Relationship between Attitudes towards Personal Financial Planning and Perceived Personal Financial Management Skills: A Generation Y Student Perspective
Keywords:Attitude; personal financial planning; personal financial management skills; Generation Y students; South Africa
This article sought to determine the relationship between attitudes towards personal financial planning and perceived personal financial management skills amongst African Generation Y students in the South African context. In South Africa, the African Generation Y cohort constitutes the largest portion of the Generation Y (individuals born between 1986 and 2005) cohort. Students enrolled at tertiary institutions represent a particularly lucrative target market and powerful influential force on society given that tertiary education is correlated with potential high future earning power and social class status. A convenience sample of 500 African students across the campuses of two South African registered public higher education institutions (HEIs), located in the Gauteng province, was taken. Structured, self-administered questionnaires were used to measure African Generation Y students’ attitudes towards personal financial management as well as perceived personal financial management skills. Data analysis included t-tests and Pearson’s product-moment correlation coefficient. The findings suggest that the target market exhibit a significant positive attitude towards personal financial planning and perceive to be skilled in personal financial management. A strong positive relationship was found between attitudes towards personal financial planning and perceived personal financial management skills.
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