THE STATE BANK OF VIETNAM MINISTRY OF EDUCATION AND TRAINING HO CHI MINH UNIVERSITY OF BANKING NGUYỄN THỊ TƯỜNG VY INFLUENCE OF FINANCIAL LITERACY AND FINANCIAL ATTITUDE ON FINANCIAL BEHAVIORS OF STUD[.]
THE STATE BANK OF VIETNAM MINISTRY OF EDUCATION AND TRAINING HO CHI MINH UNIVERSITY OF BANKING NGUYỄN THỊ TƯỜNG VY INFLUENCE OF FINANCIAL LITERACY AND FINANCIAL ATTITUDE ON FINANCIAL BEHAVIORS OF STUDENTS IN HO CHI MINH CITY GRADUATION THESIS MAJOR: FINANCE – BANKING CODE: 7340201 HO CHI MINH CITY, 2022 THE STATE BANK OF VIETNAM MINISTRY OF EDUCATION AND TRAINING HO CHI MINH UNIVERSITY OF BANKING NGUYỄN THỊ TƯỜNG VY INFLUENCE OF FINANCIAL LITERACY AND FINANCIAL ATTITUDE ON FINANCIAL BEHAVIORS OF STUDENTS IN HO CHI MINH CITY GRADUATION THESIS MAJOR: FINANCE – BANKING CODE: 7340201 SUPERVISOR NGUYEN THI MY HANH, PHD HO CHI MINH CITY, 2022 i ABSTRACT The thesis studies the impact of financial literacy and financial attitude on financial behaviors This empirical study was conducted on students at Ho Chi Minh University of Banking and students at universities in Ho Chi Minh City to explain the financial behaviors of students, which are rarely chosen as research subjects Using quantitative research method, the research paper distributes online questionnaires to students to answer online, then from the collected data, the research uses EFA method to process and analyze data The results found that financial literacy and financial attitude had no impact on students' financial behaviors Some recommendations for improving financial literacy indicators, financial attitude and financial behaviors for students will also be discussed ii AUTHOR’S DECLARATION I hereby confirm that this thesis entitled “Influence of financial literacy and financial attitude on financial behaviors of students in Ho Chi Minh City”, is my own work, and none of this work has been published before submission Ho Chi Minh City, August 2022 NGUYEN THI TUONG VY iii ACKNOWLEDGEMENTS I would like to express my deep gratitude to all the teachers at Ho Chi Minh University of Banking who have always been dedicated to imparting and teaching me a lot of useful knowledge and skills, and always creating favorable conditions for me to learn and develop I would like to sincerely thank Dr Nguyen Thi My Hanh for always accompanying and supporting me in the process of completing my graduation thesis The contributions of Dr Nguyen Thi My Hanh are valuable knowledge for my thesis Finally, I would like to thank my family for always supporting me as well as those who participated in the survey so that I could complete the thesis iv TABLE OF CONTENTS ABSTRACT i LIST OF ACRONYMS vii LIST OF FIGURES viii LIST OF TABLES ix CHAPTER 1: INTRODUCTION 1.1 Rationale of the study 1.2 Research objectives and questions 1.2.1 General objective .3 1.2.2 Specific objectives 1.3 Research questions 1.4 Research subject and scope 1.5 Research methodology 1.6 Structure of the thesis Summary of Chapter CHAPTER 2: LITERATURE REVIEW 2.1 Guiding conceptual framework 2.2 Financial behavior 2.3 Financial literacy .9 2.4 Financial attitude 10 2.5 Financial literacy and its significant association with financial behavior 10 2.6 Financial attitude and its significant association with financial behavior11 2.7 Review of previous studies 12 Summary of Chapter 13 CHAPTER 3: METHODOLOGY 14 3.1 Research process 14 3.2 Hypotheses and proposed model 15 3.3 Sample and sample size 16 3.4 Survey design 17 3.5 Research variables and scale design 18 v 3.6 Data analysis 20 3.6.1 Build and verify the quality of the scale 21 3.6.1.1 Descriptive statistics 21 3.6.1.2 Cronbach’s Alpha .21 3.6.2 Exploratory Factor Analysis 22 3.6.3 Multivariate linear regression analysis 24 Summary of Chapter 25 CHAPTER 4: RESEARCH RESULTS AND DISCUSSION .26 4.1 Results obtained at Ho Chi Minh University of Banking 26 4.1.1 Characterisctics of sample 26 4.1.2 Verify the quality of the scale 27 4.1.3 Exploratory Factor Analysis 31 4.1.3.1 Independent variables 31 4.1.3.2 Dependent variable 34 4.1.4 Correlation analysis 36 4.1.5 Multivariate linear regression analysis 37 4.2 Results obtained at other universities in Ho Chi Minh City .38 4.2.1 Characteristics of sample 38 4.2.2 Verify the quality of the scale 40 4.2.3 Exploratory Factor Analysis 43 4.2.3.1 Independent variables 43 4.2.3.2 Dependent variable 47 4.2.4 Correlation analysis 48 4.2.5 Multivariate linear regression analysis 49 4.3 Discussion .50 Summary of Chapter 54 CHAPTER 5: CONCLUSIONS AND RECOMMENDATIONS .55 5.1 Conclusions .55 5.2 Recommendations 55 5.2.1 Financial literacy .55 5.2.2 Financial attitude .57 vi 5.2.3 Financial behavior 57 5.3 Limitations and future research directions 58 Summary of Chapter 58 REFERENCES 59 APPENDIX 67 vii LIST OF ACRONYMS Acronyms EFA Meaning Exploratory Factor Analysis FA Financial attitude FB Financial behaviors FL Financial literacy TPB Theory of planned behavior TRA Theory of reasoned action viii LIST OF FIGURES Figure 2.1: Theory of planned behavior Figure 2.2: Adaptation of the Deacon- Firebaugh Model Figure 3.1: Research process 15 Figure 3.2: Proposed research model 16 Figure 3.3: The process of developing the questionnaire 17 Figure 3.4: Summary of research variables 18 Figure 3.5: Measurement scale and code of variables 19 Figure 3.6: Reliability scores and meaning 21 ... influence of financial literacy on financial behaviors of students in Ho Chi Minh City Second, examine the influence of financial attitude on financial behaviors of students in Ho Chi Minh City 1.3... the financial literacy of students in Ho Chi Minh City and because of it the author present the research: Influence of financial literacy and financial attitude on financial behaviors of students. .. OF VIETNAM MINISTRY OF EDUCATION AND TRAINING HO CHI MINH UNIVERSITY OF BANKING NGUYỄN THỊ TƯỜNG VY INFLUENCE OF FINANCIAL LITERACY AND FINANCIAL ATTITUDE ON FINANCIAL BEHAVIORS OF STUDENTS IN