Rationaleofthestudy
In daily life, people need to make financial decisions such as borrowing,investing,savingandretirement.Inadditiontoacertainunderstandingofthem arket, each individual needs to have an understanding of other aspects of finance,alsoknownasfinancialliteracy.INFE(2011)definesfinancialliteracy as“acombination of awareness, knowledge, skill, attitude and behaviour necessary tomakesoundfinancialdecisionsandultimatelyachieveindividualfinancialwellbeing.”
Thebenefitsoffinancialliteracyaremanifold.Individualswithgoodfinancial literacy and schooling have better pension contributions and retirementplanning (Behrman et al., 2012; Lusardi and Mitchell, 2014) Moreover, the greaterfinancialliteracythebettertheriskspeoplecanreduce.Peoplewithl o w e r numer ical ability default their mortgage as their behavior do not related to theirchoice (Gerardi, Goette, and Meier, 2013) Financial literate people place higherstandard when choosing funds to diversify their savings (Hastings and Mitchell,2011;Hastings, Mitchell,andChyn,2011;Hastings andTejeda-Ashton,2008).
With the benefits thatf i n a n c i a l l i t e r a c y b r i n g s t o l i f e t o d a y i s u n d e n i a b l e , but for a developing country like Vietnam, the number of people with financialliteracy is still low The average financial knowledge score of Vietnamese people isaround 4.4, 0.4 percentage higher than
2019 but this score mainly come from peoplewho live in Hanoi and Ho Chi Minh city (Morgan and Trinh,
2020) In fact, self-employed workers and salaried workers are those who had higher levels of financialliteracyt h a n a n y o t h e r e m p l o y m e n t ( M o r g a n a n d T r i n h , 2 0 1 9 ) A s t h e m a t t e r o f fact, Vietnamesestudents show low level off i n a n c i a l l i t e r a c y , e v e n a t t h e b a s i c level(Nguyen,2015).
TherearefewstudiesthatshowconcerninfinancialknowledgeofVietnamese students or students in Ho Chi Minh City Therefore, this issue has notbeenpaidenoughattention.
The current state of financial literacy and financial education in Vietnam,theimportanceofafinanciallyliteratepopulation,andthepositiveimpactoffina ncial education on financial literacy allpoint to an urgent need to promotefinanciale d u c a t i o n i n o r d e r t o i m p r o v e V i e t n a m e s e f i n a n c i a l l i t e r a c y Simultaneously,studentsshouldreceivespecialattentionintermsoffina ncialeducationbecause theyrepresentthe country'sfuturegeneration.
According to a preliminary examination of the literature, previous researchhavemostly focusedon understanding andmodeling a certain sort ofmeasurefinancial literacy ofVietnamese students and adults There has beenl i t t l e p r o g r e s s in comprehensively identifying distinct limitations based on their features So far,(Nguyen, 2015) evaluates the level of financial literacy of adults in 2 big citiesHanoi and Ho Chi Minh city Morgan and Trinh
(2020) find the link betweenfinancial literacy and the adoption of fintech products. Financial literacy, financialmajor, financial attitude and advanced financial behaviour had effect on personalsavingsbehaviourinVietnam(NguyenandDoan,2020).
In summary, there is a need to understand and measure the financial literacyof students in Ho Chi Minh City and because of it the author present the research:Influenceoffinancialliteracyandfinancialattitudeonfinancialbehaviorsofstudent sinHoChiMinhCity.
Researchobjectivesandquestions
Generalobjective
Specificobjectives
First,examinetheinfluence offinancialliteracy onfinancialbehavi orsofstudentsinHoChiMinhCity.
Second,examinethe i nf lu en ce of financiala tt it ude onfi na nci al beh aviors ofstudentsinHoChiMinhCity.
Researchquestions
Researchsubjectandscope
Accordingtothecontentpresentedinsection1.2,previousstudiesinVietnam have not analyzed the impact of financial literacy and financial attitude onfinancial behaviors of students in Ho Chi Minh City Therefore, this thesis is basedon students in Ho Chi Minh City Primary data was collected through a survey fromSeptember2021toDecember 2021.
Researchmethodology
Thethesiswascarriedoutbasedontworesearchmethodsincludingquantitative research method and synthetic and statistical method, specifically asfollows:
Quantitative research: Used to assess the factors influencing the financialbehaviors of students in Ho Chi Minh City The quantitative research sample wascollected using a suitable sampling approach, with a sample size of 508 participantsprojected Data was gathered through survey using a pre-designed questionnaire thatwas emailed to students for them to complete and obtain findings instantly. ThecollecteddatawereanalyzedusingSPSS26.0software,whichincludedaCronbach's Alpha test to determine the reliability of the scales EFA with Bartletttest and KMO is an exploratory factor analysis F-test and Sig significant level areused in regression analysis to determine the effect on financial behaviors of studentsinHoChiMinhCity.
Synthetic and statistical method: After using SPSS to run the results andanalyze,thesyntheticandstatisticalmethodhelpstheauthortohaveabetteroverviewofth edatatogivesomesuitablesolutions.
Structureofthethesis
Thischapterprovidesanoverviewofthetopic,including:reasonsforselectingthetop ic,researchproblem,researchobjectives,researchq u e s t i o n s , subject and scope of the research, research methodology and the structure of thethesis.
Inthischapter,thethesispresentspreviousstudiesontheconceptoffinancialliterac y,financialattitudeandfinancialbehavior.Inaddition,thischapter also presents the results of previous studies on the relationship between financialliteracy and financial behavior, financial attitude and financial behavior and theimpactoffinancialliteracy,financialattitudeonfinancial behaviors.
From thetheoreticalframeworkinChapter2,thischapterpresentsthehypotheses,researchmodelsa nddatacollection methodsfortheresearchprocess.
This chapter focuses on interpreting and analyzing the results obtained afterrunningSPSS.
This chapter summarizes the resultso b t a i n e d t h r o u g h t h e r e s e a r c h p a p e r and proposes some recommendations to improve the indicators of financial literacy,financialattitudeandfinancial behaviorsforstudentsin HoChi MinhCity.
Chapter1givesabriefoverviewofthetopic.Thenextchapterw i l l examine more closely the concepts and relationships between financial literacy,financialattitudeandfinancial behaviors frompreviousstudies.
Chapter 2 presents a brief overview ofthe foundational theories of thethesis,previousstudiesontheconceptsandrelationshipsbetweentherelevantfactorsinth eresearchpaper.
Guidingconceptualframework
Thethesis’sconceptualmodelis underpinnedby two coretheories:Theory ofplannedbehaviorandthefamilyresourcesmanagementmodel.Thetheoryofplanned behavior (TPB) (Azjen, 1985) and (Azjen, 1991)is an expansion of thetheory of reasoned action (TRA) (Azjen and Fishbein, 1980), which was requiredsince the older model could not account for actions over which people have onlypartial volitional control According to TPB, perception of behavioral control overengaging in the action is a factor influencing intention, along with attitude towardthetargetconductandsubjectivenormsaboutengaginginthebehavior.Theperfor mance of a particular behavior is determined by the intention to perform thatbehavior Intention itself is determined by attitudes toward the behavior, subjectivenorms for engaging in the behavior, and perceptions of an individual's ability tosuccessfully engage in the desired behavior According to Azjen (1985), an attitudetoward a particular behavior is a positive or negative evaluation of the performanceof that behavior Attitudes are defined as beliefs, norms are defined as normativebeliefs and reasons for compliance, and perceived behavioral control is defined asthe belief that one possesses the skills and resources necessary to engage in thebehavior(Azjen,1991).TheTPBalsoincludesadirectrelationshipbetweenperceived b e h a v i o r a l c o n t r o l a n d b e h a v i o r a l p e r f o r m a n c e G i v e n t w o p e o p l e w i t h thesameself- motivation,thosewhoareconfidentintheirabilitiesaremorelikelytosucceedt hanthosewhoareskeptical(Azjen,1991).
The TPB provides a robust theoretical framework for testing such premises, as wellas a framework for testing whether attitudes are in fact related to intention to engageinspecificbehaviorsthatshouldberelated to actualbehaviors.
Deacon and Firebaugh (1988) family resource management model proposes that thedecision- makingprocessinvolvesacoherentchainthatbeginswithinputandcontinuedb y t hr ou gh pu t, o u t p u t a n d a f e e d b a c k l o o p b a c k t o t h e i n p u t s P a r r o t t a and Johnson (1998) adapted this model to define financial knowledge as an inputandfinancialstatusandfinancialmanagementbehaviorastwoproductivitysubsyste ms.
The study uses a combination of these two background theories and especially theresearch model of Parrotta and Johnson (1998) to study the impact of financialliteracy and financial attitude on financial behavioro f s t u d e n t s i n
Financialbehavior
Individuals'well-being,aswellasthewell-beingoftheirhouseholds,societies,nations, and the globe at large, can be impacted by financial behavior Inrecent years, more studies have focused on financial behavior Financial behavior isdescribed by Perry and Morris (2005) as the management of a person’s savings,budget and spending while Xiao (2008) asserted that any human behavior that isrelated to money management can be classified as financial behavior.Individualswho engage in responsible financial behavior are better at managing their resources,such asmaking a budget, initiating investments, andcompleting their financialobligationsontime(RobbandWoodyard,2011).Financialbehaviorreferst o hu man actions that areimportantformanaging finances andmakingsound financial decisions, such as creating and controlling an effective budget plan, paying billspromptly, and regularly setting aside money (Bhushan and Medury, 2014;KalekyeandMemba,2015).
Financialliteracy
Financial literacy is a key understanding that everyone needs to have inorder to make financial decisions in today's society It is necessary to review thedefinitionsprovidedinthepreviousstudies.AccordingtoVittetal.
(2000)“Personalfinancialliteracyistheabilitytoread,analyze,manage,a n d communic ateaboutthepersonalfinancialconditionsthataffectmaterialwell- being.”T h e L i t e r a c y D e f i n i t i o n C o m m i t t e e h a s d e v e l o p e d t h e s t a n d a r d d e f i n i t i o n for financial literacy “ Using printed and written information to function in society,to achieve one’s goals, and to develop one’s knowledge and potential” (Kirsch andKolstad,2 0 0 1 ) S e r v o n a n d K a e s t n e r ( 2 0 0 8 ) i n d i c a t e s t h e c a p a c i t y t o u n d e r s t a n d andapplyfinancialprinciplesisreferred toasfinancial literacy.
Moreover,Jump$tartCoalition(2007)definesfinancialliteracy as“theability to use knowledge and skills to manage one’s financial resources effectivelyforalifetimeoffinancialsecurity.”Financialliteracy isthecapacity toapplyinformation and competencies to control economic assets successfully for a life-timeofeconomicwell- being(Literacy,Financial,andEducationCommission,2006) Remund (2010, p293) conceptualize financial literacy as “ a measure of thedegreet o w h i c h o n e u n d e r s t a n d s k e y financial c o n c e p t s a n d p o s s e s s e s t h e a b i l i t y andconfidencetomanagepersonalfinancesthroughappropriateshort- termdecision-making and sound, long-range financial planning, while mindful of lifeeventsand changing economic conditions”.
Many studies have found a link between financial literacy and students'future financial decisions Chen and Volpe (1998) studied the level of financialknowledge among college students, students with a low level of knowledge tendedtohavewrongopinionsandmakeincorrectdecisions.Askewetal.
(2013)findings revealed a link between students' financial literacy and their awareness of post- college financial obligations, as well as a link between students' perceived financialliteracy and their degree of anxiety about post-college life Additionally, spendinghabits and academic year have a substantial positive link with financial literacy, butage and gender have a negative relationship with financial literacy (Shaari, 2013).Risk-taking and patient attitudes are linked to increased financial awareness amonguniversitystudents.Thesecharacteristicsarelinkedtoresidents'b e t t e r l i f e o utcomes(Mudzingiri,2021).
Financialattitude
Ajzen (1991) found that financial attitudes are the result of the actions ofcertain decision makers and that attitudes can vary depending on economic and non-economic beliefs Financial attitude can be seen as psychological trends that can beobserved in the assessment of financial management practices that are, to someextent, in agreement or disagreement (Parrotta and Johnson, 1998) A financialattittude is the attitude that is a response to an individual's financial behavior in theform of a statement of
"like" or "dislike" or "useful" or "not-useful." (Potrich, VieiraandMendes-Da-Silva,2016).
Financiall i t e r a c y a n d i t s s i g n i f i c a n t a s s o c i a t i o n w i t h f i n a n c i a l b e h a v i o r 10
In previous studies, there are three different conclusions and requirementsthatfinancialliteracycontributessignificantlytofinancialbehavior,financi alliteracy has a moderate effect on financial behavior, and financial literacy has noeffect on financial behavior Financial behavior is crucial and a key part of financialliteracy, according to OECD (2013) According to Atkinson and Messy (2012),individuals with positive financial behaviors such as prudent budgeting and concernfor financial stability have higher levels of financial literacy, whereas those withnegative behaviors, such as heavily relying on credit and loans, have lower levels offinancial well-being Sages and Grable (2009) found that people with a low level ofsensitivityt o financialriskhaddifficultym a k i n g financialdecisionsandwere dissatisfiedwiththeirabilitytomanagetheirfinances.Lusardi,MitchellandCourtois
(2010) and Sheresberg (2013) argue that financial literacy is a powerfulpredictor and influence of people's financial behavior However, Mandell and Klein(2009), Tisdell, Taylor and Forte (2013), Carpena et al (2011) and Forte (2012)foundalowcontributionoffinancialunderstandingtofinancialb e h a v i o r Mo reover, the idea of the higher a person’s financial knowledge, the better theirfinancial behavior would be (Andarsari and Ningtyas, 2019) and (Kumar et al.,2017) People with greater levels of financial literacy, math confidence, or personalfinance knowledge have better financial outcomes: they are less likely to borrowmoney at high costs, and they are more likely to save money for retirement orunexpected expenses (de Bassa Scheresberg, 2013) The study of Asaad (2015)indicated that overconfident people, or those who have high confidence (or self-assessed) knowledge but poor actual understanding, are more likely to participate inrisky (expensive) financial actions Financial literacy, education, income, age andother external factors contribute to good financial behavior Poor financial literacyand financial education can be positively associated with bad behavior, such as highdebt.(Ahmad et al.,2016).
Financial attitude and its significant association with financial behavior112.7Reviewofpreviousstudies
There have been many studies proving the significant relationship betweenfinancial attitude andfinancial behavior VanCampenhout (2015)discoveredaconsistenta s s o c i a t i o n b e t w e e n g o o d f i n a n c i a l a t t i t u d e s a n d f i n a n c i a l b e h a v i o r , a s didKidwell,Brinberg,andTurrisi(2003)andAdiputra andPatricia(2020).Moreover, financial attitudes significantly influenced financial behavior rather thanfinancialknowledge(Yahayaetal.,2019).Financialattitudewasthemostinfluential variable on financial management behavior, and financial managementbehaviorwasthemostinfluentialvariableonfinancialcontentment(Yap,K omalasari and Hadiansah, 2018) Nano (2015) conducted a research focused onAlbanian university students indicated that students who scored higher for financialattitudehadhigherscoresforfinancialbehavior.Inaddition,theassumpt ionthata person can handle his funds properly influences the suitable financial attitude. Themore a person feels he can manage his finances successfully, the more he will seethe value of financial management today and in the future (Radianto et al.,
2020) Inanother empirical study, Shim et al (2010) found that financial socialization andfinancial learning of college freshmen reflect an important relationship betweenfinancialattitudesandfinancialbehavior.
There have been many domestic and foreign studies demonstrating the linkbetween financial literacy, financial attitude and financial behaviors Although someresultsdidnotfindalinkbetweenfinancialliteracy orfinancialattitudewithfinancialbehaviors,ingeneral,allthreefactorsarerelated.
AdiputraandPatricia(2020)andMutluandệzer(2022)agreedthatfinancialliter acyandfinancialattitudehaveasignificanteffectonfinancialbehavior Perangin-angin, Fachrudin and Irawati (2022) found out that financialliteracy has a negligible influence on saving behavior while financial attitude has asignificantinfluenceonsavingbehaviour.Additionally,thedegreeoffinancialknowledge, perceived financial confidence, and money-related attitudes all have anindirect impact on financial behavior.
The effect of financial literacy and perceivedfinancialconfidenceonstudents'financialbehaviorhasbeens u c c e s s f u l l y moderated by attitude toward money (Susilowati and Latifah, 2017) The patternreverse in Syaliha et al (2022) study that financial literacy has significant effect onfinancialmanagementbehaviorbutfinancialattitudeshavenopositiveeffect.Research showsthatattitudestowardsmoneyleadtofinancialliteracya m o n g young people Positive attitudes of students towards finance and money influencethe behaviors of acquiring financial literacy and improving financial understanding.However, a negative attitude weakens the ability to make financial decisions (Shimetal.,2009;Sohnet al.,2012).
There have been a number of related studies on this topic implemented inVietnam However, the content related to the thesis has the following two researchpapers As a result of the binary regression analysis in a survey of 692 people in 63countries, it was found that financial literacy, finance major, marital status, financialattitudes and advanced financial behavior had a positive and significant effect onindividual behavior saving up (Nguyen and Doan, 2020) However, Tam et al.(2021) resulted totally different from previous studies, two variables of financialknowledge and financial attitude have no impact on personal financial managementbehavior.
Chapter2summarizesandreviewspreviousrelatedstudies.Prominentamong them are theories that demonstrate the influence of financial literacy onfinancial behavior and the influence of financial attitudes on financial behavior.These results are the basis for this study.From the theoretical foundations outlined,the next chapter will present the corresponding hypotheses, models and researchmethods.
In Chapter3, this thesis providesmethodologies,measuresoffinancialknowledge, and financial attitudes and behaviors Hence, this chapter also providesstatisticalprocessessuchasCronbach'salpha,exploratoryfactora n a l y s i s ,regressionanalysis,andhypothesistesting.
Researchprocess
Thefirststepistodefinetheproblem,inthissteptheauthorm u s t determine the topic title, research objective, question, object and research scope.Then, the author will conduct research on concepts, theories and research related tothe topic,specifically here are the theories related to financial literacy, financialattitude,financial behaviors and the relationship between these factors The thirdstepisthedevelopmentofhypothesisandresearchmodel,thisstepisalsothes tepto determine the components to make the survey After that, the author will proceedto write a research proposal to have a preliminary view of the thesis At the sametime, the author conducted a survey in the form of Google Form for the students toanswer.Aftercollectingallnecessarydatafromthestudents,theauthorw i l l conduct data analysis using SPSS 26.0: Cronbach's Alpha, EFA, regression analysisandmodeltesting.Finally,theauthorwillmakenecessaryconclusionsandrecom mendations Figure 3.1 visually shows these steps in a concise and easy-to- understandmanner.
Identification of research problem The literature review Models and hypotheses
Data analysis: Cronbach's Alpha, EFA, Regression analysis
Data collection Outline research proposal
Hypothesesandproposed model
From the theoretical review and theoretical framework above, thehypothesesofthisresearchandmodelaredesignedasbelow:
H1: Financial literacy has a positive impact on financial behaviorsH2:Financialattitude hasapositiveimpactonfinancialbehaviors
Sampleand samplesize
Subjects of the study are students of Ho Chi Minh University of Bankingand other students of International University, University of Science and Ho
ChiMinhCityUniversityofTechnologyandEducation.Thesamplewasselectedaccording to the convenience sampling method in order to collect as many surveyresultsaspossible.
The main data analysis method used for this study is exploratory factoranalysis (EFA) and multivariate linear regression analysis The sample size must belarge enough to obtain a reliable estimate for this research method Bollen (1989)shows that the sample size is determined with a minimum of 5 samples for anestimator Based on the study of Hair et al (1998) as a reference for the expectedsample size Accordingly, the minimum sample size is 5 times the total number ofobserved variables The minimum sample size for multivariate linear regressionanalysis to be achieved is calculated by the formula 50 + 8*m (m: number ofindependent variables)(TabachnickandFidell,1996).
The thesis survey consists of 49 questions Theoretically a minimum of245observationsisrequired.Thenumber ofsamples for thethesis was collected enough
Test the survey Qualified Conduct the survey
Data collection toc o n d u c t a n a n a l y s i s , o f w h i c h H o C h i M i n h U n i v e r s i t y o f B a n k i n g h a d 2 5 9 samplesandotheruniversitiesinHoChiMinh Cityhad251samples.
Survey design
After a period of developing the questionnaire, the process of brainstormingandcompletingthequestionnaireisdescribedinFigure3.3:
Part 1: Includes 16 questions to assess students' financial attitudesPart2:Includes11questionstoassess students'financialbehavior
The topic uses a 5-level Likert scale to assess the level of agreement witheach observed variable as follows: 1= Strongly disagree, 2= Disagree, 3= So so, 4=Agree,5=Stronglyagree.
Researchvariablesandscaledesign
Figure3.4: Summary ofresearchvariables Variable Abbreviation Type Description Range
Candidatesself- assesstheirlevelofagr eement witheach of the listedfinancialattitu des
Candidatesself- assess howsatisfied they arewiththefinancial knowledgetheyhave and thefinancialknow ledgetheyhave learned atuniversity
Financial FB Dependent Candidates self- assesshow often
1=Never2=Rarely behavior variable theybehaveasonthe list
FA2 FA3 FA4 FA5 FA6 FA7 FA8 FA9 FA10 FA11 FA12 FA13 FA14 FA15 FA16
FL3 FL4 FL5 FL6 FL7 FL8 FL9 FL10 FL11
FB2 FB3 FB4 FB5 FB6 FB7 FB8 FB9 FB10 FB11
Dataanalysis
Buildandverifythequalityofthescale
After collecting all the surveys, the author proceeds to extract the data intoExcel Next, the author imported the prepared excel sheet to SPSS 26.0 and randescriptivestatisticsforvariablesrelatedtothesurveyparticipants'information.
Cronbach's alpha is widely used to evaluate the internal consistency of aquestionnaire(orsurvey)thathasmanyLikert-typescalesanditems.Somecomponent tables when running Cronbach's Alpha need to pay attention as follows.The first to look at is the Reliability Statistics table This table gives the researcherabout the Cronbach's Alpha coefficient According to Field (2013) the reliabilityscoresaredefined:
Next is the Item Statistics table This table displays the means and standarddeviations for each of the survey items If all of the things are based on the sameconcept,these ratings should be quite close.
Below that is the Item- Total Statistics This table can greatly assist you indeterminingwhetheranythingsshouldberemoved:
The Corrected Item - Total Correlation column, shows how much each itemcorresponds with the entire questionnaire score Correlations smaller than r =.30suggestthattheitem maynotbeappropriateforthescale.
Second, and most significantly, Cronbach's Alpha if Item Deleted. Thiscolumn displays the Cronbach's alpha score that would be obtained if each item onthe questionnaire were eliminated Ifw e d e l e t e a n i t e m a n d t h i s s c o r e d r o p s , w e want to maintain it However, if this score increases after the object is gone, we maywishtoeliminateit.
ExploratoryFactorAnalysis
Exploratoryfactoranalysis(EFA)iscommonlyusedtodeterminethefactorial structure of a measure and to examine its internal reliability EFA is oftenrecommended when researchers do not have assumptions about the nature of thestructure of the basic factors of the measure There are three main decision points inexploratory factor analysis (1) determination of the number of factors, (2) selectionofanextractionmethod, (3)selectionofarotationmethod.
(1) Previousstudieshaveshownthatthecharacteristicsofthedatadetermine the adequacy of the sample size (Fabrigar et al., 1999; MacCallum et al.,1999).Commonly, the stronger the data, the smaller the sample can be for anaccurateanalysis."Strongdata"infactorialanalysismeansuniformlyhighcommonalit ies without cross-loading, as well as several variables that load heavilyoneachfactor(CostelloandOsborne, 2005).
(2) There are several ways to extract factors but the principal componentsanalysisandprincipalaxisfactoringareusedmostcommonlyins t u d i e s ( Tabachnick andFidell,2001;Thompson,2004;Hensonand Roberts,2006).
(3) Rotation is a method of maximizing high loads and minimizing lowloads to get the simplest structure There are two main types of rotation: orthogonaland oblique Orthogonal rotation includes varimax, quartamax, equamax Obliquerotationincludes oblimin,promax,directquartimin.
(1) The adequacy of sampling can be assessed using the Kaiser-Meyer- Olkin(KMO)test(Kaiser,1970).Itrangesfrom0to1(Hairetal.,1995;Tabachnick and Fidel, 2001) and 0.50 is considered acceptable for EFA On theotherhand(Netemeyer,BeardenandSharma,2003),thecorrelationsofKMOov er
0.60 - 0.70 were considered sufficient for the analysis of the EFA product. Overall,KMOmustbehigherthan0.5torecognizethefactoranalysisasappropriate.
(2) Bartlett's sphericity test (Bartlett, 1950) gives a chi-square result thatshould be noted This indicates that thematrix isnot a correlationmatrix andtherefore must be significant (p 0.05,theregression modelisnotsuitable.
For the Model Summary table, the R square, adjusted R square and theDurbin-Watson indexes should be noted Adjusted R 2 or R 2 both fluctuate in therange from 0 to 1 The closer R2 goes to 1, the more the independent variablesexplain the dependent variable, and vice versa, the closer R2 goes to 0, the less theindependentvariablesexplainthedependentvariable.Inaddition,theDurbin-Watson value is between 1.5 and 2.5 so as not to violate the assumption of first- orderseriesautocorrelation(YahuaQiao,2011).
For the Coefficients table, test the Sig index in this table to see if theindependent variable has an impact on the dependent variable If the Sig index
0.05, the independent variable has no effect on the dependent variable.Moreover, the variance inflation factor (VIF) is an indicator of collinearity in aregressionmodel.ThesmallertheVIF,thelesslikelythereistob e multicollinearity.
Chapter 3 clearly presents the methods the author uses from data collectionto data processing in the thesis The next chapter will present the research resultsthattheauthorobtainedwhenapplyingthesemethods.
Inchapter4,thethesiswillpresenttheobtainedresultsincludingthecharacteristic s of survey variables related to survey participants, results of scaletesting,resultsofexploratoryfactoranalysis,Pearsoncorrelationresultsandmultiva riateregressionresults.Theresearchthesisisbasedontwos u b j e c t s , students of HoChi Minh University of Banking and other students in Ho ChiMinhCity,sobothresultswillbepresentedparallel.
ResultsobtainedatHoChiMinhUniversity ofBanking
Characterisctics ofsample
Table4.1showsthecharacteristicsofthesampleofHoChiM i n h University of Banking A total of 257 people participated in the survey. Femalesaccountedforthemajorityinthissurvey75.5%(194people)andmenonlyaccount ed for 24.5% (63 people) In terms of age, most students are 21 years old(38.9%),f o l l o w e d b y 2 0 y e a r s o l d ( 3 0 % ) a n d 1 9 y e a r s o l d ( 2 9 6 % ) P a r t i c u l a r l y , only 3 people are 18 years old (1.2%) and only 1 person is 23 years old(0.4%).Corresponding to the age is the school year of the students The final year studentsparticipated the most with 89 students, followed by the 2nd year students with 88students, the third year students with 79 students, and finally there was only1freshman The highest division is the major of the students The number of studentsmajoring in Finance and Banking participated in the survey was up to 215 people(83.7%),theremainingtwomajors,Accounting-AuditingandBusinessAdministration,only accounted for 7% to 8% To the question of whether you haveever attended a finance class outside of the university, the majority answered no(80.9%).
Verifythequalityofthescale
First,theCronbach'sAlphareliabilityassessmentresults:Cronbach'scoefficient α = 0.734 with 16 items.However,there are 4 items do not meet therequirement which are FA3, FA13, FA14 and FA16 because all 4 Corrected Item-TotalCorrelations are below 0.3 Also, Cronbach’s Alpha coefficient if these 4 aredeletedishigherthanbeforesotheyareallremoved.Aftertheremoval,Cronbach's coefficient α = 0.877 with 12 items and no variable is less than 0.3 Thus, the"Financial attitude" scale has high reliability, meeting the requirements for inclusioninexploratoryfactoranalysis.
Second,theCronbach'sAlphareliability assessmentresults:Cronbach'scoefficient α = 0.758 with 22 items.However,there are
6 items do not meet therequirement which are FL2, FL3, FL9, FL19, FL20, FL22 because all 6 CorrectedItem-Total Correlations are below 0.3 Also, Cronbach’s
Third,theCronbach'sAlphareliabilityassessmentresults:Cronbach'scoefficien t α = 0.931 with 11 items and the corrected item-total correlations are allgreater than 0.3 Thus, the "Financial behavior" scale has high reliability,meetingtherequirementsforinclusioninexploratoryfactoranalysis.
ExploratoryFactorAnalysis
There are 39 items (FA1, FA2, FA4, FA5, FA6, FA7, FA8, FA9, FA10,FA11, FA12, FA15, FL1, FL4, FL5, FL6, FL7, FL8, FL10, FL11, FL12, FL13,FL14,FL15,FL16,FL17,FL18,FL21,FB1,FB2,FB3,FB4,FB5,FB6,FB7,FB8, FB9, FB10, FB11) meet the requirement after running Cronbach’s Alpha to includeintheexploratoryfactoranalysis.
> 0.5, which proves that the data used for factor analysis is completely appropriate.Barlett's test result is 2926.688 with Sig significance level = 0.000 50% meets the requirements This means that these 5 factorsexplain 56.320% of the variation of the data The Eigenvalues of the factors are allhigh (>1), the 5th factor has the lowest Eigenvalues of 1.246 > 1 However, in theRotated Component Matrix table, there are some variables that upload at the sametwo or three times, so these variables need to be removed (namely variables FA5,FA10, FA11, FA15,FL4,FL11, FL12,FL14,FL15, FL16,FL17,FL21)andrunthe
The result in the second, third run continues to have a load variable on twofactors close to each other and must be removed The result in the fourth run thefactor loading coefficients of some are not greater than 0.5 because of that continuetorunEFAforthefifth.
> 0.5, which proves that the data used for factor analysis is completely appropriate.Barlett's test result is 751.520 with Sig significance level = 0.000 0 5 m e e t s t h e r e q u i r e m e n t s T h i s m e a n s t h a t t h e s e t w o factors explain 51.119% of the variation of the data The Eigenvalues of the factorsare all high (>1), the factor with the lowest Eigenvalues is 2.367 > 1 The factorloading coefficients are all greater than 0.5, and there is no case of any variablebeing uploaded at the same time Both factors with the load factor are close to eachother.
So the factors ensure convergence and discriminant values when analyzingEFA.Inaddition,there isnomixing off act or s, whichm e a n s t ha tth equestionof one factor is not confused with the question of the other factor Therefore, afterfactora n a l y s i s , t h e s e i n d e p e n d e n t f a c t o r s a r e k e p t u n c h a n g e d , n o t i n c r e a s e d o r decreasedbyfactors.
The factor analysis results show that the KMO index is 0.942 > 0.5, whichproves that the data used for factor analysis is completely appropriate. Barlett's testresultis1708.571withSigsignificancelevel.=0.000 50% meets the requirements This means that the only factor explains59.392% of the variation of the data TheEigenvalues of the factors are all high(>1) That scale ensures unidirectionality, the observed variables of the dependentvariable converge quite well because the rotation matrix table informs that Only onefactorisextracted.
Correlation analysis
TheresultsofPearsoncorrelationanalysisshowthattheindependentvariable is correlated with the dependent variable and will therefore be included inthe modeltoexplainthedependentvariable.
Multivariatelinearregressionanalysis
Rsquaredisapproximately 0becausetheindependentvariablesinthemodel have almost no linear relationship and do not affect the dependent variable.TheresultsofthistablealsogiveDurbin– Watsonvaluestoevaluatethephenomenonoffirst- orderseriesautocorrelation.ThevalueDurbin-Watson= 1.859, is in the range of 1.5 to 2.5, so the results do not violate the first order seriesautocorrelation assumption In the ANOVA table, the sig coefficient > 0.05 provesthat the regression model is not really good In the Coefficients table, both FA andFL have coefficients sig > 0.05, showing that both variables have no impact on thedependent variable, which is FB. VIF = 1.001 means that this model does not havemulticollinearity.
Model Sumof squares df Mean squares F Sig.
Model B Std.Error Beta t Sig Tolera nce VIF
ResultsobtainedatotheruniversitiesinHoChiMinhCity
Characteristicsofsample
Table4.11showsthecharacteristicsofthesampleofInternationalUniversity, University of Science and Ho Chi Minh City University of Technologyand Education A total of 251 people participated in the survey Men accounted forthe majority in this survey 64.9% (163 people) and women only accounted for35.1%(88people).Intermsofage,moststudentsare20yearsold( 4 8 2 % ) , followe d by 21 years old (46.6%) and 19 years old (3.2%) Particularly, only 5people are
24 years old (24%) Corresponding to the age is the school year of thestudents The third year students participated the most with 136 students, followedby the finaly e a r s t u d e n t s w i t h 1 0 9 s t u d e n t s , t h e s e c o n d s t u d e n t s w i t h 6 s t u d e n t s , and finally there was no freshman The highest division is the major of the students.The number of students majoring in Information technology participatedin thesurvey was up to 72 people (28.7%), the remaining majors, Applied
%)ranked third To the question of whether you have ever attended a finance classoutsideoftheuniversity,themajorityansweredyes (72.9%).
Verifythequalityofthescale
First,theCronbach'sAlphareliabilityassessmentresults:Cronbach'scoefficient α = 0.762 with 16 items.However,there are 4 items do not meet therequirement which are FA3, FA3, FA9 and FA10 because all 4 Corrected Item-TotalCorrelations are below 0.3 Also, Cronbach’s Alpha coefficient if these 4 aredeleted is higher than before so they are all removed After the removal,Cronbach'scoefficient α = 0.871 with 12 items and no variable is less than 0.3.Thus, the"Financial attitude" scale has high reliability, meeting the requirements for inclusioninexploratoryfactoranalysis.
Second,theCronbach'sAlphareliability assessmentresults:Cronbach'scoefficient α = 0.781 with 22 items.However,there are
6 items do not meet therequirement which are FL2, FL3, FL9, FL19, FL20, FL22 because all 6 CorrectedItem-Total Correlations are below 0.3 Also, Cronbach’s
Cronbach's coefficient α = 0.904 with 16 items and no variable is less than 0.3.Thus,t h e " F i n a n c i a l l i t e r a c y " s c a l e h a s h i g h r e l i a b i l i t y , m e e t i n g t h e r e q u i r e m e n t s forinclusioninexploratoryfactoranalysis.
Table4.13:Scale reliabilitytestingoffinancial literacy ofotheruniversities
Third,theCronbach'sAlphareliabilityassessmentresults:Cronbach'scoefficien t α = 0.684 with 11 items.However,there are 6 items do not meet therequirementw h i c h a r e F B 3 , F B 4 , F B 6 , F B 7 , F B 8 , F B 1 1 b e c a u s e a l l 6 C o r r e c t e d
Item-Total Correlations are below 0.3 Also, Cronbach’s Alpha coefficient if these 6aredeletedishigherthanbeforesotheyareallremoved.Aftertheremoval,Cronbach's coefficient α = 0.707 with 5 items and no variable is less than 0.3 Thus,the
"Financial behavior" scale has high reliability, meeting the requirements forinclusioninexploratoryfactoranalysis.
ExploratoryFactorAnalysis
There are 33 items (FA1, FA4, FA5, FA6, FA7, FA8, FA11, FA12, FA13,FA14, FA15, FA16, FL1, FL4, FL5, FL6, FL7, FL8, FL10, FL11, FL12, FL13,FL14,F L 1 5 , F L 1 6 , F L 1 7 , F L 1 8 , F L 2 1 , F B 1 , F B 2 , F B 5 , F B 9 ,
F B 1 0 ) m e e t t h e requirement after running Cronbach’s Alpha to include in the exploratory factoranalysis.
> 0.5, which proves that the data used for factor analysis is completely appropriate.Barlett's test result is 2845.329 with Sig significance level = 0.000 50% meets the requirements This means that these 6 factorsexplain 59.206% of the variation of the data The Eigenvalues of the factors are allhigh (>1), the 6th factor has the lowest Eigenvalues of 1.005> 1 However, in theRotated Component Matrix table, there are some variables that upload at the sametwo or three times, so these variables need to be removed (namely variables
FL10) and run the EFA a second time The results will be presented in detail in theappendix.
The result in the second, third run continues to have a load variable on twofactorsclosetoeachotherandmustberemoved.
After four times, the factor analysis results show that the KMO index is0.837 > 0.5, which proves that the data used for factor analysisis completelyappropriate.B a r l e t t ' s t e s t r e s u l t i s 7 2 9 4 9 7 w i t h S i g s i g n i f i c a n c e l e v e l = 0 0 0 0 50% meets the requirements. This means that thesetwo factors explain 51.338% of the variation of the data The Eigenvalues of thefactors are all high (>1), the factor with the lowest Eigenvalues is 1.901> 1 Thefactor loading coefficients are all greater than 0.5, and there is no case of anyvariable being uploaded at the same time Both factors with the load factor are closeto each other So the factors ensure convergence and discriminant values whenanalyzing EFA In addition, there is no mixing of factors, which means that thequestiono f o n e f a c t o r i s n o t c o n f u s e d w i t h t h e q u e s t i o n o f t h e o t h e r f a c t o r
Therefore,afterfactoranalysis,theseindependent factorsarekeptunchange d,notincreasedordecreasedbyfactors.
Table 4.15: Exploratory factor analysis for independent variables of otheruniversities
The factor analysis results show that the KMO index is 0.727 > 0.5, whichproves that the data used for factor analysis is completely appropriate. Barlett's testresult is 152.082 with Sig significance level = 0.000 < 0.05 means that the variablesare correlated with each other and satisfy the conditions of factor analysis In theTotal Variance Explained panel, perform factor analysis by Principal componentswithVarimaxrotation.Theresultsshowedthatthe4observedvariableswerei nitially grouped into 1 group The total value of variance extracted = 51.566% >50% meets the requirements This means that the only factor explains 51.566% ofthe variation of the data The Eigenvalues of the factors are all high (>1) That scaleensures unidirectionality, the observed variables of the dependent variable convergequitewellbecausetherotationmatrixtableinformsthatOnlyonefactori s extracte d.
Table 4.16: Exploratory factor analysis for dependent variables of otheruniversities
Correlation analysis
TheresultsofPearsoncorrelationanalysisshowthattheindependentvariable is correlated with the dependent variable and will therefore be included inthe modeltoexplainthedependentvariable.
Multivariatelinearregressionanalysis
Rsquaredisapproximately 0becausetheindependentvariablesinthemodel have almost no linear relationship and do not affect the dependent variable.TheresultsofthistablealsogiveDurbin– Watsonvaluestoevaluatethephenomenonoffirst- orderseriesautocorrelation.ThevalueDurbin-Watson= 1.830, is in the range of 1.5 to2.5, so the results do not violate the first order seriesautocorrelation assumption In the ANOVA table, the sig coefficient > 0.05 provesthat the regression model is not really good In the Coeeficients table, both FA andFL have coefficients sig > 0.05,showing that both variables have no impact on thedependent variable, which is FB.VIF = 1.007 means that this model does not havemulticollinearity.
Std.Error of theEsti mate
Model Sumof squares df Mean squares F Sig.
Collinearity Statisitics Mod el B Std.Error Beta t Sig Tolera nce VIF
Discussion
AsfortheresultsoftheHoChiMinhUniversityofBanking,althoughthe majorityofstudentsparticipatinginthesurveyareinthestandardeconomicsector, the financial behavior of these students is not closely related to financial literacy orfinancialattitude.
The same thing happened to students of International University, UniversityofScience andHoChiMinhCityUniversityofTechnologyandEducation.
Hypothesis H1 and H2 are both rejected There is no link between financialliteracy and financial attitude on financial behaviors of students in Ho Chi MinhCity.
Ho Chi Minh University ofBanking
The majority of studentsparticipatinginthesur veyarefemale, aged 21 and in theirfinal year.
Financeandbankingmajoristhe major with the largestnumberofstudents.partici patinginthe survey.
Most students do not takefinance classes outside ofuniversity.
The majority of studentsparticipating in the survey aremale,aged20andintheirthird year.
Informationtechnologymajoris the major with the largestnumberofstudentsparticip atinginthe survey.
Most students take financeclassesoutsideofunive rsity.
Financial literacy (FL):Cronbach's coefficient α
Financial behavior (FB):Cronbach's coefficient α
=0.931with11itemsandtheco rrected item-totalcorrelations are all greaterthan0.3. variableislessthan0.3.
Financial literacy (FL):Cronbach's coefficient α
Financial behavior (FB):Cronbach'scoefficien tα=0.707 with 5 items and novariableislessthan0.3.
The total value of varianceextracted = 51.119% >
The total value of varianceextractedQ.338%
The Eigenvalues of the factorsare all high (>1), the factorwith the lowest Eigenvalues is1.901>1
The factor loadingcoefficients are all greaterthan0.5
Barlett's test result is1708.571withSiglevel.=0 0001)
The total value of varianceextractedQ.566%
The Eigenvalues of the factorishigh(>1)
Theindependentvariableiscorrelatedwiththedependentvariable and will therefore be included in the model to explainthedependentvariable.
=1.859, is in the range of 1.5 to2.5 sigcoefficient>0.05
VIF=1.001meansthatthismod el does not havemulticollinearity
=1.830, is in the range of 1.5 to2.5 sigcoefficient>0.05 VIF=1.007meansthatthismod el does not havemulticollinearity
At the end of chapter 4, the thesis found that there is no impact fromfinancialknowledgetofinancialbehaviorandfinancialattitudetofinancialbehavior ThisalsomeansthatthefinancialbehaviorofstudentsatBankingUniversity of Ho Chi Minh City and students of other universities in Ho Chi MinhCity are not affected by financial knowledge or financial attitude The data all showthat the students have the same trend when answering questions related to thesethreefactors.Thenextchapterwillsummarizewhatthestudyhasdonea n d interpret the results, as well as offer some advice to improve financial literacy,financialattitudesandfinancialbehavior.
Chapter5concludesthewholethesisandmakessomesuggestionstoimprovethei ndicatorsoffinancialliteracy,financialattitudeandf i n a n c i a l behaviors of students in practice In addition, chapter 5 will also suggest directionsforfutureresearch.
Conclusions
The topic "Influence of financial literacy and financial attitude on financialbehaviorsofstudentsinHoChiMinhCity"isoneoftheexperimentalandinnovati ve topics which investigate the impact on financial behavior of students inHoChiMinhCity.
TherehavebeensomestudiesdoneinVietnamonthistopicbefore.However, the target audience of these studies are mostly rural or urban adults It isbecause of the gap in research subjects that prompted me to choose this topic toresearch for my thesis Through reference to domestic and foreign studies related tothis topic, I have come up with ideas for the entire thesis and distributed a survey tocollectdata.
The research model of this thesis includes 3 variables The two independentvariablesare:
The results show that the financial behavior of students at Ho ChiMinhUniversityofBankingandstudentsinHoChiMinhCityarenotrelatedtounderstandi ng.knowthefinancialorfinancialattitudeofthestudents.
Recommendations
Financialliteracy
Mostofthestudentswhoparticipatedinthesurveygaveapositiveassessment of the financial knowledge learned at school However, the impact ofthatknowledgehasnotreallyaffectedyouractualfinancialbehaviorandattitu des.
Some chose to participate in the survey based on personal experience, the rest arestillvagueabouttheconceptsgiveninthesurveyeventhoughthisisaself-assessment survey.
Another opposite trend that the thesis discovered is that most of the studentsof Ho Chi Minh University of Banking do not attend external courses in finance,while the tendency to participate in outside finance classes are very high for otheruniversity students. There is no specific explanation for this behavior, but throughcontact with a few survey participants, the students of Ho Chi Minh University ofBankingallsaidthattheknowledgeatschoolwasstandardandtheoreticallysufficient. for them to absorb and they also don't need to look for outside places tocultivatemore.
Becausethesurveydidnotdelveintohowstudentslearnfinancialknowledge,butt hroughcontactwithsomeofthesurveyparticipants,theya l l wantedtohavemoreexposurea ndpracticalpractice.
Suggestions for improvement that the thesis wants to make up to this stageforthetwosidesareasfollows:
Firstly,theuniversitycandiversifylearningformsbetweentheoryandpractice to attract and stimulate learning and exploration for students In recentyears, Ho Chi Minh University of Banking has continuously organized seminarswith businesses, visited businesses or popularized knowledge seminars, which havebeen really effective and spread to students In the future, the school may considercreating more academic playgrounds or dialogues between businesses and studentstobetterunderstandthe financialindustryisalsoagood directioninthefuture.
Secondly, on the part of students in general, students should be more activeinl e a r n i n g f i n a n c i a l k n o w l e d g e K n o w l e d g e n o t o n l y s t o p s a t u n i v e r s i t y b u t a l s o has to be knowledge outside the society or on reputable media sites Access tofinancialliteracyiseasiertodaythan everbefore,inalldifferent mediaandgenres.
Financialattitude
Financial attitudes are a broad field of study that researchers are constantlyrefining Especially the financial attitude of students There are many studies thathavefoundalinkbetweenfinancialattitudesandfinancialliteracy,f i n a n c i a l liter acy or family background However,thepurpose oft h i s t h e s i s i s o n l y t o f i n d therelationshipbetweenfinancialattitudes andfinancialbehavior.
The useful suggestion that this thesis sets out for students is that the richertheknowledgeandexperienceoffinancearound,themoremultidimensionalattitud es about finance At this time, the financial attitude of the students is reallybasedonacleartheoreticalbasis,notapersonalfeeling.
Financial behavior
Aschapter2mentionedaboutthetheoreticalbasisoftherelationshipbetween financial knowledge and financial behavior, financial attitude and financialbehavior or even financial knowledge, financial attitude affects financial behavior.Behaviors related to finance are always influenced by surrounding factors and it isnotpossibleforapersontoformalltherightfinancialbehaviorsatthesametime.
Through the survey and the results obtained, the author understands andfeels that current students still act and decide based on personal experience. Thestudentsstilldonothaveasufficientfoundationoffinancialknowledgeandfinancialat titudetobaseadecisionoractionon.
First,educationandpremisetheoryfromuniversitiesarestillvaluablesourcesofkno wledge.Studentscanrefertomany sourcesofdocumentsfromdifferent sources, but financial knowledge from universities is still standard andaccurateknowledge.
Second, students can build a habit of making scientific financial decisionsfromdailydecisions.Topracticethehabitofusingtherightspending.
Limitations andfutureresearchdirections
Firstly, the study sample isnot large enoughto cover The samples i z e a t theHoChiMinhUniversityofBankingwas257peopleandfortheotheruniversities 251people.
Second, the adjusted R coefficient is still low, so the independent variablesdo not fully explain the dependent variable In addition, the model is also evaluatedasnotgood for evaluation.
From the shortcomings of today's thesis, the author hopes that in the futuretherewillbemoreresearchonthistopictobetterexplainwhythereisnorelationshipb etweenthesethreefactors.Atthesametime,alwaysanswerthequestion of the source of your student's financial behavior, if not based on financialknowledgeandfinancialattitude, wheredoesthestudent'sbehaviororiginate.
Chapter 5 is a chapter that summarizes what the thesis has found throughoutthe research and at the same time opens up directions for further research Furtherstudies of this topic can use this thesis as a premise to further expand the problemandfindtheanswerthatthisthesishasnotfound.
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Ibelievethat… 1.Stronglydi sagree 2.Disagree 3.Soso 4.Agree 5.Stronglya gree
2 It is important tospendtimethinking about/ planning forpersonalfinances
5 Having a creditcard is a basis for apersontofeel financiallysecure
6 Aquiring a creditcard is necessary toestablishagoodcredit history
7.Usinganyorall ofthe following: cash,check,ordebitcard
9.Takingoutaloanis the way I would buymynextmobilepho ne
10 I will always carrysomesortoffinanci al debtduringmy lifetime
14 Personal savingswill be a primarysourceofmyinc ome afterretirement
To what extent doyou… 1.Never 2.Rarely 3.
2 Retain relevantfinancial records(creditcardco ntractsandstatements,b ank depositslips,etc)?
3.Paybills(water,ele ctricity,etc)on time?
4 Pay less than thefullbalanceofyour monthlycreditcardbil l(s)?
5.Balanceyour checkbook monthly(reconcilech eckbookregistertobank statements)?
7 Buy things youneedevenwheny oucan’t reallyafford them?
8 Buy things(clothes, makeup,etc)toyour selffeel better?
10 Try to time yourpurchasestocoinc idewithsales?
Disagee 3.Soso 4.Agree 5.Stronglya gree
4 What is your major?(pleasefill in)
Result of the reliability assessment of Financial behaviorThe1 st run:
2 StudentsatotheruniversitiesinHo Chi MinhCity 2.1 Independent variablesThe1strun: