22077/vssd.2021.4699.1037
محقق کیا، نرگس، برمکی، ناهید، و اقدامی، اکرم. (1400). تعیین سطح سواد مالی و رابطه آن با رفتار مالی و نگرش مالی (مطالعه موردی دانشجویان مؤسسه آموزش عالی پرندک). تحقیقات حسابداری و حسابرسی، 13(51)، 187-198. doi: 10.22034/iaar.2021.141684
نوروزی، اشرف، منصوری، احسان، و سمیعی اصفهانی، سروش. (1401). تحلیل تأثیر نگرش مالی بر عملکرد سرمایه‌گذاری با میانجیگری رفتار مالی - رویکرد تحلیل معادلات ساختاری. فصلنامه علمی کارافن. 19(2)، 519-495. doi: 10.48301/kssa.2022.312336.1806.
Abrantes-Braga, F. D. M., & Veludo-de-Oliveira, T. (2020). Help me, I can’t afford it! Antecedents and consequence of risky indebtedness behaviour. European Journal of Marketing, 54(9), 2223-2244. doi: 10.1108/EJM-06-2019-0455.
Atkinson, A., & Messy, F. A. (2013). Promoting financial inclusion through financial education: OECD/INFE evidence, policies and practice. OECD Working Papers on Finance, Insurance and Private Pensions, No. 34, OECD Publishing, Paris. doi:10.1787/5k3xz6m88smp-en.
Azar, A., Gholamzadeh, R & Qanawati, M. (2011). Path-structural modeling in management, Neghah Danesh Publications. [In Persian]
Batty, M., Collins, J. M., & Odders‐White, E. (2015). Experimental evidence on the effects of financial education on elementary school students' knowledge, behavior, and attitudes. Journal of Consumer Affairs, 49(1), 69-96. doi: 10.1111/joca.12058
Beigi, B. (2023). The effect of financial risk tolerance, financial literacy and financial attitude of people on their financial behavior, the 9th National Conference on New Science and Technology Findings focusing on Computer, Management and Accounting, Tehran. [In Persian]
Boushey, H. (2005). Student debt: Bigger and bigger. Center for Economic and Policy Research (CEPR). (No. 2005-27)
Cole, S. A., Sampson, T. A., & Zia, B. H. (2009). Financial literacy, financial decisions, and the demand for financial services: evidence from India and Indonesia (pp. 09-117). Cambridge, MA: Harvard Business School.
Dorri Sedeh, S., & Tavakoli, M. (2021). Investigation and evaluation of financial literacy of rural entrepreneurs in Semirom city of Isfahan province. Village and Space Sustainable Development, 2(1), 97-112. doi: 10.22077/vssd.2021.4699.1037 [In Persian]
Education Commission. (2015). Opportunities to improve the financial capability and financial well-being of postsecondary students. http://hdl.handle.net/10919/90710
Elliott, J. (1997). Consumer Advocacy: Young and in Debt: A Focus on Prevention. Credit World, 85, 35-36.
Fan, L. (2021). A conceptual framework of financial advice-seeking and short-and long-term financial behaviors: An age comparison. Journal of Family and Economic Issues, 42(1), 90-112. doi: 10.1007/s10834-020-09727-3
Fan, L., & Chatterjee, S. (2019). Financial socialization, financial education, and student loan debt. Journal of Family and Economic Issues, 40(1), 74-85. doi: 10.1007/s10834-018-9589-0
Fan, L., & Henager, R. (2022). A structural determinants framework for financial well-being. Journal of Family and Economic Issues, 43(2), 415-428. doi: 10.1007/s10834-021-09798-w
Gerrans, P., & Heaney, R. (2019). The impact of undergraduate personal finance education on individual financial literacy, attitudes and intentions. Accounting & Finance, 59(1), 177-217. doi: 10.1111/acfi.12247
Holub, T. (2002). Credit card usage and debt among college and university students. ERIC Clearinghouse on Higher Education.
Jiang, S. S., & Dunn, L. F. (2013). New evidence on credit card borrowing and repayment patterns. Economic Inquiry, 51(1), 394-407. doi: 10.1111/j.1465-7295.2012.00456.x
Johan, I., Rowlingson, K., & Appleyard, L. (2021). The effect of personal finance education on the financial knowledge, attitudes and behaviour of university students in Indonesia. Journal of Family and Economic Issues, 42, 351-367. doi: 10.1007/s10834-020-09721-9
Johnson, E., & Sherraden, M.S. (2007). From financial literacy to financial capability among youth. Journal of Sociology & Social Welfare, 34(3), 119–145. doi: 10.7936/K77M07GS
Jorgensen, B. L. (2007). Financial literacy of college students: Parental and peer influences (Doctoral dissertation, Virginia Tech).
Kempson, E., & Poppe, C. (2018). Understanding financial well-being and capability—A revised model and comprehensive analysis. Oslo: Consumption Research Norway (SIFO), Oslo Metropolitan University.
Klapper, L., Lusardi, A., & Panos, G. A. (2013). Financial literacy and its consequences: Evidence from Russia during the financial crisis. Journal of Banking & Finance, 37(10), 3904-3923. doi: 10.1016/j.jbankfin.2013.07.014
LeBaron, A. B., & Kelley, H. H. (2021). Financial socialization: A decade in review. Journal of family and economic issues, 42(Suppl 1), 195-206. doi: 10.1007/s10834-020-09736-2
Mandell, L., & Klein, L. S. (2009). The impact of financial literacy education on subsequent financial behavior. Journal of Financial Counseling and planning, 20(1).
Mohaghegh Kia, N., barmaki, N., & Eghdami, A. (2021). Measurment of Students Financial Literacy and its Relationship with Financil Behavior & Financial Attitude (case study: students of Parandac Institue). Accounting and Auditing Research, 13(51), 187-198. doi: 10.22034/iaar.2021.141684 [In Persian]
López-Medina, T., Mendoza-Ávila, I., Contreras-Barraza, N., Salazar-Sepúlveda, G., & Vega-Muñoz, A. (2021). Bibliometric mapping of research trends on financial behavior for sustainability. Sustainability, 14(1), 117. doi: 10.3390/su14010117
Netemeyer, R. G., Lynch, J. G., Lichtenstein, D. R., & Dobolyi, D. (2024). EXPRESS: Financial Education Effects on Financial Behavior and Well-Being: the Mediating Roles of Improved Objective and Subjective Financial Knowledge and Parallels in Physical Health. Journal of Public Policy & Marketing, 07439156241228197. doi: 10.1177/07439156241228197
Norouzi, A., mansouri, E., & Samiei Esfahani, S. (2022). Analyzing the Impact of Financial Attitude on Investment Performance with the Mediation of Financial Behavior - Structural Equation Analysis Approach. Karafan Quarterly Scientific Journal, 19(2), 495-519. doi: 10.48301/kssa.2022.312336.1806. [In Persian]
Organisation for Economic Cooperation and Development (OECD). (2013). Financial literacy and inclusion: Results of OECD/INFE survey across countries and by gender. Paris, France.
Peng, T. C. M., Bartholomae, S., Fox, J. J., & Cravener, G. (2007). The impact of personal finance education delivered in high school and college courses. Journal of family and economic issues, 28, 265-284. doi: 10.1007/s10834-007-9058-7
Rai, K., Dua, S., & Yadav, M. (2019). Association of financial attitude, financial behaviour and financial knowledge towards financial literacy: A structural equation modeling approach. FIIB Business Review, 8(1), 51-60. doi: 10.1177/2319714519826651
Raut, R. K. (2020). Past behaviour, financial literacy and investment decision-making process of individual investors. International Journal of Emerging Markets, 15(6), 1243-1263. doi: 10.1108/IJOEM-07-2018-0379
Rodriguez-Raga, S., & Martinez-Camelo, N. (2022). Game, guide or website for financial education improvement: Evidence from an experiment in Colombian schools. Journal of Behavioral and Experimental Finance, 33, 100606. doi: 10.1016/j.jbef.2021.100606
Santini, F. D. O., Ladeira, W. J., Mette, F. M. B., & Ponchio, M. C. (2019). The antecedents and consequences of financial literacy: a meta-analysis. International Journal of Bank Marketing, 37(6), 1462-1479. doi: 10.1108/IJBM-10-2018-0281
Sekita, S. (2011). Financial literacy and retirement planning in Japan. Journal of Pension Economics & Finance, 10(4), 637-656. 10.1017/S1474747211000527
Shim, S., Serido, J., & Xiao, J. J. (2009). Arizona pathways to life success for university students: Cultivating positive financial attitudes and behaviors for healthy adulthood.
Wagner, J., & Walstad, W. B. (2023). Gender differences in financial decision-making and behaviors in single and joint households. The American Economist, 68(1), 5-23. doi: 10.1177/05694345221076004
Xiao, J. J., & O'Neill, B. (2016). Consumer financial education and financial capability. International Journal of Consumer Studies, 40(6), 712-721. doi: 10.1111/ijcs.12285
Xiao, J. J., Huang, J., Goyal, K., & Kumar, S. (2022). Financial capability: a systematic conceptual review, extension and synthesis. International Journal of Bank Marketing, 40(7), 1680-1717. doi: 10.1108/IJBM-05-2022-0185