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

    Author(s)
    Bamforth, Jill
    Jebarajakirthy, Charles
    Geursen, Gus
    Griffith University Author(s)
    Jebarajakirthy, Charles P.
    Year published
    2017
    Metadata
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    Abstract
    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 ...
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    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.
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    Journal Title
    Young Consumers
    Volume
    18
    Issue
    3
    DOI
    https://doi.org/10.1108/YC-11-2016-00645
    Subject
    Marketing not elsewhere classified
    Social Sciences
    Business & Economics
    Qualitative methods
    Undergraduates
    Publication URI
    http://hdl.handle.net/10072/400726
    Collection
    • Journal articles

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