Research on factors affecting undergraduates’ financial management skills: the moderating role of financial education is very valuatble to education community
1) Introduction: Individual financial management is crucial for achieving economic and social stability and development. This study aims to identify factors influencing the financial management skills of students, addressing a gap in existing research. This research expands on previous studies by examining the mediating role of financial education in the relationship between financial attitudes and individual financial management. 2) Objectives: Factors influencing undergraduates' financial management skills are examined. Filling the existing knowledge gap has practical, scientific, theoretical, and policy implications. Including financial education as a mediating variable enhances understanding of the relationship between financial attitudes and individual financial management. 3) Methodology: A quantitative method was employed to collect data from 258 students currently studying in Vietnam. Exploratory factor analysis (EFA), confirmatory factor analysis (CFA), and structural equation modeling (SEM) were utilized to assess measurement scale reliability and test the theoretical model. 4) Result and Discussion: Three influential factors affect students' financial management skills: financial attitude, parental financial socialization, and financial literacy. These factors significantly shape students' financial behavior. Furthermore, financial education moderates the relationship between financial attitude and individual financial management, indicating its potential to enhance financial skills. 5) Conclusions: The findings have broader implications beyond their immediate scope. By identifying key factors influencing students' financial management skills, this study proposes policy implications to enhance these skills. Policymakers, educators, and stakeholders can utilize these insights to design targeted financial education programs tailored to students' needs. Strengthening students' financial management skills contribute to their long-term financial well-being and society's economic development.
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