FACTORS AFFECTING PERSONAL FINANCIAL MANAGEMENT SKILLS OF STUDENTS AT HONG DUC UNIVERSITY
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Abstract
This study applies behavioral finance theory and financial literacy theory to examine the factors influencing personal financial management skills among students at Hong Duc University. By conducting a survey of 200 final-year students and using Ordinary Least Squares (OLS) regression, the study found that all five selected factors have statistically significant impacts. The factors, in descending order of influence, are: financial education, attitude, level of understanding, financial style, and living environment. Based on that, we propose some recommendations to enhance personal financial management skills.
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References
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[3] Chen, H., R. P. Volpe (2002), Gender differences in personal financial literacy among college students, Financial Services Reviews, 11(3):289-307.
[4] Leskinen, Raijas (2006), Consumer financial capability - a life cycle approach, In Eueopean Credit Research Institute (Ed.), Consumer Financial Capability: Empowering European Consumer: Brussels: The European Credit Research Institute (ECRI), 8-23.
[5] Lusardi, Mitchell (2011), Financial Literacy and Planning: Implications for Retirement Wellbeing, Nber Working Papers 17078, National Bureau of Economic Research.
[6] Shaari, N. A., Hasan, N. A., Mohamed, R. K., Sabri, M. A. (2013), Financial literacy: A study among the university students, Interdisciplinary journal of Contemporary research in business, 5(2):279-299.
[7] Tennyson, S., Nguyen, C. (2001), State curriculum mandates and student knowledge of personal finance, The journal of consumer affairs, 35(2):241-262.