Understanding undergraduates’ money management behaviour: a study beyond financial literacy

2018 ◽  
Vol 36 (7) ◽  
pp. 1285-1310 ◽  
Author(s):  
Jill Bamforth ◽  
Charles Jebarajakirthy ◽  
Gus Geursen
Keyword(s):  
Peer Relationships ◽  
Financial Literacy ◽  
Psychological Factors ◽  
Quantitative Methods ◽  
Small Sample ◽  
Money Management ◽  
Management Behavior ◽  
Content Type ◽  
Exploratory Approach ◽  
Stress Changes

Purpose The money management behavior of undergraduates determines their smooth transition into adulthood. Economic, social and psychological factors also affect undergraduates’ money management behavior. Therefore, the purpose of this paper is to investigate how undergraduates manage and respond to economic, social and psychological factors affecting their money management behavior, and to examine whether this response changes as they make progress in their degree. Design/methodology/approach Adopting a qualitative exploratory approach, this study examined Australian undergraduates as they face many challenges to their money management behavior. The data were collected using six focus group discussions, held in three Australian universities, in which 47 undergraduates participated. Findings The findings have shown that their approach to manage spending, income, saving, peer relationships and stress changes as they make progress in their degree. However, they shared similar approaches to investment, followed parental money management advice and used technology for cost reduction, irrespective of the progress in their degree. Research limitations/implications This study was conducted with the data collected from a relatively small sample of respondents and was limited only to undergraduates. Moreover, this study was conducted in Australia, indicating that some of the results might be specific to the Australian context. Practical implications The findings of this study can be utilized by governments, financial institutions, educational institutions and parents who are interested in inculcating prudent money management behavior in undergraduates. Originality/value This study extends the scope of the literature beyond financial literacy, and has shown how undergraduates respond to economic, social and psychological aspects relating to money management behavior and how these responses vary as they make progress in their degree. This study has applied a qualitative exploratory approach, in contrast to quantitative methods which have generally been applied for studies relating to undergraduates’ money management behavior.

Undergraduates’ responses to factors affecting their money management behaviour: some new insights from a qualitative study

2017 ◽  
Vol 18 (3) ◽  
pp. 290-311 ◽  
Author(s):  
Jill Bamforth ◽  
Charles Jebarajakirthy ◽  
Gus Geursen
Keyword(s):  
Financial Literacy ◽  
Quantitative Methods ◽  
Later Life ◽  
Small Sample ◽  
Psychological Aspects ◽  
Money Management ◽  
Content Type ◽  
Factors Affecting ◽  
Management Behaviour ◽  
Exploratory Approach

Purpose The money management behaviour of undergraduates is a noteworthy study for many stakeholders, as these students are more likely to carry forward this behaviour into later life. The literature on student money management behaviour heavily focuses on financial literacy. However, economic, social and psychological factors also affect undergraduates’ money management behaviour. Therefore, the purpose of this study is to empirically investigate how undergraduates respond to and account for these factors in their money management behaviour. Design/methodology/approach This study was carried out in Australia. This study adopted a qualitative exploratory approach. The data were collected using six focus group discussions (FGDs) held in one Australian university, in which 40 undergraduates participated. Findings The key themes identified from the thematic analysis include undergraduates’ understanding of money management and managing economic, social and psychological aspects relating to undergraduates’ money management behaviour. Several subthemes were identified under each theme, which specifically showed how undergraduates manage and respond to each of these factors relating to their money management behaviour. Research limitations/implications This study was conducted with the data collected from a relatively small sample of respondents and was limited only to undergraduates. Moreover, this study was conducted in Australia, indicating that some of the results might be specific to the Australian context. Practical implications The authors have suggested promoting multiple payment methods and internet usage to undergraduates, and providing them with stress management programmes will help them maintain prudent money management behaviour. Originality/value The extant literature on undergraduates’ money management behaviour tends to focus on financial literacy. This study extends the scope of the literature beyond financial literacy and has shown how undergraduates respond to economic, social and psychological aspects relating to money management behaviour. This study has applied a qualitative exploratory approach, in contrast to quantitative methods which have generally been applied for studies relating to undergraduates’ money management behaviour.

Exploring undergraduates’ money-management life: insight from an emerging economy

2019 ◽  
Vol 20 (3) ◽  
pp. 167-189 ◽  
Author(s):  
Vilani Sachitra ◽  
Dinushi Wijesinghe ◽  
Wajira Gunasena
Keyword(s):  
Financial Literacy ◽  
Psychological Factors ◽  
Management Strategies ◽  
The Body ◽  
Future Research ◽  
Money Management ◽  
Content Type ◽  
Financial Decisions ◽  
Management Behaviour ◽  
Management Approaches

Purpose Undergraduates are expected to be future leaders responsible for business and nations. Given that sound financial decision-making is critical to their success in their careers and lives, it is important to understand the money-management behaviour of undergraduates. In the context of developing countries, the body of knowledge on money-management behaviour is dominated by functional financial literature and there is little research on factors beyond this. This study aims to fill this gap by exploring economic, social and psychological factors that influence money-management behaviour of undergraduates in a developing nation (Sri Lanka) and how undergraduates respond to these influences. Design/methodology/approach The study used a qualitative exploratory approach. Data collection was carried out using focus group discussions and individual interviews amongst undergraduates in a leading Sri Lankan state university. Findings The results indicate that undergraduates adopted both careful and risky money-management approaches. The subthemes, specifically identified under economic, social and psychological factors, revealed how undergraduates responded to each of these factors and the influence of contextual and cultural differences in their money-management behaviour. Research limitations/implications Findings of the study revealed the importance of promoting innovative educational strategies to change the dependability mindset of undergraduates and to promote stress-management strategies that will assist them to enhance their personalities and creativity in making financial decisions. Theoretical and practical implications and future research directions are provided. Originality/value The literature scores in developing context are limited to exploring the existing pattern and the levels of the functional financial literacy. This study has deepened the authors’ understanding of how the developing context affects undergraduates’ response to the factors relating to their money-management behaviour. The findings from this study will be useful to government, financial institutions, educational institutions, parents and those who have a keen interest in encouraging healthy money-management behaviour in undergraduates.

scholarly journals THE INFLUENCE OF FINANCIAL INFORMATION, FINANCIAL SELF EFFICACY, AND EMOTIONAL INTELLIGENCE TO FINANCIAL MANAGEMENT BEHAVIOR OF FEMALE LECTURER

2020 ◽  
Vol 7 (6) ◽  
pp. 1112-1124
Author(s):  
Nadia Asandimitra ◽  
Achmad Kautsar
Keyword(s):  
Emotional Intelligence ◽  
Financial Literacy ◽  
Financial Management ◽  
Self Efficacy ◽  
Psychological Factors ◽  
Private Universities ◽  
Financial Information ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
Management Behavior

Purpose of the study: The purpose of the study was to compare the financial information, financial self-efficacy and emotional intelligence on the financial management of women lecturer in state and private university. Methodology: This study was designed as a conclusive causality study. The study population was female lectures of state and private universities in Indonesia. From the population, there are two hundred (200) female lectures from a state university and private universities have selected as a sample of study by quota sampling method. The data collection techniques used in this research are interviews and surveys. Multiple regressions was chosen to get results with the SPSS tools. Main Findings: There is an influence of financial knowledge, financial self-efficacy, financial literacy, and emotional intelligence to the financial management behavior of female lecturers at state universities while there is no influence of financial attitude, financial literacy, and emotional intelligence to the financial management [behavior] of female university lecturers in private universities. Applications of this study: The results of this study will be beneficial for financial institutions and governments that usually hold education and training programs for their customers to increase financial knowledge so as to increase the confidence of their customers (including lecturers) in their ability to manage finance. Furthermore, this knowledge will be conveyed back to the students of the lecturer in the learning process about finance, so that it will indirectly increase the financial literacy of their students and society at large. Novelty/Originality of this study: Many researches about financial behavior topics have analyzed financial information factors’ influence on financial management behavior, but few of them have included psychological factors such as financial self-efficacy and emotional intelligence. This distinguishes this research compared to other studies of financial behavior as it analyzes the two effects of psychological factors on financial management behavior. Another novelty of this study is the selection of female lecturer as research object as their characteristic as well-informed and well-educated about financial management that has not observed by previous studies.

The influence of Islamic attributes on tourist satisfaction with pull motivation as an intervening variables

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Hilda Monoarfa ◽  
Agus Rahayu ◽  
Fitranty Adirestuty ◽  
Rizuwan Abu Karim ◽  
Azlin Zanariah Bahtar ◽  
...  
Keyword(s):  
Structural Equation ◽  
Quantitative Methods ◽  
Small Sample ◽  
Partial Least Square ◽  
Least Square ◽  
Equation Modeling ◽  
Content Type ◽  
Tourist Attractions ◽  
Tourist Satisfaction ◽  
The Impact

Purpose The purpose of this study is to find out the level of influence of Islamic attributes and pull motivation to the satisfaction of Muslim tourists visiting Indonesia. Furthermore, this study may reveal where variables have a strong influence on the variable satisfaction of Muslim tourists. In addition, this study also wanted to know if Islamic attributes can influence the satisfaction of Muslim tourists with pull motivation as a moderating variable. Design/methodology/approach Using quantitative methods, this study analyzed the results of questionnaires that have been distributed to 200 Muslim tourist respondents who have visited Indonesia. To declare the hypotheses, the collected data were analyzed with structural equation modeling-partial least square using SmartPLS application version 3.2.7. Findings From this study, it was discovered that pull motivation has more effect on the satisfaction of Muslim tourists visiting Indonesia. Other results showed that both Islamic attributes and pull motivation simultaneously affect the satisfaction of Muslim tourists. Furthermore, Islamic attributes can affect pull motivation and pull motivation can also become an intermediary variable in bridging the impact of Islamic attributes on the satisfaction of Muslim tourists. Research limitations/implications The limitations of this study include the relatively small sample used and not yet taking foreign tourists as respondents. Besides that, you can also add several variables to complement this research in the future either as an intervening variable or a mediator variable. Practical implications To increase the satisfaction of Muslim tourists traveling to Indonesia, policymakers in Indonesia must further improve the facilities of the pull motivation aspect such as the cleanliness of tourist attractions, exotic locations and hygienic shopping centers. In addition, aspects of Islamic attributes must also be updated, such as aspects of adequate worship facilities and tourist attractions that apply the concept of halal for Muslims. Originality/value The originality of this study on the pull motivation variable as an intervening variable and adding the Islamic attribute variable in the case of Muslim tourist satisfaction.

scholarly journals Is knowledge that powerful? Financial literacy and access to finance

2018 ◽  
Vol 25 (6) ◽  
pp. 985-1003 ◽  
Author(s):  
Javed Hussain ◽  
Samuel Salia ◽  
Amin Karim
Keyword(s):  
Capital Structure ◽  
Information Asymmetry ◽  
Financial Literacy ◽  
Financial Management ◽  
Firm Growth ◽  
Small Sample ◽  
Monitoring Cost ◽  
Access To Finance ◽  
Content Type ◽  
The Uk

Purpose The purpose of this paper is to examine the relationship between financial literacy, access to finance and growth among small- and medium-sized enterprises (SMEs) within the Midlands region of the UK. It assesses whether financial literacy assists SMEs to overcome information asymmetry, mitigates the need for collateral, optimizes capital structure and improves access to finance. Design/methodology/approach To gain a deeper insight into the complex relationship between financial literacy, access to finance and growth, a qualitative research is carried out among SMEs that have operated for over five years or longer. Using the purposive sampling technique, 37 firms were selected based on size, location and characteristics, mainly from the city of Birmingham and the joining conurbations. Open-ended and a combination of dichotomous questions were used for the survey. Interviews were recorded, transcribed and thematically analyzed. Findings Financial literacy is an interconnecting resource that mitigates information asymmetry and collateral deficit when evaluating loan applications, therefore financial literacy should be part of school curriculum. The analysis suggests enhanced financial literacy, reduces monitoring cost and serves to optimize firms’ capital structure that positively impacts on SMEs growth. Financial management knowledge is recognized as the core resource that aids an effective decision making by owners of SMEs. Research limitations/implications The limitation of this research is the small sample that limits its generalization. Its findings could be enhanced by a larger sample and by conducting comparative studies in other regions or economies. SMEs growth is seen as a strategic policy to stimulate enterprise but the finance gap tends to constrain that objective. The UK Government’s effort to improve access to finance and to mitigate excessive collateral demands by lenders has proved elusive. This empirical research provides evidence that financial literacy enhances access to finance and, in turn, promotes growth potentials. Practical implications The results of this study advocate the provision of financial literacy at schools and target support for SMEs to acquire financial management skills in order to mitigate information asymmetry between lenders and borrowers. Social implications Findings suggest that financial literacy mediates access to finance, enables enterprises to use optimal financial structure to mitigate business failure, creates employment and reduces public sector support for social benefits. Originality/value This study is novel in that it examines financial literacy and its implications for access to finance and firm growth in the UK. The study is an effort to highlight the role of financial information in mitigating barriers to finance for SMEs.

scholarly journals An institutional perspective on entrepreneurship in a conflict environment

2016 ◽  
Vol 22 (5) ◽  
pp. 698-717 ◽  
Author(s):  
Noor Muhammad ◽  
Farid Ullah ◽  
Lorraine Warren
Keyword(s):  
Quantitative Methods ◽  
Small Sample ◽  
Future Research ◽  
Institutional Pressures ◽  
Business Climate ◽  
Structured Interviews ◽  
Institutional Perspective ◽  
Content Type ◽  
The North ◽  
Entrepreneurial Behaviour

Purpose – In this paper, an institutional perspective is used to examine the different kinds of pressures on entrepreneurs manifest in a conflict environment. The purpose of this paper is to investigate how they respond to the conflict and establish legitimacy for their entrepreneurship in the challenging context of the north western areas of Pakistan. Design/methodology/approach – In this study, a qualitative approach is taken based on semi-structured interviews from 16 different firms in the Swat valley. Findings – The entrepreneurs undertake different strategies towards dealing with conflict and establishing legitimacy. These strategies are identified and examined in relation to the interactions between entrepreneurial behaviour and institutional pressures. Research limitations/implications – Qualitative research on a small sample inevitably presents a limitation on the generalisability of this work. Further research could employ quantitative methods to address this issue. One particular location is studied, so future research could be carried out in other countries or regions with similar problems. Practical implications – The study may have value for policymakers who need to know more about how to support ongoing businesses in difficult regions. Social implications – Better understanding of the needs of small business may in time contribute to a better business climate in difficult regions. Originality/value – A new dimension is added to institutional theory through its application in the very uncertain environment between all-out war and ongoing violence, identifying the possibility of weak agency for institutional change. Further, the study contributes to the growing body of literature on entrepreneurship in conflict environments.

Two sides of the same coin: matter and embodiment in metaphors of money

2015 ◽  
Vol 23 (3) ◽  
pp. 202-215 ◽  
Author(s):  
Evi Sifaki ◽  
Annabelle Mooney
Keyword(s):  
Financial Literacy ◽  
Physical Object ◽  
Small Sample ◽  
The Body ◽  
Structured Interviews ◽  
Content Type ◽  
Conceptual Structures ◽  
Financial Behaviour ◽  
Sentient Beings ◽  
Two Sides

Purpose – The purpose of this paper is to document the conceptual metaphors (Lakoff and Johnson, 2003) found in the talk of Greek and Australian adults to describe how people think about money. As money becomes increasingly abstract, understanding money, dealing with debt and encouraging financial literacy become more problematic. Design/methodology/approach – Semi-structured interviews of a small sample (n = 7) are analysed using Lakoff and Johnson’s model of metaphor to map the underlying conceptual structures of money. Findings – This paper argues that the abstraction of money has led people to search for a conceptual object. The forms and features of this object are recovered by tracing the metaphors, their presuppositions and entailments. This shows that people think about money as a physical object that needs to be carefully managed to avoid bodily harm and personal physical discomfort. Specifically, money is an object with weight that physically constrains the body, a substance that can be addictive albeit with the agentive capacity of sentient beings. Social implications – While the physical and corporeal nature of money implicitly underpins existing money management techniques (e.g. “jam jar” accounts), a detailed understanding of money as a (conceptual) object provides detailed discursive, lexical and persuasive resources for promoting sound financial behaviour and perhaps informing both economic and social policies. Originality/value – While metaphor has been studied in economics texts, very little attention has been paid to the language that ordinary people use to talk about money. This research gives a clear picture of money as a metaphorically physical object.

scholarly journals Marketing in SMEs: a “4Ps” self-branding model

2016 ◽  
Vol 22 (1) ◽  
pp. 155-174 ◽  
Author(s):  
Sheilagh Mary Resnick ◽  
Ranis Cheng ◽  
Mike Simpson ◽  
Fernando Lourenço
Keyword(s):  
Design Methodology ◽  
Small Sample ◽  
Theory And Practice ◽  
Marketing Theory ◽  
Content Type ◽  
Exploratory Approach ◽  
Business Setting ◽  
Traditional Marketing ◽  
The Uk ◽  
Depth Interviews

Purpose – The purpose of this paper is to explore the extent to which traditional marketing theory and practice can be applied in small- and medium-sized enterprises (SMEs) and consider how owner-managers perceive their own role in marketing within a small business setting. Design/methodology/approach –A qualitative exploratory approach using semi-structured in-depth interviews amongst owner-managers of SMEs in the UK. Findings – SME marketing is effective in that it embraces some relevant concepts of traditional marketing, tailors activities to match its customers and adds its own unique attribute of self-branding as bestowed by the SME owner-manager. Research limitations/implications – The study was limited to the UK and to a small sample of SMEs and as such the findings are not necessarily generalisable. Originality/value – A “4Ps” model for SME self-branding is proposed, which encompasses the attributes of personal branding, (co)production, perseverance and practice.

The adoption of Islamic banking services in Malaysia

2017 ◽  
Vol 8 (3) ◽  
pp. 496-512 ◽  
Author(s):  
Nurul Shahnaz Mahdzan ◽  
Rozaimah Zainudin ◽  
Sook Fong Au
Keyword(s):  
Diffusion Of Innovation ◽  
Financial Literacy ◽  
Small Sample Size ◽  
Small Sample ◽  
Islamic Banking ◽  
Consumer Innovativeness ◽  
Banking Services ◽  
Content Type ◽  
Level Of Understanding ◽  
The Impact

Purpose The purpose of this paper is to examine the level of understanding of Islamic banking concepts and the factors that influence Islamic banking adoption in Malaysia, based on Rogers’ (1983; 2003) Diffusion of Innovation. Specifically, the impact of perceived attributes and other variables (understanding, consumer innovativeness and bank personnel’s professionalism) on Islamic banking adoption is examined. Design/methodology/approach A quantitative approach using a sample of 200 working MBA students in a leading public university in Malaysia was used. The instrument used was a self-administered questionnaire survey. Findings The level of understanding of various Islamic banking concepts is below average. A logistic regression reveals that the understanding of Islamic banking concepts and perceived advantage significantly influences the adoption of Islamic banking services. Research limitations/implications The small sample size of 200 individuals may render the findings ungeneralizable. Future studies may use a larger sample from across Malaysia and incorporate other independent variables, such as religiosity and Islamic financial literacy. Practical implications The Malaysian government can provide tax incentives and conduct educational roadshows on Islamic banking. Educating prospective consumers on the advantages of Islamic banking as opposed to conventional banking would provide more objective benefits that would boost the adoption of Islamic banking. Originality/value The results of this paper will be useful for Islamic financial institutions to increase their marketing and promotional efforts to keep pace with stiff competition within the industry.

scholarly journals Halal holidays: exploring expectations of Muslim-friendly holidays

2017 ◽  
Vol 8 (4) ◽  
pp. 642-655 ◽  
Author(s):  
Fiona Wingett ◽  
Sarah Turnbull
Keyword(s):  
Exploratory Study ◽  
Design Methodology ◽  
Small Sample ◽  
Content Type ◽  
Consumer Expectations ◽  
Exploratory Approach ◽  
Dress Codes ◽  
Halal Food ◽  
The Difference ◽  
Depth Interviews

Purpose The purpose of this study is to explore the expectations of Muslim tourists when taking a halal holiday. Understanding consumer expectations is an important factor in any service context since expectations determine whether the consumer is satisfied or dissatisfied with the service outcome. Design/methodology/approach An exploratory approach was adopted and in-depth interviews with Muslim tourists and halal holiday providers were undertaken. Findings The findings identified services and facilities Muslim consumers expect from a halal holiday and those they did not expect to see. Factors such as halal food, women-only facilities and dress codes were identified as services and facilities that are expected, whereas no alcohol was seen to be an important factor for Muslim tourists. Research limitations/implications This exploratory study used a small sample and hence the findings should not be seen to be generalisable. However, the study provides a number of valuable insights into the expectations of Muslim leisure tourists. Halal travel organisations and tourism boards will benefit from a better understanding of factors that influence the satisfaction/dissatisfaction of Muslim tourists. Originality/value The study makes three main contributions to our understanding of halal holidays. First, the study identifies expectations that are likely to influence satisfaction, such as halal food and women-only facilities. Second, the study highlights those expectations which are likely to cause dissatisfaction for halal holidaymakers, such as alcohol and dress codes. Third, the study highlights the difference in expectations which exist between halal holidaymakers and how the interpretation and practice of Islam is highly varied.

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