Factors affecting financial decisions of university students: evidence from Pakistan

PurposeThis study examined the factors affecting university students' financial decisions in Pakistan.Design/methodology/approachStructural equation models were used to analyze data from 300 university students using a questionnaire. Students' financial decisions were used as the dependent...

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Bibliographic Details
Published in:Managerial finance 2024-01, Vol.50 (2), p.297-312
Main Authors: Khurshid, Muzammil, Zahid, R.M. Ammar, Nisa, Meher Un
Format: Article
Language:English
Subjects:
Borrowing
Cognitive ability
Colleges & universities
Decision making
Education
Financial literacy
Financial management
Hypotheses
Investigations
Likert scale
Literature reviews
Personal finance
Preferences
Questionnaires
Socialization
Student loans
University students
Work experience
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Summary:PurposeThis study examined the factors affecting university students' financial decisions in Pakistan.Design/methodology/approachStructural equation models were used to analyze data from 300 university students using a questionnaire. Students' financial decisions were used as the dependent variable, while financial literacy, money ethics, money attitude, time preference, financial experience, and financial specialization agents were the independent variables.FindingsResultantly, power, personal financial literacy, achievement, financial behavior, avoidance, reward for efforts, financial experience, financial attitude, financial socialization agents, and time preference influence the students' financial decisions.Practical implicationsThe findings are useful for financial and educational institutions and policymakers who design academic courses.Originality/valueThis study measured the effects of several critical contextual areas regarding financial literacy and students' decisions in Pakistani universities.
ISSN:0307-4358
1758-7743
DOI:10.1108/MF-05-2021-0207