Transforming Public Higher Education through Financial Behavioral Drivers Models

Abstract

The purpose of this research is to investigate the correlation and causation of theories of planned behavior, present bias, iNcentives, Understanding mappings, Defaults, Giving feedback, Expecting error, and Structuring complex choices (NUDGES), and financial literacy for the university financial staff. This research investigates the staff's behaviors and outcomes and observes any changes over time. We make use of a survey questionnaire as well as data acquired from 285 financial staff at 28 public universities. The authors developed the warp partial least squares structural equation modeling (PLS-SEM) technique, which was used to analyze the data and test the proposed model. The results of this study indicate that financial management behavioral intention can be controlled by various psychological variables such as the theory of planned behavior, present bias, financial literacy, and NUDGES as the strongest predictor. The research findings underscore the importance of the system strength factor (shown by NUDGES) in monitoring and shaping financial management behavior. This research contributes to the current literature by investigating the relationship between financial management behavior intention and the theory of planned behavior, present bias, NUDGES, and financial literacy. In addition, this research has become an enrichment in the conversations of stakeholders at public universities to demonstrate the findings of this study as a basis for strengthening the financial management system through the six elements of the NUDGES factor.