Money Management Skills Research Articles

How Buy Now, Pay Later (BNPL) is Shaping Gen Z's Spending Spree in Malaysia

This study seeks to examine the determinants that impact the inclination to utilize Buy Now, Pay Later (BNPL) services, with an emphasis on the perspective of Generation Z. The study examines the relationships between materialism, money management skills, self-efficacy, attitude, subjective norm, perceived behavioral control, and moral obligation in determining the intention to adopt BNPL. It utilizes a quantitative approach with a descriptive research style. Questionnaires were distributed to the Gen Z demographic, and a total of 440 responses were collected using Google Forms. The data were gathered through comprehensive field research, which involved an online survey, and later examined using SmartPLS 4.0. The findings highlight the significance of materialism, money management abilities, self-confidence, attitude, subjective norm, perceived behavioral control, and moral obligation in influencing the utilization of BNPL. The outcomes are highly significant for both advancing theoretical understanding and improving practical operations for BNPL providers. It facilitates a comprehensive understanding of the elements that impact the propensity to utilize BNPL, particularly from the perspective of Generation Z. Although acknowledging the limitations of targeting only Gen-Z, the research offers interesting insights and practical recommendations for BNPL service providers.

Financial Fitness: A Guide to Boosting Your Money Management Skills

Financial Fitness: A Guide to Boosting Your Money Management Skills

Manajemen Uang Saku Santri Melalui Santri Identity Card (SIC): Studi di Pondok Pesantren API Asri Tegalrejo Magelang

This study aims to analyze the impact of using the Santri Identity Card (SIC) on the management of pocket money among students at the API ASRI Tegalrejo Magelang Islamic boarding school. The research method employed is qualitative, with data collected through interviews and observations. Interviews were conducted with 10 students, 5 administrators, and 5 parents of students at API ASRI Islamic Boarding School in Tegalrejo. The data analysis technique utilized is an interactive model analysis. The findings of the study indicate that the use of SIC aids students in various aspects of pocket money management. Firstly, regarding budgeting, SIC allows students to plan their expenditures for various needs such as food, entertainment, savings, and other necessities. Secondly, students can identify spending priorities, helping them distinguish between needs and wants, thereby prioritizing more important expenditures. Thirdly, by recording every expense using SIC, students can track their money usage, which aids in financial control and planning. Lastly, the introduction of financial goals through SIC motivates students to save and plan for specific purchases or vacations. Overall, the use of SIC has proven effective in enhancing students' pocket money management skills, fostering better and more responsible financial habits

Analysis of money management skills as a character building of responsibility and creativity in elementary school students

Financial management skills are very important in life, so these skills must be trained from an early age so that when they grow up they become wise people who use money responsibly. This study aims to describe the results of the analysis of the ability of elementary school students to manage their money creatively and responsibly. This research method is descriptive qualitative. Data collection by survey by giving instruments in the form of questionnaires 12 questions for individuals and 1 question for groups. The research sample as the source is 80 public and private elementary school students in Malang city. Data analysis techniques using Miles and Huberman with data collection steps, data reduction, data presentation and data verification. Based on the results of the survey of the ability to manage finances in the aspect of utilizing pocket money for saving and entrepreneurship individually with group financial management obtained, it shows that there is not too much difference. In individual results, the majority of students have set aside pocket money to save and do small businesses but have not yet appeared well managed, in group results there is already a detailed planning of financial management for business but the calculation of capital and profit is not appropriate. Financial management skills in elementary school students still need more serious handling in order to increase more creative and responsible.

FINANCIAL FITNESS: A GUIDE TO BOOSTING YOUR MONEY MANAGEMENT SKILLS

This research investigates the relationships between financial literacy, budgeting practices, financial behavior, and money management skills among individuals at BCA KCU Bandung. Using quantitative methods and path analysis, the study examines direct and indirect effects to uncover how these variables interact. The findings highlight significant direct relationships, such as the impact of effective budgeting on financial behavior and money management skills. Indirectly, financial literacy and budgeting practices contribute to improved money management skills through fostering responsible financial behaviors. These insights underscore the importance of promoting financial education and practical budgeting strategies to empower individuals in making informed financial decisions and enhancing their financial well-being. This study contributes to the field by offering actionable insights for financial education initiatives aimed at fostering financial stability and competence among diverse populations.

Formation of financial literacy of schoolchildren by teaching solving problems with economic content

This article examines the problem of developing financial literacy among the population, especially among students in secondary schools. The need and methods for improving financial literacy are discussed, with particular emphasis on the subject of mathematics. The article emphasizes the relevance of including the formation of basic financial literacy skills as an important aspect of educating the new generation in the curricula of various school subjects. Ways to integrate financial literacy skills into mathematics instruction are also explored. In the context of mathematics lessons, tasks with real financial and economic content are proposed, aimed at developing basic financial literacy skills among students in grades 5-6. These tasks contribute to the development of basic financial and economic concepts that reflect key aspects of financial relations, as well as the development of practical skills and competencies. Because mathematics and finance share common aspects, using math problems with a financial context helps expand students' understanding of the real-life applications of mathematics in everyday life. The article also demonstrates that knowledge of basic financial concepts and their application in practice contribute to the development of understanding that can contribute to the development of thrift and sound money management skills. The effectiveness of this process is confirmed by the results of experiments conducted in the article.

Mediating Role of Financial Literacy in Relationship of Factors Affecting the Money Management Skills

In the contemporary era characterized by rapidity, it is anticipated that undergraduate students will assume leadership positions across several domains, including business and Nations. To excel in these positions, individuals must demonstrate robust financial decision-making abilities. These abilities are crucial for making prudent financial choices that may significantly influence their professional and personal life. Nevertheless, it is worth noting that the emphasis on money-management skills in developing nations is often confined to functional financial literature. This body of literature provides technical knowledge about budgeting and investing, although it may not include other variables that influence the process of making financial decisions. This study aims to determine the mediating role of financial literacy in factors affecting money management skills. The research used a quantitative methodology. A questionnaire was administered to three distinct groups of students, including computer science, English Language and Literature, and business students, at the Sindh University campus in Larkano, Pakistan. The results showed that economic and psychological factors rather than social factors significantly impact money management skills. The mediation results show that financial literacy has a mediating relationship between psychological factors and money management skills rather than economic and social factors.

An examination of service user satisfaction in forensic mental health settings.

High levels of service user satisfaction are viewed as a reliable indicator of a service providing good care and treatment. There has been limited research looking into levels of satisfaction in forensic mental health settings with most work focused on staff satisfaction in these settings. This study examined service users' levels of satisfaction with a forensic mental health service in the United Kingdom. The service covered two sites; one a purpose-built secure unit and the other based in an old cottage hospital. Thirty-nine in-patients completed a 60-item validated forensic satisfaction scale. The scale measured seven domains of satisfaction as well as reporting an overall satisfaction score. The results indicated the service users were reasonably satisfied with the care and treatment they received. The domains of rehabilitation, safety, staff interaction and overall care showed the highest level of satisfaction. The high rehabilitation satisfaction score demonstrated the importance of meaningful activities for users accessing forensic services and may have been influenced by the security measures on the wards. The high safety domain score indicated respondents felt safe and secure within the wards and were likely to be influenced by positive interpersonal interactions. Good staff interaction was also an important factor in helping service users feel safe on the wards. These interactions are likely to be associated with longer periods of admission in secure services allowing therapeutic relationships to develop. Financial advice/support was the one domain that recorded negative satisfaction levels. Financial literacy training may help develop money management skills.

Determinants of Financial Behaviour: Does Digital Financial Literacy (DFL) Foster or Deter Sound Financial Behaviour?

The rise in bankruptcy cases among Malaysia’s younger population shows that youngsters have weak money management skills or financial behaviour (FB). Digital financial goods and services (DFS) have increased in popularity because of social isolation due to COVID-19 disease. Therefore, digital financial literacy (DFL) - financial literacy (FL) from the digital standpoint has spurred. Based on the theory of planned behaviour, DFL is expected to influence oneself in executing good FB. This study examines the role of DFL in influencing students’ FB, incorporating other vital factors, such as FL, financial attitude (FAT), peer influence (PEI), parental influence (PRI), and social media influence (SMI). SmartPLS was used to analyse data from a survey of 183 Malaysian university students using partial least squares (PLS) modelling. The measurement model signified that the instrument utilised was valid and reliable. The result indicated that FL, FAT, PRI, and SMI displayed a significantly positive impact on FB. Meanwhile, DFL negatively affects FB, which surprisingly contradicts the expectation that it could foster sound FB. This study concludes that DFL deters sound FB. In light of DFS's recent ascent in popularity, these results add to the expanding body of knowledge on DFL.

Implications of Student Loan and Finance Management Skills for Undergraduate Students

As the Presidential elections in 2024 are approaching, public opinions and politicians’ statements about student loans are presented more often. To curb educational borrowing, the entire society is involved. Institutions of higher education are highly engaged in securing possible funds for scholarships and grants to provide their students with the best and most efficient education. States offer scholarships, and students are becoming more selective about their institution, study major, and lifestyle choices during their undergraduate studies. Many borrowers lack a clear understanding of loan terms and finance management skills. This study was conducted to determine the money management skills of undergraduates, their perceived amount of educational loans anticipated upon graduation, and its impact on their academic performance. A specifically designed survey instrument was administered to a total of 565 participants who were students at one of the US HBCUs in the North-Eastern region of the United States. The results revealed significant race differences in the perceived expected amount of debt upon graduation. The study further indicates a heightened requirement for academic guidance for students whose undergraduate GPAs fall within the range of 2.00 to 3.00, aiming to enhance their retention until graduation within the present institution. Student athletes expressed a significantly higher financial selfefficacy than non-athletes.

Operation of unified financial assistance system for tertiary education in selected private institutions in Santiago city, Isabela

This study examines the implementation of the tertiary education subsidy as mandated by Republic Act No. 10931. A descriptive-comparative research design was used for the investigation. It polled 347 student-grantees chosen purposefully from Northeastern College and the University of La Salette, Inc., sampled using the proportional stratification technique. The respondents believed that the Tertiary Education Subsidy (TES) should be implemented in order to encourage student perseverance, academic achievement, and administrative capacity. Regarding financial ability, the respondents overwhelmingly concurred that the subsidy reduced their financial stress while attending school, helped them pay their tuition on time, and helped them purchase supplies for their studies. The respondents also concurred that TES provided advantages such developing responsibility and money management skills, aiding in the understanding of the worth of money, and providing motivation to spend prudently. Regardless of their profiles, all of the respondents generally agreed on how well the Tertiary Education Subsidy (TES) had been implemented. When categorized according to their profiles, certain specific indications were found to be considerably different. Finally, the respondents felt that the late delivery of essential money and severe deadlines for the criteria were the most frequently encountered issues in the implementation of TES.

For richer, for poorer: Financial behaviors, power (im)balance, and relational aggression among different-gender newlyweds in the U.S.

Guided by an intersectional feminism framework, we used three-wave, dyadic survey data from a nationally representative sample of 1625 U.S. different-gender newlywed couples to test three research questions. First, as balanced power is considered a key concept for relational well-being in feminism, we examined developmental trajectories in husbands' and wives' perception of power (im)balance. Second, considering money as a major influence on power and aggression, we examined how financial behaviors relate to power (im)balance and in turn relational aggression-a type of intimate partner violence that is controlling and manipulative in nature. Third, informed by the intersectionality between gender and socioeconomic status (SES), we examined gender differences and SES disparities in the associations among financial behaviors, developmental trajectories of perception of power (im)balance, and relational aggression. Our findings demonstrate that newlywed different-gender couples are experiencing power struggles, where two partners diminish each other's influence over time. We also found that healthy financial behaviors are associated with balanced power and, in turn, less relational aggression (especially for wives and in lower-SES households). Taken collectively, we continue calling for efforts to facilitate money management skills and promote balanced marital power.

Leveraging FinTech partnerships to develop niche markets for growth

Mobile apps and flashy websites are not enough for banks to retain relevance in an age of increasing personalisation of the digital customer experience. To build the innovations required for ongoing growth, banks should look beyond their local market to opportunities presented by a boundless digital age. In 2020, Iroquois Federal set out to grow its customer base and revenues by targeting a very specific audience — individuals who have recently married, will soon marry or who are in a committed relationship. Although the landscape is rife with digital tools for niche markets, Iroquois Federal identified a unique opportunity to tailor services and benefits to this underdeveloped audience segment. The largest group of consumers soon to wed are young, and many lack financial education. Studies show that 92 per cent of Millennials want to improve their money management skills and newly-weds whose financial literacy lags are at a vastly higher risk of divorce. To support and engage these customers while expanding its revenues, Iroquois Federal partnered with a FinTech service provider to launch Hitched, a financial planning app. With thousands of customers already signed up, Hitched is proving that niche digital markets can provide valuable outcomes for consumers and for banks willing to innovate in order to reach new heights.

DETERMINING THE CORRELATION BETWEEN BEHAVIOUR, DEBT AND MONEY MANAGEMENT AMONG YOUNG ADULTS

This study examined the role of debt management in resolving personal financial problems among two different groups (final- year students and employees) based on their gender. A convenience sampling approach by using a structured questionnaire as original data to obtain the primary data has been conducted. A total of 100 respondents has anticipated in completing the survey which consists of debt purpose, borrowing behaviour and money management skills. The data obtained was then analyzed by using descriptive, ANOVA and Pearson correlation which were processed using Statistical Package for Social Sciences (SPSS) software and Microsoft Excel. Before proceeding in data analysis, Cronbach’s Alpha and normality test have been conducted to check its validity and reliability of the questionnaire. The findings of the study reveal that debt management has a positive influence towards personal financing in self-control, overconfidence and money management skills. The findings signal the need to conduct more financial literacy program that promotes sustainable borrowing attitudes that is targeted at young adults to prepare them for viable personal finances in the future.

Financial Professionals: Articulating their Roles and Delivery Methods in Financial Education

Financial education is an approach financial professionals use with their clients to build effective money management skills across the life cycle. Financial professionals conceptualize and identify their role in providing financial education in various ways. This study used a triangulation mixed methods design from a 2013 national survey to understand how financial professionals articulate their role and to determine the delivery methods used when working with clients. The survey was first included in the analysis piloted with nine financial professionals, followed by a revised survey sent to memberships of various professional organizations resulting in 251 responses. When financial professionals were asked about the financial delivery method used with their clients, their response indicated it depended on the context of the client and the content of their financial concerns. Therefore, findings suggest that the process or relationship between the practitioner and client must have elements of flexibility and adaptability woven into their delivery method based on what the client brings to the session and/or workshop.

Analyzing the Demographic Differences in Context of Financial Literacy: Evidence from Quetta City

Purpose: This paper is aimed to analyze a set of demographic variables in the context of financial literacy. A person possessing the knowledge, skills, and abilities on financial matters can be considered financial literate. It is imperative to have such skills for efficient management of financial resources. Numerous demographic and socio-economic factors jointly determine the extent of financial literacy.
 Design/Methodology/Approach: The study is based on the analysis of primary data collected from the residents of Quetta city. Demographic and socio-economic factors are considered independent variables, while financial literacy is dependent. The Analysis of Variance (ANOVA) tests the hypotheses formulated to test demographic differences.
 Findings: The salient findings of this research are that Age, personal education, and monthly earnings have a significant difference in the context of financial literacy. However, parents' education and the monthly income of households have an insignificant association with financial literacy.
 Implications/Originality/Value: Financial literacy is crucial for financial inclusion, but it has a broad-spectrum impact on enhancing personal financial decisions to society's economic wellbeing of society. This research is significant to the government for forming policies for financial inclusion, financial consumer protection, and financial education. It is also of significance to learning institutions in assessing the discrepancies in the education system and building strong money management skills. And will be of assistance for researchers for a further detailed study on this phenomenon and its impact on other factors

An empirical analysis on household financial vulnerability in India: exploring the role of financial knowledge, impulsivity and money management skills

PurposeThe COVID-19 pandemic has exposed the financial-economic vulnerability of the public and threatened the household financial stability, especially of the low-income group population, in developing economies such as India. The assessment of household financial vulnerability has gained considerable attention these days, especially in poor and developing countries. This article seeks to assess the level of household financial vulnerability in India, based on a household survey conducted across India.Design/methodology/approachThis paper has proposed a financial vulnerability index (FVI) based on three self-reported parameters: (1) making end meet, (2) perception of income shock and (3) perception of expenditure shock. Subsequently, the impact of various behavioural and socioeconomic factors on the proposed financial vulnerability index has been assessed using fractional probit regression.FindingsThe research findings indicate that higher financial knowledge, better money management skills and lower impulsivity in financial behaviour can reduce financial vulnerability. It is suggested that suitable financial literacy programmes be implemented for vulnerable sections of society to enhance their financial knowledge, improve money management skills and manage impulsivity, thereby helping them make informed financial decisions leading to their financial well-being.Originality/valueTo the best of the authors’ knowledge, none of the past studies have developed and assessed the financial vulnerability index in India. This study provides relevant recommendations for various financial sector regulators and government institutions in India.

Basic Money Management Skills and Financial Decision Making: A Survey of Small Scale Trading Enterprises Owners in Kamwangi Market of Gatundu North Constituency in Kenya.

This paper examines the effect of basic money management skills and financial decision making. It is a survey of small scale trading enterprises owners in Kamwangi market of Gatundu north constituency in Kenya. The need for basic money management skills has become increasingly significant with the more accessible access to credit and the ready issue of credit cards. A descriptive research design was adopted. This was because the study was primarily focused on establishing Kenyans’ basic money management skills and describing the critical variables associated with them. A sample of one hundred and sixty small scale trading enterprises owners was drawn as guided by the Yamane formula. Forty of the questionnaires were not returned, and attempts to follow them up were unsuccessful. Therefore, the results are based on the one hundred and twenty returned questionnaires produced. The data was collected by the use of the closed-ended questionnaire. The quantitative data were analysed using descriptive statistical methods. It was then presented employing frequency distribution methods involving tables and bar charts. Most traders do not possess basic money management skills from the study’s findings. The county government should engage traders in basic money management skills through the relevant ministry.

The Role of Student Debt and Debt Anxiety in College Student Financial Well-Being

This study examined predictors of three measures of financial well-being in 354 college students. Results suggest that perceptions of debt are important in understanding financial well-being, but these perceptions need to be considered alongside of individual differences in anxiety, optimism, and parental teaching. Further, regression analyses highlighted differences between predictors of perceived financial well-being and more and less frequent money saving behaviors, which may indicate different paths for intervention. Specifically, students reporting engaging in less common financial strain behaviors appear to have more objective financial difficulties, whereas students reporting more common financial strain behaviors report more factors that suggest difficulty with money management skills and those with lower levels of perceived financial well-being report higher levels of worry. Mediational analyses further indicated a potential role for parental intervention to improve perceived financial well-being and decrease unhealthy responses to financial strain.

Money Management Skills of People Amidst the Pandemic

Money Management Skills of People Amidst the Pandemic