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Title: Quantitative investigation of college students' financial behaviour
Authors: Lijuan Sun; Hong Qin; Dave Jackson
Department of Economics and Finance, College of Business Administration, University of Texas – Pan American, 1201 West University Drive, Edinburg, TX 78539, USA
Department of Computer Information Systems and Quantitative Methods, College of Business Administration, University of Texas – Pan American, 1201 West University Drive, Edinburg, TX 78539, USA
University of Texas – Pan American, 1201 West University Drive, Edinburg, TX 78539, USA
Abstract: The rapid growth of student loan debt has led to increased public attention on college students' financial aid and financial behaviour. This study addresses the psychological process underlying effective college student financial behaviour and its determinants. A model modified based on planned behaviour theory is proposed and empirically tested using a sample of 243 college students. Structural equation modelling (SEM) is employed to examine the model fits and to investigate the relationship among the proposed factors. The determinants of financial behaviour identified by this study include attitude, intention, and perceived behavioural control, past behaviour, subjective norm, behavioural beliefs, subjective norm beliefs, and control beliefs. Additionally, this research examines the relative importance of these determinants and tests the role of beliefs.
Keywords: college students; student finance; student financial behaviour; theory of planned behaviour; TPB; student debt; past behaviour; intention; student loans; psychology; structural equation modelling; SEM.
Int. J. of Electronic Finance, 2014 Vol.8, No.1, pp.35 - 56
Submission date: 21 Sep 2013
Date of acceptance: 21 Mar 2014
Available online: 29 Jul 2014