Acquired financial knowledge and attitudes of South African university students and their financial decisions
Keywords:
Financial knowledge, financial management attitude, spending habits, university students, South AfricaAbstract
This paper considers the financial management practices of university students by examining the relationships among financial knowledge, financial management attitudes and spending habits (financial decisions) of university students in South Africa. To evaluate these relationships this study utilises the established theories of planned behaviour and family resource management in conjunction with structural equation modelling analysis, based on a survey of 479 students that had taken finance-related courses at a major university in South Africa. The results suggest that students’ financial knowledge positively influenced their financial management attitudes and that higher level of students’ financial management attitudes led to good spending habits. However, students’ financial knowledge had no direct impact on students’ spending habits. Rather, students’ financial management attitudes fully mediated the relationship between students’ financial knowledge and their spending habits, suggesting financial knowledge does not on its own lead to good spending habits (financial decisions). The findings of the paper have implications for students, their funders, the government, and university administrators in terms of students’ financial literacy education and the allocation of increasingly scarce economic resources devoted to educational welfare.
References
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Ajzen, I. (2002). Perceived behavioral control, self‐efficacy, locus of control, and the theory of planned behavior 1. Journal of applied social psychology, 32(4), 665-683.
Ajzen, I., & Fishbein, M. (1980). Understanding attitudes and predicting social behaviour.Prentice-Hall. New Jersey.
Alsemgeest, L. (2015). Arguments for and against financial literacy education: where to go from here?. International Journal of Consumer Studies, 39(2), 155-161.
Anthony, R., Ezat, W. S., Al Junid, S., & Moshiri, H. (2011). Financial management attitude and practice among the medical practitioners in public and private medical service in Malaysia. International Journal of Business and Management, 6(8), 105.
Atkinson, A., & Messy, F.A. (2012). Measuring financial literacy. Retrieved from https://www.oecd-ilibrary.org/finance-and-investment/measuring-financial-literacy_5k9csfs90fr4-en
Bandura A. (1986) Social foundations of thought and action. New York: prentice–hall.
Barbić, D., Lučić, A., & Chen, J. M. (2018) Measuring responsible financial consumption behaviour. International Journal of Consumer Studies, Forthcoming.
Beale, E. M., & Cude, B. J. (2017). College Students’ Attitudes toward Debt. International Journal of Undergraduate Research and Creative Activities, 9(1), 5.
Becchetti, L., Caiazza, S., & Coviello, D. (2013). Financial education and investment attitudes in high schools: evidence from a randomized experiment. Applied Financial Economics, 23(10), 817-836.
Bell, S., Grayson, J. P., & Stowe, S. (2001). Students' Attitudes Toward Debt-A Study of Atkinson Faculty of Liberal and Professional Studies, York University, and Ryerson University. Journal of Student Financial Aid, 31(3), 1.
Borden, L. M., Lee, S.-A., Serido, J., & Collins, D. (2008). Changing college students’ financial knowledge, attitudes, and behavior through seminar participation. Journal of Family and Economic Issues, 29(1), 23-40.
Botha, M. (2013). A comparative analysis of the financial literacy of final year diploma students in different fields of study at the University of Johannesburg. University of Johannesburg.
BusinessTech (2015). How much money students owe South Africa’s universities. Retrieved
from https://businesstech.co.za/news/general/101826/how-much-money-students-owe-south-africas-universities/
Byrne, B. M. (2016). Structural equation modeling with AMOS: Basic concepts, applications, and programming: Routledge. U.S.A
Calitz, E., & Fourie, J. (2016). The historically high cost of tertiary education in South Africa. Politikon, 43(1), 149-154.
Chaudhuri, A., & Holbrook, M. B. (2001). The chain of effects from brand trust and brand affect to brand performance: the role of brand loyalty. Journal of marketing, 65(2), 81-93.
Chen, H., & Volpe, R. P. (1998). An analysis of personal financial literacy among college students. Financial services review, 7(2), 107-128.
Cordero, J. M., & Pedraja, F. (2019). The effect of financial education training on the financial literacy of Spanish students in PISA. Applied Economics, 51(16), 1679-1693.
Cummins, M. M., Haskell, J. H., & Jenkins, S. J. (2009). Financial attitudes and spending habits of university freshmen. Journal of Economics and Economic Education Research, 10(1), 3.
Deacon, R. E., & Firebaugh, F. M. (1988). Family resource management: Principles and applications: Allyn & Bacon. U.S.A
Dew, J., & Xiao, J. J. (2011). The Financial Management Behavior Scale: Development and Validation. Journal of Financial Counseling and Planning, 22(1), 44.
Diamantopoulos, A., & Siguaw, J. A. (2013). Introducing LISREL: A guide for the uninitiated: Sage.U.S.A
Eagly, A. H., & Chaiken, S. (1993). The Psychology of Attitudes Harcourt Brace Jovanovich College Publishers. Fort Worth, TX.
Erner, C., Goedde-Menke, M., & Oberste, M. (2016). Financial literacy of high school students: Evidence from Germany. The Journal of Economic Education, 47(2), 95-105.
Falahati, L., & Paim, L. H. (2011). Toward a framework of determinants of financial management and financial problems among university students. African Journal of Business Management, 5(22), 9600-9606.
Fan, X., Thompson, B., & Wang, L. (1999). Effects of sample size, estimation methods, and model specification on structural equation modeling fit indexes. Structural equation modeling: a multidisciplinary journal, 6(1), 56-83.
Fatoki, O. (2014). The Financial literacy of non-business university students in South Africa. International Journal of Educational Sciences, 7(2), 261-267.
Fields, Z., & Atiku, S. O. (2015). Testing and Operationalizing a Model to Measure Creativity at Tertiary Educational Level. International Journal of Educational Sciences, 9(3), 283-296.
Gutter, M., & Copur, Z. (2011). Financial behaviors and financial well-being of college students: Evidence from a national survey. Journal of Family and Economic Issues, 32(4), 699-714.
Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the academy of marketing science, 43(1), 115-135.
Hooper, D., Coughlan, J., & Mullen, M. (2008). Structural equation modelling: Guidelines for determining model fit. Articles, 2.
Hu, L. T., & Bentler, P. M. (1999). Cutoff criteria for fit indexes in covariance structure analysis: Conventional criteria versus new alternatives. Structural equation modeling: a multidisciplinary journal, 6(1), 1-55.
Huston, S. J. (2010). Measuring financial literacy. Journal of Consumer Affairs, 44(2), 296-316.
Iacobucci, D. (2010). Structural equations modeling: Fit indices, sample size, and advanced topics. Journal of consumer psychology, 20(1), 90-98.
Iacobucci, D., Saldanha, N., & Deng, X. (2007). A meditation on mediation: Evidence that structural equations models perform better than regressions. Journal of Consumer psychology, 17(2), 139-153.
Jariah, M., Husniyah, A., Laily, P., & Britt, S. (2004). Financial behavior and problems among university students: Need for financial education. Journal of Personal Finance, 3(1), 82-96.
Jones, J. E. (2005). College Students' Knowledge and Use of Credit. Journal of Financial Counseling & Planning, 16(2).
Joo, S. H., Grable, J. E., & Bagwell, D. C. (2003). Credit card attitudes and behaviors of college students. College Student Journal, 37(3), 405-420.
Jorgensen, B. L., Foster, D., Jensen, J. F., & Vieira, E. (2017). Financial Attitudes and Responsible Spending Behavior of Emerging Adults: Does Geographic Location Matter? Journal of Family and Economic Issues, 38(1), 70-83.
Jorgensen, B. L., & Savla, J. (2010). Financial literacy of young adults: The importance of parental socialization. Family Relations, 59(4), 465-478.
Katou, A. A., & Budhwar, P. S. (2010). Causal relationship between HRM policies and organisational performance: Evidence from the Greek manufacturing sector. European Management Journal, 28(1), 25-39.
Kimmie, R. (2016). Students must be informed so they can also help to solve #Fees problems. Retrieved from https://mg.co.za/article/2016-08-12-students-must-be-informed-so-they-can-also-help-to-solve-fees-problems
Krejcie, R. V., & Morgan, D. W. (1970). Determining sample size for research activities. Educational and psychological measurement, 30(3), 607-610.
Lamb, C., Hair, J., McDaniel, C., & Boshoff, C. (2008). Marketing: Third South African
Edition. Oxford University Press Southern Africa: South Africa.
Lattin, J. M., & Bucklin, R. E. (1989). Reference effects of price and promotion on brand
choice behavior. Journal of Marketing research, 26(3), 299-310.
Lomax, T. (2016). Why Fees Must Fall deserves your support (and how you can give it). Retrieved from https://www.mediaforjustice.net/why-fees-must-fall-deserves-your-support-and-how-you-can-give-it/
Lusardi, A., Mitchell, O. S., & Curto, V. (2010). Financial literacy among the young. Journal of consumer affairs, 44(2), 358-380.
Malaza, D. (2016). University of KwaZulu-Natal Submission to the Presidential Commission on Fees into Higher Education and Training. Retrieved from http://www.justice.gov.za/commissions/FeesHET/hearings/set1/day06-UKZN-Submission.pdf
Mandell, L., & Klein, L. S. (2009). The Impact of Financial Literacy Education on Subsequent Financial Behavior. Journal of Financial Counseling & Planning, 20(1).
Mangleburg, T. F., Doney, P. M., & Bristol, T. (2004). Shopping with friends and teens’ susceptibility to peer influence. Journal of retailing, 80(2), 101-116.
Micomonaco, J. P. (2003). Borrowing Against the Future: Practices, attitudes and knowledge of financial management among college students. Virginia Tech. U.S.A
Mundy, S., & Musoke, C. (2011). Towards an Effective Framework for Financial Literacy and Financial Consumer Protection in Uganda. Bank of Uganda Paper, 5, 1-76.
Murphy, A. J. (2005). Money, Money, Money: An Exploratory Study on the Financial Literacy of Black College Students. College Student Journal, 39(3).
Oseifuah, E. K., & Gyekye, A. B. (2014). Analysis of the Level of Financial Literacy among South African Undergraduate Students. Journal of Economics and Behavioral Studies, 6(3), 242.
Pak, T. Y. (2018). Financial literacy and high‐cost borrowing: Exploring the mechanism. International Journal of Consumer Studies, 42(3), 283-294.
Parrotta, J. L., & Johnson, P. J. (1998). The impact of financial attitudes and knowledge on financial management and satisfaction of recently married individuals. Journal of Financial Counseling and Planning, 9(2), 59.
Potrich, A. C. G., Vieira, K. M., & Kirch, G. (2015). Determinants of financial literacy: analysis of the influence of socioeconomic and demographic variables. Revista Contabilidade & Finanças, 26(69), 362-377.
Roberts, J. A., & Jones, E. (2001). Money attitudes, credit card use, and compulsive buying among American college students. Journal of consumer affairs, 35(2), 213-240.
Roberts, B., Struwig, J., Gordon, S., Viljoen, J., & Wentzel, M. (2012). Financial Literacy in South Africa: Results of a baseline national survey. Report Prepared by the Human Sciences Research Council on behalf of the Financial Services Board. Pretoria: Financial Services Board.
Robb, C. A. (2011). Financial knowledge and credit card behavior of college students. Journal of family and economic issues, 32(4), 690-698.
Rootman, C., & Antoni, X. (2015). Investigating financial literacy to improve financial behaviour among Black consumers. Journal of Economic and Financial Sciences, 8(2), 474-494.
Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill building approach: John Wiley & Sons.
Shaari, N. A., Hasan, N. A., Mohamed, R., & Sabri, M. (2013). Financial literacy: A study among the university students. Interdisciplinary journal of contemporary research in business, 5(2), 279-299.
Shambare, R., & Rugimbana, R. (2012). Financial literacy among the educated: An exploratory study of selected university students in South Africa. Thunderbird International Business Review, 54(4), 581-590.
Shange, N. (2015). Students Spending on Booze, Bling and Clothes. News24. Retrieved from https://www.news24.com/SouthAfrica/News/Students-spending-on-booze-bling-and-clothes-20150513
Shim, S., Barber, B. L., Card, N. A., Xiao, J. J., & Serido, J. (2010). Financial socialization of first-year college students: The roles of parents, work, and education. Journal of youth and adolescence, 39(12), 1457-1470.
Simpson, L., Smith, R., Taylor, L., & Chadd, J. A. (2012). College debt: An exploratory study of risk factors among college freshmen. Journal of Student Financial Aid, 16.
Sohn, S.H., Joo, S.H., Grable, J. E., Lee, S., & Kim, M. (2012). Adolescents’ financial literacy: The role of financial socialization agents, financial experiences, and money attitudes in shaping financial literacy among South Korean youth. Journal of Adolescence, 35(4), 969-980.
Ssalkinder, L. (2015). Student Spend Report 2015. Retrieved from https://studentvillage.co.za/
Tang, N., Baker, A., & Peter, P. C. (2015). Investigating the disconnect between financial knowledge and behavior: The role of parental influence and psychological characteristics in responsible financial behaviors among young adults. Journal of Consumer Affairs, 49(2), 376-406.
van Deventer, M., & de Klerk, N. (2016). African generation Y students’perceived personal financial management skills. International Journal of Business and Management Studies, 8(2), 1-14.
Viswesvaran, C., Ones, D. S., & Schmidt, F. L. (1996). Comparative analysis of the reliability of job performance ratings. Journal of applied psychology, 81(5), 557.
West, J. (2012). Financial literacy education and behaviour unhinged: combating bias and poor
product design. International Journal of Consumer Studies, 36(5), 523-530.
Willis, L. E. (2009). Evidence and ideology in assessing the effectiveness of financial literacy
education. San Diego Law Review, 46, 415.
Xiao, J. J., Serido, J., & Shim, S. (2011). Financial education, financial knowledge, and risky
credit behavior of college students. In Consumer Knowledge and Financial Decisions (pp. 113-128). Springer, New York, NY.
Xiao, J. J., Ahn, S. Y., Serido, J., & Shim, S. (2014). Earlier financial literacy and later financial
behaviour of college students. International Journal of Consumer Studies, 38(6), 593-601.
Ajzen, I. (2002). Perceived behavioral control, self‐efficacy, locus of control, and the theory of planned behavior 1. Journal of applied social psychology, 32(4), 665-683.
Ajzen, I., & Fishbein, M. (1980). Understanding attitudes and predicting social behaviour.Prentice-Hall. New Jersey.
Alsemgeest, L. (2015). Arguments for and against financial literacy education: where to go from here?. International Journal of Consumer Studies, 39(2), 155-161.
Anthony, R., Ezat, W. S., Al Junid, S., & Moshiri, H. (2011). Financial management attitude and practice among the medical practitioners in public and private medical service in Malaysia. International Journal of Business and Management, 6(8), 105.
Atkinson, A., & Messy, F.A. (2012). Measuring financial literacy. Retrieved from https://www.oecd-ilibrary.org/finance-and-investment/measuring-financial-literacy_5k9csfs90fr4-en
Bandura A. (1986) Social foundations of thought and action. New York: prentice–hall.
Barbić, D., Lučić, A., & Chen, J. M. (2018) Measuring responsible financial consumption behaviour. International Journal of Consumer Studies, Forthcoming.
Beale, E. M., & Cude, B. J. (2017). College Students’ Attitudes toward Debt. International Journal of Undergraduate Research and Creative Activities, 9(1), 5.
Becchetti, L., Caiazza, S., & Coviello, D. (2013). Financial education and investment attitudes in high schools: evidence from a randomized experiment. Applied Financial Economics, 23(10), 817-836.
Bell, S., Grayson, J. P., & Stowe, S. (2001). Students' Attitudes Toward Debt-A Study of Atkinson Faculty of Liberal and Professional Studies, York University, and Ryerson University. Journal of Student Financial Aid, 31(3), 1.
Borden, L. M., Lee, S.-A., Serido, J., & Collins, D. (2008). Changing college students’ financial knowledge, attitudes, and behavior through seminar participation. Journal of Family and Economic Issues, 29(1), 23-40.
Botha, M. (2013). A comparative analysis of the financial literacy of final year diploma students in different fields of study at the University of Johannesburg. University of Johannesburg.
BusinessTech (2015). How much money students owe South Africa’s universities. Retrieved
from https://businesstech.co.za/news/general/101826/how-much-money-students-owe-south-africas-universities/
Byrne, B. M. (2016). Structural equation modeling with AMOS: Basic concepts, applications, and programming: Routledge. U.S.A
Calitz, E., & Fourie, J. (2016). The historically high cost of tertiary education in South Africa. Politikon, 43(1), 149-154.
Chaudhuri, A., & Holbrook, M. B. (2001). The chain of effects from brand trust and brand affect to brand performance: the role of brand loyalty. Journal of marketing, 65(2), 81-93.
Chen, H., & Volpe, R. P. (1998). An analysis of personal financial literacy among college students. Financial services review, 7(2), 107-128.
Cordero, J. M., & Pedraja, F. (2019). The effect of financial education training on the financial literacy of Spanish students in PISA. Applied Economics, 51(16), 1679-1693.
Cummins, M. M., Haskell, J. H., & Jenkins, S. J. (2009). Financial attitudes and spending habits of university freshmen. Journal of Economics and Economic Education Research, 10(1), 3.
Deacon, R. E., & Firebaugh, F. M. (1988). Family resource management: Principles and applications: Allyn & Bacon. U.S.A
Dew, J., & Xiao, J. J. (2011). The Financial Management Behavior Scale: Development and Validation. Journal of Financial Counseling and Planning, 22(1), 44.
Diamantopoulos, A., & Siguaw, J. A. (2013). Introducing LISREL: A guide for the uninitiated: Sage.U.S.A
Eagly, A. H., & Chaiken, S. (1993). The Psychology of Attitudes Harcourt Brace Jovanovich College Publishers. Fort Worth, TX.
Erner, C., Goedde-Menke, M., & Oberste, M. (2016). Financial literacy of high school students: Evidence from Germany. The Journal of Economic Education, 47(2), 95-105.
Falahati, L., & Paim, L. H. (2011). Toward a framework of determinants of financial management and financial problems among university students. African Journal of Business Management, 5(22), 9600-9606.
Fan, X., Thompson, B., & Wang, L. (1999). Effects of sample size, estimation methods, and model specification on structural equation modeling fit indexes. Structural equation modeling: a multidisciplinary journal, 6(1), 56-83.
Fatoki, O. (2014). The Financial literacy of non-business university students in South Africa. International Journal of Educational Sciences, 7(2), 261-267.
Fields, Z., & Atiku, S. O. (2015). Testing and Operationalizing a Model to Measure Creativity at Tertiary Educational Level. International Journal of Educational Sciences, 9(3), 283-296.
Gutter, M., & Copur, Z. (2011). Financial behaviors and financial well-being of college students: Evidence from a national survey. Journal of Family and Economic Issues, 32(4), 699-714.
Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the academy of marketing science, 43(1), 115-135.
Hooper, D., Coughlan, J., & Mullen, M. (2008). Structural equation modelling: Guidelines for determining model fit. Articles, 2.
Hu, L. T., & Bentler, P. M. (1999). Cutoff criteria for fit indexes in covariance structure analysis: Conventional criteria versus new alternatives. Structural equation modeling: a multidisciplinary journal, 6(1), 1-55.
Huston, S. J. (2010). Measuring financial literacy. Journal of Consumer Affairs, 44(2), 296-316.
Iacobucci, D. (2010). Structural equations modeling: Fit indices, sample size, and advanced topics. Journal of consumer psychology, 20(1), 90-98.
Iacobucci, D., Saldanha, N., & Deng, X. (2007). A meditation on mediation: Evidence that structural equations models perform better than regressions. Journal of Consumer psychology, 17(2), 139-153.
Jariah, M., Husniyah, A., Laily, P., & Britt, S. (2004). Financial behavior and problems among university students: Need for financial education. Journal of Personal Finance, 3(1), 82-96.
Jones, J. E. (2005). College Students' Knowledge and Use of Credit. Journal of Financial Counseling & Planning, 16(2).
Joo, S. H., Grable, J. E., & Bagwell, D. C. (2003). Credit card attitudes and behaviors of college students. College Student Journal, 37(3), 405-420.
Jorgensen, B. L., Foster, D., Jensen, J. F., & Vieira, E. (2017). Financial Attitudes and Responsible Spending Behavior of Emerging Adults: Does Geographic Location Matter? Journal of Family and Economic Issues, 38(1), 70-83.
Jorgensen, B. L., & Savla, J. (2010). Financial literacy of young adults: The importance of parental socialization. Family Relations, 59(4), 465-478.
Katou, A. A., & Budhwar, P. S. (2010). Causal relationship between HRM policies and organisational performance: Evidence from the Greek manufacturing sector. European Management Journal, 28(1), 25-39.
Kimmie, R. (2016). Students must be informed so they can also help to solve #Fees problems. Retrieved from https://mg.co.za/article/2016-08-12-students-must-be-informed-so-they-can-also-help-to-solve-fees-problems
Krejcie, R. V., & Morgan, D. W. (1970). Determining sample size for research activities. Educational and psychological measurement, 30(3), 607-610.
Lamb, C., Hair, J., McDaniel, C., & Boshoff, C. (2008). Marketing: Third South African
Edition. Oxford University Press Southern Africa: South Africa.
Lattin, J. M., & Bucklin, R. E. (1989). Reference effects of price and promotion on brand
choice behavior. Journal of Marketing research, 26(3), 299-310.
Lomax, T. (2016). Why Fees Must Fall deserves your support (and how you can give it). Retrieved from https://www.mediaforjustice.net/why-fees-must-fall-deserves-your-support-and-how-you-can-give-it/
Lusardi, A., Mitchell, O. S., & Curto, V. (2010). Financial literacy among the young. Journal of consumer affairs, 44(2), 358-380.
Malaza, D. (2016). University of KwaZulu-Natal Submission to the Presidential Commission on Fees into Higher Education and Training. Retrieved from http://www.justice.gov.za/commissions/FeesHET/hearings/set1/day06-UKZN-Submission.pdf
Mandell, L., & Klein, L. S. (2009). The Impact of Financial Literacy Education on Subsequent Financial Behavior. Journal of Financial Counseling & Planning, 20(1).
Mangleburg, T. F., Doney, P. M., & Bristol, T. (2004). Shopping with friends and teens’ susceptibility to peer influence. Journal of retailing, 80(2), 101-116.
Micomonaco, J. P. (2003). Borrowing Against the Future: Practices, attitudes and knowledge of financial management among college students. Virginia Tech. U.S.A
Mundy, S., & Musoke, C. (2011). Towards an Effective Framework for Financial Literacy and Financial Consumer Protection in Uganda. Bank of Uganda Paper, 5, 1-76.
Murphy, A. J. (2005). Money, Money, Money: An Exploratory Study on the Financial Literacy of Black College Students. College Student Journal, 39(3).
Oseifuah, E. K., & Gyekye, A. B. (2014). Analysis of the Level of Financial Literacy among South African Undergraduate Students. Journal of Economics and Behavioral Studies, 6(3), 242.
Pak, T. Y. (2018). Financial literacy and high‐cost borrowing: Exploring the mechanism. International Journal of Consumer Studies, 42(3), 283-294.
Parrotta, J. L., & Johnson, P. J. (1998). The impact of financial attitudes and knowledge on financial management and satisfaction of recently married individuals. Journal of Financial Counseling and Planning, 9(2), 59.
Potrich, A. C. G., Vieira, K. M., & Kirch, G. (2015). Determinants of financial literacy: analysis of the influence of socioeconomic and demographic variables. Revista Contabilidade & Finanças, 26(69), 362-377.
Roberts, J. A., & Jones, E. (2001). Money attitudes, credit card use, and compulsive buying among American college students. Journal of consumer affairs, 35(2), 213-240.
Roberts, B., Struwig, J., Gordon, S., Viljoen, J., & Wentzel, M. (2012). Financial Literacy in South Africa: Results of a baseline national survey. Report Prepared by the Human Sciences Research Council on behalf of the Financial Services Board. Pretoria: Financial Services Board.
Robb, C. A. (2011). Financial knowledge and credit card behavior of college students. Journal of family and economic issues, 32(4), 690-698.
Rootman, C., & Antoni, X. (2015). Investigating financial literacy to improve financial behaviour among Black consumers. Journal of Economic and Financial Sciences, 8(2), 474-494.
Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill building approach: John Wiley & Sons.
Shaari, N. A., Hasan, N. A., Mohamed, R., & Sabri, M. (2013). Financial literacy: A study among the university students. Interdisciplinary journal of contemporary research in business, 5(2), 279-299.
Shambare, R., & Rugimbana, R. (2012). Financial literacy among the educated: An exploratory study of selected university students in South Africa. Thunderbird International Business Review, 54(4), 581-590.
Shange, N. (2015). Students Spending on Booze, Bling and Clothes. News24. Retrieved from https://www.news24.com/SouthAfrica/News/Students-spending-on-booze-bling-and-clothes-20150513
Shim, S., Barber, B. L., Card, N. A., Xiao, J. J., & Serido, J. (2010). Financial socialization of first-year college students: The roles of parents, work, and education. Journal of youth and adolescence, 39(12), 1457-1470.
Simpson, L., Smith, R., Taylor, L., & Chadd, J. A. (2012). College debt: An exploratory study of risk factors among college freshmen. Journal of Student Financial Aid, 16.
Sohn, S.H., Joo, S.H., Grable, J. E., Lee, S., & Kim, M. (2012). Adolescents’ financial literacy: The role of financial socialization agents, financial experiences, and money attitudes in shaping financial literacy among South Korean youth. Journal of Adolescence, 35(4), 969-980.
Ssalkinder, L. (2015). Student Spend Report 2015. Retrieved from https://studentvillage.co.za/
Tang, N., Baker, A., & Peter, P. C. (2015). Investigating the disconnect between financial knowledge and behavior: The role of parental influence and psychological characteristics in responsible financial behaviors among young adults. Journal of Consumer Affairs, 49(2), 376-406.
van Deventer, M., & de Klerk, N. (2016). African generation Y students’perceived personal financial management skills. International Journal of Business and Management Studies, 8(2), 1-14.
Viswesvaran, C., Ones, D. S., & Schmidt, F. L. (1996). Comparative analysis of the reliability of job performance ratings. Journal of applied psychology, 81(5), 557.
West, J. (2012). Financial literacy education and behaviour unhinged: combating bias and poor
product design. International Journal of Consumer Studies, 36(5), 523-530.
Willis, L. E. (2009). Evidence and ideology in assessing the effectiveness of financial literacy
education. San Diego Law Review, 46, 415.
Xiao, J. J., Serido, J., & Shim, S. (2011). Financial education, financial knowledge, and risky
credit behavior of college students. In Consumer Knowledge and Financial Decisions (pp. 113-128). Springer, New York, NY.
Xiao, J. J., Ahn, S. Y., Serido, J., & Shim, S. (2014). Earlier financial literacy and later financial
behaviour of college students. International Journal of Consumer Studies, 38(6), 593-601.
Published
2021-01-28
How to Cite
Obagbuwa, O. . . . ., Akande, J., & Tewari, D. (2021). Acquired financial knowledge and attitudes of South African university students and their financial decisions: Array. The Journal of Accounting and Management, 11(1). Retrieved from https://dj.univ-danubius.ro/index.php/JAM/article/view/643
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