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[.]
INTRODUCTION
Rationale of the study
In daily life, people need to make financial decisions such as borrowing, investing, saving and retirement In addition to a certain understanding of the market, each individual needs to have an understanding of other aspects of finance, also known as financial literacy INFE (2011) defines financial literacy as “ a combination of awareness, knowledge, skill, attitude and behaviour necessary to make sound financial decisions and ultimately achieve individual financial wellbeing.”
The benefits of financial literacy are manifold Individuals with good financial literacy and schooling have better pension contributions and retirement planning (Behrman et al., 2012; Lusardi and Mitchell, 2014) Moreover, the greater financial literacy the better the risks people can reduce People with lower numerical ability default their mortgage as their behavior do not related to their choice (Gerardi, Goette, and Meier, 2013) Financial literate people place higher standard when choosing funds to diversify their savings (Hastings and Mitchell, 2011; Hastings, Mitchell, and Chyn, 2011; Hastings and Tejeda-Ashton, 2008)
With the benefits that financial literacy brings to life today is undeniable, but for a developing country like Vietnam, the number of people with financial literacy is still low The average financial knowledge score of Vietnamese people is around 4.4, 0.4 percentage higher than 2019 but this score mainly come from people who 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 financial literacy than any other employment (Morgan and Trinh, 2019) As the matter of fact, Vietnamese students show low level of financial literacy, even at the basic level (Nguyen, 2015)
There are few studies that show concern in financial knowledge of Vietnamese students or students in Ho Chi Minh City Therefore, this issue has not been paid enough attention
The current state of financial literacy and financial education in Vietnam, the importance of a financially literate population, and the positive impact of financial education on financial literacy all point to an urgent need to promote financial education in order to improve Vietnamese financial literacy Simultaneously, students should receive special attention in terms of financial education because they represent the country's future generation
According to a preliminary examination of the literature, previous research have mostly focused on understanding and modeling a certain sort of measure financial literacy of Vietnamese students and adults There has been little progress in comprehensively identifying distinct limitations based on their features So far, (Nguyen, 2015) evaluates the level of financial literacy of adults in 2 big cities Hanoi and Ho Chi Minh city Morgan and Trinh (2020) find the link between financial literacy and the adoption of fintech products Financial literacy, financial major, financial attitude and advanced financial behaviour had effect on personal savings behaviour in Vietnam (Nguyen and Doan, 2020)
In summary, there is a need to understand and measure 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 in Ho Chi Minh City.
Research objectives and questions
On the basis of actual situation research, the aim of the thesis is to find the relationship between financial literacy, financial attitude and financial behaviors
To achieve the general objective, the thesis identifies two specific goals to be achieved:
First, examine the 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.
Research questions
To achieve the specific objectives, the thesis will answer the following research questions:
(1) Does financial literacy affect the financial behaviors of students at universities in Ho Chi Minh City?
(2) Does financial attitude affect the financial behaviors of students at universities in Ho Chi Minh City?
Research subject and scope
According to the content presented in section 1.2, previous studies in Vietnam have not analyzed the impact of financial literacy and financial attitude on financial behaviors of students in Ho Chi Minh City Therefore, this thesis is based on students in Ho Chi Minh City Primary data was collected through a survey from September 2021 to December 2021.
Research methodology
The thesis was carried out based on two research methods including quantitative research method and synthetic and statistical method, specifically as follows:
Quantitative research: Used to assess the factors influencing the financial behaviors of students in Ho Chi Minh City The quantitative research sample was collected using a suitable sampling approach, with a sample size of 508 participants projected Data was gathered through survey using a pre-designed questionnaire that was emailed to students for them to complete and obtain findings instantly The collected data were analyzed using SPSS 26.0 software, which included a Cronbach's Alpha test to determine the reliability of the scales EFA with Bartlett test and KMO is an exploratory factor analysis F-test and Sig significant level are used in regression analysis to determine the effect on financial behaviors of students in Ho Chi Minh City
Synthetic and statistical method: After using SPSS to run the results and analyze, the synthetic and statistical method helps the author to have a better overview of the data to give some suitable solutions.
Structure of the thesis
The thesis is divided into 05 chapters, which are as follows:
This chapter provides an overview of the topic, including: reasons for selecting the topic, research problem, research objectives, research questions, subject and scope of the research, research methodology and the structure of the thesis
In this chapter, the thesis presents previous studies on the concept of financial literacy, financial attitude and financial behavior In addition, this chapter also presents the results of previous studies on the relationship between financial literacy and financial behavior, financial attitude and financial behavior and the impact of financial literacy, financial attitude on financial behaviors
From the theoretical framework in Chapter 2, this chapter presents the hypotheses, research models and data collection methods for the research process
Chapter 4: Research results and discussion
This chapter focuses on interpreting and analyzing the results obtained after running SPSS
This chapter summarizes the results obtained through the research paper and proposes some recommendations to improve the indicators of financial literacy, financial attitude and financial behaviors for students in Ho Chi Minh City
Chapter 1 gives a brief overview of the topic The next chapter will examine more closely the concepts and relationships between financial literacy, financial attitude and financial behaviors from previous studies.
LITERATURE REVIEW
Guiding conceptual framework
The thesis’s conceptual model is underpinned by two core theories: Theory of planned behavior and the family resources management model The theory of planned behavior (TPB) (Azjen, 1985) and (Azjen, 1991) is an expansion of the theory of reasoned action (TRA) (Azjen and Fishbein, 1980), which was required since the older model could not account for actions over which people have only partial volitional control According to TPB, perception of behavioral control over engaging in the action is a factor influencing intention, along with attitude toward the target conduct and subjective norms about engaging in the behavior The performance of a particular behavior is determined by the intention to perform that behavior Intention itself is determined by attitudes toward the behavior, subjective norms for engaging in the behavior, and perceptions of an individual's ability to successfully engage in the desired behavior According to Azjen (1985), an attitude toward a particular behavior is a positive or negative evaluation of the performance of that behavior Attitudes are defined as beliefs, norms are defined as normative beliefs and reasons for compliance, and perceived behavioral control is defined as the belief that one possesses the skills and resources necessary to engage in the behavior (Azjen, 1991) The TPB also includes a direct relationship between perceived behavioral control and behavioral performance Given two people with the same self-motivation, those who are confident in their abilities are more likely to succeed than those who are skeptical (Azjen, 1991)
Figure 2.1: Theory of planned behavior
The TPB provides a robust theoretical framework for testing such premises, as well as a framework for testing whether attitudes are in fact related to intention to engage in specific behaviors that should be related to actual behaviors
Deacon and Firebaugh (1988) family resource management model proposes that the decision-making process involves a coherent chain that begins with input and continued by throughput, output and a feedback loop back to the inputs Parrotta and Johnson (1998) adapted this model to define financial knowledge as an input and financial status and financial management behavior as two productivity subsystems
Figure 2.2: Adaptation of the Deacon- Firebaugh Model
The study uses a combination of these two background theories and especially the research model of Parrotta and Johnson (1998) to study the impact of financial literacy and financial attitude on financial behavior of students in Ho Chi Minh City.
Financial behavior
Individuals' well-being, as well as the well-being of their households, societies, nations, and the globe at large, can be impacted by financial behavior In recent years, more studies have focused on financial behavior Financial behavior is described 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 is related to money management can be classified as financial behavior Individuals who engage in responsible financial behavior are better at managing their resources, such as making a budget, initiating investments, and completing their financial obligations on time (Robb and Woodyard, 2011) Financial behavior refers to human actions that are important for managing finances and making sound financial decisions, such as creating and controlling an effective budget plan, paying bills promptly, and regularly setting aside money (Bhushan and Medury, 2014; Kalekye and Memba, 2015).
Financial literacy
Financial literacy is a key understanding that everyone needs to have in order to make financial decisions in today's society It is necessary to review the definitions provided in the previous studies According to Vitt et al (2000)
“Personal financial literacy is the ability to read, analyze, manage, and communicate about the personal financial conditions that affect material well- being.” The Literacy Definition Committee has developed the standard definition 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 and Kolstad, 2001) Servon and Kaestner (2008) indicates the capacity to understand and apply financial principles is referred to as financial literacy
Moreover, Jump$tart Coalition (2007) defines financial literacy as “the ability to use knowledge and skills to manage one’s financial resources effectively for a lifetime of financial security.” Financial literacy is the capacity to apply information and competencies to control economic assets successfully for a life- time of economic well-being (Literacy, Financial, and Education Commission,
2006) Remund (2010, p293) conceptualize financial literacy as “ a measure of the degree to which one understands key financial concepts and possesses the ability and confidence to manage personal finances through appropriate short-term decision-making and sound, long-range financial planning, while mindful of life events and 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 financial knowledge among college students, students with a low level of knowledge tended to have wrong opinions and make incorrect decisions Askew et al (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 financial literacy and their degree of anxiety about post-college life Additionally, spending habits and academic year have a substantial positive link with financial literacy, but age and gender have a negative relationship with financial literacy (Shaari, 2013) Risk-taking and patient attitudes are linked to increased financial awareness among university students These characteristics are linked to residents' better life outcomes (Mudzingiri, 2021).
Financial attitude
Ajzen (1991) found that financial attitudes are the result of the actions of certain decision makers and that attitudes can vary depending on economic and non- economic beliefs Financial attitude can be seen as psychological trends that can be observed in the assessment of financial management practices that are, to some extent, in agreement or disagreement (Parrotta and Johnson, 1998) A financial attittude is the attitude that is a response to an individual's financial behavior in the form of a statement of "like" or "dislike" or "useful" or "not-useful." (Potrich, Vieira and Mendes-Da-Silva, 2016).
Financial literacy and its significant association with financial behavior 10
In previous studies, there are three different conclusions and requirements that financial literacy contributes significantly to financial behavior, financial literacy has a moderate effect on financial behavior, and financial literacy has no effect on financial behavior Financial behavior is crucial and a key part of financial literacy, according to OECD (2013) According to Atkinson and Messy (2012), individuals with positive financial behaviors such as prudent budgeting and concern for financial stability have higher levels of financial literacy, whereas those with negative behaviors, such as heavily relying on credit and loans, have lower levels of financial well-being Sages and Grable (2009) found that people with a low level of sensitivity to financial risk had difficulty making financial decisions and were dissatisfied with their ability to manage their finances Lusardi, Mitchell and Courtois (2010) and Sheresberg (2013) argue that financial literacy is a powerful predictor and influence of people's financial behavior However, Mandell and Klein
(2009), Tisdell, Taylor and Forte (2013), Carpena et al (2011) and Forte (2012) found a low contribution of financial understanding to financial behavior Moreover, the idea of the higher a person’s financial knowledge, the better their financial behavior would be (Andarsari and Ningtyas, 2019) and (Kumar et al.,
2017) People with greater levels of financial literacy, math confidence, or personal finance knowledge have better financial outcomes: they are less likely to borrow money at high costs, and they are more likely to save money for retirement or unexpected 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 in risky (expensive) financial actions Financial literacy, education, income, age and other external factors contribute to good financial behavior Poor financial literacy and financial education can be positively associated with bad behavior, such as high debt (Ahmad et al., 2016).
Financial attitude and its significant association with financial behavior11
There have been many studies proving the significant relationship between financial attitude and financial behavior Van Campenhout (2015) discovered a consistent association between good financial attitudes and financial behavior, as did Kidwell, Brinberg, and Turrisi (2003) and Adiputra and Patricia (2020) Moreover, financial attitudes significantly influenced financial behavior rather than financial knowledge (Yahaya et al., 2019) Financial attitude was the most influential variable on financial management behavior, and financial management behavior was the most influential variable on financial contentment (Yap, Komalasari and Hadiansah, 2018) Nano (2015) conducted a research focused on Albanian university students indicated that students who scored higher for financial attitude had higher scores for financial behavior In addition, the assumption that a person can handle his funds properly influences the suitable financial attitude The more a person feels he can manage his finances successfully, the more he will see the value of financial management today and in the future (Radianto et al., 2020) In another empirical study, Shim et al (2010) found that financial socialization and financial learning of college freshmen reflect an important relationship between financial attitudes and financial behavior.
Review of previous studies
There have been many domestic and foreign studies demonstrating the link between financial literacy, financial attitude and financial behaviors Although some results did not find a link between financial literacy or financial attitude with financial behaviors, in general, all three factors are related
Adiputra and Patricia (2020) and Mutlu and ệzer (2022) agreed that financial literacy and financial attitude have a significant effect on financial behavior Perangin-angin, Fachrudin and Irawati (2022) found out that financial literacy has a negligible influence on saving behavior while financial attitude has a significant influence on saving behaviour Additionally, the degree of financial knowledge, perceived financial confidence, and money-related attitudes all have an indirect impact on financial behavior The effect of financial literacy and perceived financial confidence on students' financial behavior has been successfully moderated by attitude toward money (Susilowati and Latifah, 2017) The pattern reverse in Syaliha et al (2022) study that financial literacy has significant effect on financial management behavior but financial attitudes have no positive effect Research shows that attitudes towards money lead to financial literacy among young people Positive attitudes of students towards finance and money influence the behaviors of acquiring financial literacy and improving financial understanding However, a negative attitude weakens the ability to make financial decisions (Shim et al., 2009; Sohn et al., 2012)
There have been a number of related studies on this topic implemented in Vietnam However, the content related to the thesis has the following two research papers As a result of the binary regression analysis in a survey of 692 people in 63 countries, it was found that financial literacy, finance major, marital status, financial attitudes and advanced financial behavior had a positive and significant effect on individual behavior saving up (Nguyen and Doan, 2020) However, Tam et al
(2021) resulted totally different from previous studies, two variables of financial knowledge and financial attitude have no impact on personal financial management behavior
Chapter 2 summarizes and reviews previous related studies Prominent among them are theories that demonstrate the influence of financial literacy on financial 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 research methods.
METHODOLOGY
Research process
The first step is to define the problem, in this step the author must determine the topic title, research objective, question, object and research scope Then, the author will conduct research on concepts, theories and research related to the topic, specifically here are the theories related to financial literacy, financial attitude, financial behaviors and the relationship between these factors The third step is the development of hypothesis and research model, this step is also the step to determine the components to make the survey After that, the author will proceed to write a research proposal to have a preliminary view of the thesis At the same time, the author conducted a survey in the form of Google Form for the students to answer After collecting all necessary data from the students, the author will conduct data analysis using SPSS 26.0: Cronbach's Alpha, EFA, regression analysis and model testing Finally, the author will make necessary conclusions and recommendations Figure 3.1 visually shows these steps in a concise and easy-to- understand manner
Hypotheses and proposed model
From the theoretical review and theoretical framework above, the hypotheses of this research and model are designed as below:
H1: Financial literacy has a positive impact on financial behaviors
H2: Financial attitude has a positive impact on financial behaviors
Outline research proposal Data collection
Sample and sample size
Subjects of the study are students of Ho Chi Minh University of Banking and other students of International University, University of Science and Ho Chi Minh City University of Technology and Education The sample was selected according to the convenience sampling method in order to collect as many survey results as possible
The main data analysis method used for this study is exploratory factor analysis (EFA) and multivariate linear regression analysis The sample size must be large 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 an estimator Based on the study of Hair et al (1998) as a reference for the expected sample size Accordingly, the minimum sample size is 5 times the total number of observed variables The minimum sample size for multivariate linear regression analysis to be achieved is calculated by the formula 50 + 8*m (m: number of independent variables) (Tabachnick and Fidell, 1996)
The thesis survey consists of 49 questions Theoretically a minimum of 245 observations is required The number of samples for the thesis was collected enough
Financial literacy Financial attitude to conduct an analysis, of which Ho Chi Minh University of Banking had 259 samples and other universities in Ho Chi Minh City had 251 samples.
Survey design
After a period of developing the questionnaire, the process of brainstorming and completing the questionnaire is described in Figure 3.3:
Figure 3.3: The process of developing the questionnaire
The questionnaire consists of 3 parts:
Part 1: Includes 16 questions to assess students' financial attitudes
Part 2: Includes 11 questions to assess students' financial behavior
Part 3: Includes 22 questions to assess students' financial knowledge and assess the impact of university knowledge
The topic uses a 5-level Likert scale to assess the level of agreement with each observed variable as follows: 1= Strongly disagree, 2= Disagree, 3= So so, 4Agree, 5= Strongly agree.
Research variables and scale design
For a more general view of the variables, figure 3.4 summarizes and briefly describes the variables:
Figure 3.4: Summary of research variables Variable Abbreviation Type Description Range
Financial attitude FA Independent variable
Candidates self- assess their level of agreement with each of the listed financial attitudes
1= Strongly disagree 2= Disagree 3= So so 4= Agree 5= Strongly agree
Financial literacy FL Independent variable
Candidates self- assess how satisfied they are with the financial knowledge they have and the financial knowledge they have learned at university
1= Strongly disagree 2= Disagree 3= So so 4= Agree
Financial FB Dependent Candidates self- assess how often
1= Never 2= Rarely behavior variable they behave as on the list
The design of the questions is based on previous successful studies on this topic:
Figure 3.5: Measurement scale and code of variables
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
RESEARCH RESULTS AND DISCUSSION
Results obtained at Ho Chi Minh University of Banking
Table 4.1 shows the characteristics of the sample of Ho Chi Minh University of Banking A total of 257 people participated in the survey Females accounted for the majority in this survey 75.5% (194 people) and men only accounted for 24.5% (63 people) In terms of age, most students are 21 years old (38.9%), followed by 20 years old (30%) and 19 years old (29.6%) Particularly, 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 students participated the most with 89 students, followed by the 2nd year students with 88 students, the third year students with 79 students, and finally there was only 1 freshman The highest division is the major of the students The number of students majoring in Finance and Banking participated in the survey was up to 215 people (83.7%), the remaining two majors, Accounting-Auditing and Business Administration, only accounted for 7% to 8% To the question of whether you have ever attended a finance class outside of the university, the majority answered no (80.9%)
Table 4.1: Characteristics of sample Characteristic Component Frequency Percent
4.1.2 Verify the quality of the scale
First, the Cronbach's Alpha reliability assessment results: Cronbach's coefficient α = 0.734 with 16 items However, there are 4 items do not meet the requirement which are FA3, FA13, FA14 and FA16 because all 4 Corrected Item-Total Correlations are below 0.3 Also, Cronbach’s Alpha coefficient if these 4 are deleted is higher than before so they are all removed After the removal, 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 inclusion in exploratory factor analysis
Table 4.2: Scale reliability testing of financial attitude
Scale Mean if item Deleted
Scale Variance if item Deleted
Cronbach’s Alpha if item Deleted
Second, the Cronbach's Alpha reliability assessment results: Cronbach's coefficient α = 0.758 with 22 items However, there are 6 items do not meet the requirement which are FL2, FL3, FL9, FL19, FL20, FL22 because all 6 Corrected Item-Total Correlations are below 0.3 Also, Cronbach’s Alpha coefficient if these 6 are deleted is higher than before so they are all removed After the removal, Cronbach's coefficient α = 0.903 with 16 items and no variable is less than 0.3
Thus, the "Financial literacy" scale has high reliability, meeting the requirements for inclusion in exploratory factor analysis
Table 4.3: Scale reliability testing of financial literacy
Scale Mean if item Deleted
Scale Variance if item Deleted
Cronbach’s Alpha if item Deleted
Third, the Cronbach's Alpha reliability assessment results: Cronbach's coefficient α = 0.931 with 11 items and the corrected item-total correlations are all greater than 0.3 Thus, the "Financial behavior" scale has high reliability, meeting the requirements for inclusion in exploratory factor analysis
Table 4.4: Scale reliability testing of financial behavior
Scale Mean if item Deleted
Scale Variance if item Deleted
Cronbach’s Alpha if item Deleted
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 include in the exploratory factor analysis
In the first test, the factor analysis results show that the KMO index is 0.885
> 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 < 0.05 means that the variables are correlated with each other and satisfy the conditions of factor analysis In the Total Variance Explained panel, perform factor analysis by Principal components with Varimax rotation The results showed that the 28 observed variables were initially grouped into 5 groups The total value of variance extracted = 56.320% > 50% meets the requirements This means that these 5 factors explain 56.320% of the variation of the data The Eigenvalues of the factors are all high (>1), the 5th factor has the lowest Eigenvalues of 1.246 > 1 However, in the Rotated Component Matrix table, there are some variables that upload at the same two or three times, so these variables need to be removed (namely variables FA5, FA10, FA11, FA15, FL4, FL11, FL12, FL14, FL15, FL16, FL17, FL21) and run the EFA a second time The results will be presented in detail in the appendix
The result in the second, third run continues to have a load variable on two factors close to each other and must be removed The result in the fourth run the factor loading coefficients of some are not greater than 0.5 because of that continue to run EFA for the fifth
In the 5th test, the factor analysis results show that the KMO index is 0.814
> 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 < 0.05 means that the variables are correlated with each other and satisfy the conditions of factor analysis In the Total Variance Explained panel, perform factor analysis by Principal components with Varimax rotation The results showed that the 11 observed variables were initially grouped into 2 groups The total value of variance extracted = 51.119% > 0.5 meets the requirements This means that these two factors explain 51.119% of the variation of the data The Eigenvalues of the factors are all high (>1), the factor with the lowest Eigenvalues is 2.367 > 1 The factor loading coefficients are all greater than 0.5, and there is no case of any variable being uploaded at the same time Both factors with the load factor are close to each other So the factors ensure convergence and discriminant values when analyzing EFA In addition, there is no mixing of factors, which means that the question of one factor is not confused with the question of the other factor Therefore, after factor analysis, these independent factors are kept unchanged, not increased or decreased by factors
Table 4.5: Exploratory factor analysis for independent variables
Kaiser-Meyer-Olkin Measure of Sampling Adequacy 814
Intial Eigenvalues Extraction Sums of Squared
The factor analysis results show that the KMO index is 0.942 > 0.5, which proves that the data used for factor analysis is completely appropriate Barlett's test result is 1708.571 with Sig significance level = 0.000 < 0.05 means that the variables are correlated with each other and satisfy the conditions of factor analysis
In the Total Variance Explained panel, perform factor analysis by Principal components with Varimax rotation The results showed that the 11 observed variables were initially grouped into 1 group The total value of variance extracted 59.392% > 50% meets the requirements This means that the only factor explains 59.392% of the variation of the data The Eigenvalues of the factors are all high (>1) That scale ensures unidirectionality, the observed variables of the dependent variable converge quite well because the rotation matrix table informs that Only one factor is extracted
Table 4.6: Exploratory factor analysis for dependent variable
Kaiser-Meyer-Olkin Measure of Sampling Adequacy 942
Intial Eigenvalues Extraction Sums of Squared
The results of Pearson correlation analysis show that the independent variable is correlated with the dependent variable and will therefore be included in the model to explain the dependent variable
R squared is approximately 0 because the independent variables in the model have almost no linear relationship and do not affect the dependent variable The results of this table also give Durbin–Watson values to evaluate the phenomenon of first-order series autocorrelation The value Durbin-Watson 1.859, is in the range of 1.5 to 2.5, so the results do not violate the first order series autocorrelation assumption In the ANOVA table, the sig coefficient > 0.05 proves that the regression model is not really good In the Coefficients table, both FA and
FL have coefficients sig > 0.05, showing that both variables have no impact on the dependent variable, which is FB VIF = 1.001 means that this model does not have multicollinearity
Std Error of the Estimate
Model Sum of squares df Mean squares F Sig
Model B Std.Error Beta t Sig Tolera nce VIF
Results obtained at other universities in Ho Chi Minh City
Table 4.11 shows the characteristics of the sample of International University, University of Science and Ho Chi Minh City University of Technology and Education A total of 251 people participated in the survey Men accounted for the majority in this survey 64.9% (163 people) and women only accounted for 35.1% (88 people) In terms of age, most students are 20 years old (48.2%), followed by 21 years old (46.6%) and 19 years old (3.2%) Particularly, only 5 people are 24 years old (24%) Corresponding to the age is the school year of the students The third year students participated the most with 136 students, followed by the final year students with 109 students, the second students with 6 students, and finally there was no freshman The highest division is the major of the students The number of students majoring in Information technology participated in the survey was up to 72 people (28.7%), the remaining majors, Applied Mathematics (18.3%) ranked second and Logistics and Supply Chain management (15.1%) ranked third To the question of whether you have ever attended a finance class outside of the university, the majority answered yes (72.9%)
Table 4.11: Characteristics of sample Characteristic Component Frequency Percent
Financial Engineering and Risk Management
Logistics and Supply Chain Management
4.2.2 Verify the quality of the scale
First, the Cronbach's Alpha reliability assessment results: Cronbach's coefficient α = 0.762 with 16 items However, there are 4 items do not meet the requirement which are FA3, FA3, FA9 and FA10 because all 4 Corrected Item- Total Correlations are below 0.3 Also, Cronbach’s Alpha coefficient if these 4 are deleted is higher than before so they are all removed After the removal, Cronbach's coefficient 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 inclusion in exploratory factor analysis
Table 4.12: Scale reliability testing of financial attitude of other universities
Scale Mean if item Deleted
Scale Variance if item Deleted
Cronbach’s Alpha if item Deleted
Second, the Cronbach's Alpha reliability assessment results: Cronbach's coefficient α = 0.781 with 22 items However, there are 6 items do not meet the requirement which are FL2, FL3, FL9, FL19, FL20, FL22 because all 6 Corrected Item-Total Correlations are below 0.3 Also, Cronbach’s Alpha coefficient if these 6 are deleted is higher than before so they are all removed After the removal,
Cronbach's coefficient α = 0.904 with 16 items and no variable is less than 0.3 Thus, the "Financial literacy" scale has high reliability, meeting the requirements for inclusion in exploratory factor analysis
Table 4.13: Scale reliability testing of financial literacy of other universities
Scale Mean if item Deleted
Scale Variance if item Deleted
Cronbach’s Alpha if item Deleted
Third, the Cronbach's Alpha reliability assessment results: Cronbach's coefficient α = 0.684 with 11 items However, there are 6 items do not meet the requirement which are FB3, FB4, FB6, FB7, FB8, FB11 because all 6 Corrected
Item-Total Correlations are below 0.3 Also, Cronbach’s Alpha coefficient if these 6 are deleted is higher than before so they are all removed After the removal, 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 for inclusion in exploratory factor analysis
Table 4.14: Scale reliability testing of financial behavior of other universities
Scale Mean if item Deleted
Scale Variance if item Deleted
Cronbach’s Alpha if item Deleted
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, FL15, FL16, FL17, FL18, FL21, FB1, FB2, FB5, FB9, FB10) meet the requirement after running Cronbach’s Alpha to include in the exploratory factor analysis
In the first test, the factor analysis results show that the KMO index is 0.879
> 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 < 0.05 means that the variables are correlated with each other and satisfy the conditions of factor analysis In the Total Variance Explained panel, perform factor analysis by Principal components with Varimax rotation The results showed that the 28 observed variables were initially grouped into 6 groups The total value of variance extracted = 59.206% > 50% meets the requirements This means that these 6 factors explain 59.206% of the variation of the data The Eigenvalues of the factors are all high (>1), the 6th factor has the lowest Eigenvalues of 1.005> 1 However, in the Rotated Component Matrix table, there are some variables that upload at the same two or three times, so these variables need to be removed (namely variables FA15, FA16, FL6, FL7, FL12, FL13, FL21, FL11, FL1, FL5, FL16, FL14, FA8, FA11, FL10) and run the EFA a second time The results will be presented in detail in the appendix
The result in the second, third run continues to have a load variable on two factors close to each other and must be removed
After four times, the factor analysis results show that the KMO index is 0.837 > 0.5, which proves that the data used for factor analysis is completely appropriate Barlett's test result is 729.497 with Sig significance level = 0.000 < 0.05 means that the variables are correlated with each other and satisfy the conditions of factor analysis In the Total Variance Explained panel, perform factor analysis by Principal components with Varimax rotation The results showed that the 11 observed variables were initially grouped into 2 groups The total value of variance extracted = 51.338% > 50% meets the requirements This means that these two factors explain 51.338% of the variation of the data The Eigenvalues of the factors are all high (>1), the factor with the lowest Eigenvalues is 1.901> 1 The factor loading coefficients are all greater than 0.5, and there is no case of any variable being uploaded at the same time Both factors with the load factor are close to each other So the factors ensure convergence and discriminant values when analyzing EFA In addition, there is no mixing of factors, which means that the question of one factor is not confused with the question of the other factor
Therefore, after factor analysis, these independent factors are kept unchanged, not increased or decreased by factors
Table 4.15: Exploratory factor analysis for independent variables of other universities
Kaiser-Meyer-Olkin Measure of Sampling Adequacy 837
Intial Eigenvalues Extraction Sums of Squared
The factor analysis results show that the KMO index is 0.727 > 0.5, which proves that the data used for factor analysis is completely appropriate Barlett's test result is 152.082 with Sig significance level = 0.000 < 0.05 means that the variables are correlated with each other and satisfy the conditions of factor analysis In the Total Variance Explained panel, perform factor analysis by Principal components with Varimax rotation The results showed that the 4 observed variables were initially 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% of the variation of the data The Eigenvalues of the factors are all high (>1) That scale ensures unidirectionality, the observed variables of the dependent variable converge quite well because the rotation matrix table informs that Only one factor is extracted
Table 4.16: Exploratory factor analysis for dependent variables of other universities
Kaiser-Meyer-Olkin Measure of Sampling Adequacy 727
Intial Eigenvalues Extraction Sums of Squared
The results of Pearson correlation analysis show that the independent variable is correlated with the dependent variable and will therefore be included in the model to explain the dependent variable
Table 4.17: Pearson correlation of other universities
R squared is approximately 0 because the independent variables in the model have almost no linear relationship and do not affect the dependent variable The results of this table also give Durbin–Watson values to evaluate the phenomenon of first-order series autocorrelation The value Durbin-Watson 1.830, is in the range of 1.5 to 2.5, so the results do not violate the first order series autocorrelation assumption In the ANOVA table, the sig coefficient > 0.05 proves that the regression model is not really good In the Coeeficients table, both FA and
FL have coefficients sig > 0.05, showing that both variables have no impact on the dependent variable, which is FB VIF = 1.007 means that this model does not have multicollinearity
Table 4.18: Model summary of other universities
Std Error of the Estimate
Table 4.19: ANOVA of other universities
Model Sum of squares df Mean squares F Sig
Table 4.20: Coefficients of other universities
Collinearity Statisitics Mod el B Std.Error Beta t Sig Tolera nce VIF
Discussion
As for the results of the Ho Chi Minh University of Banking, although the majority of students participating in the survey are in the standard economic sector, the financial behavior of these students is not closely related to financial literacy or financial attitude
The same thing happened to students of International University, University of Science and Ho Chi Minh City University of Technology and Education
Hypothesis H1 and H2 are both rejected There is no link between financial literacy and financial attitude on financial behaviors of students in Ho Chi Minh City
Table 4.21: Summary of research results
Ho Chi Minh University of
Other universities in Ho Chi
The majority of students participating in the survey are female, aged 21 and in their final year
Finance and banking major is the major with the largest number of students participating in the survey
Most students do not take finance classes outside of university
The majority of students participating in the survey are male, aged 20 and in their third year
Information technology major is the major with the largest number of students participating in the survey
Most students take finance classes outside of university
Cronbach's coefficient α 0.877 with 12 items and no
Cronbach's coefficient α 0.871 with 12 items and no variable is less than 0.3
Cronbach's coefficient α 0.903 with 16 items and no variable is less than 0.3
Cronbach's coefficient α 0.931 with 11 items and the corrected item-total correlations are all greater than 0.3 variable is less than 0.3
Cronbach's coefficient α 0.904 with 16 items and no variable is less than 0.3
Financial behavior (FB): Cronbach's coefficient α 0.707 with 5 items and no variable is less than 0.3
Barlett's test result is 751.520 with Sig level = 0.000 < 0.05
The total value of variance extracted = 51.119% > 0.5 meets the requirements
The Eigenvalues of the factors are all high (>1), the factor with the lowest Eigenvalues is 2.367 > 1
The factor loading coefficients are all greater than 0.5
Barlett's test result is 729.497 with Sig level = 0.000 < 0.05
The total value of variance extracted = 51.338% > 50% meets the requirements
The Eigenvalues of the factors are all high (>1), the factor with the lowest Eigenvalues is 1.901> 1
The factor loading coefficients are all greater than 0.5
Barlett's test result is 1708.571 with Sig level 0.000 < 0.05
The total value of variance extracted = 59.392% > 50% meets the requirements
The Eigenvalues of the factor is high (>1) Only one factor is extracted
Barlett's test result is 152.082 with Sig level = 0.000 < 0.05
The total value of variance extracted = 51.566% > 50% meets the requirements
The Eigenvalues of the factor is high (>1) Only one factor is extracted
The independent variable is correlated with the dependent variable and will therefore be included in the model to explain the dependent variable
The value Durbin-Watson 1.859, is in the range of 1.5 to 2.5 sig coefficient > 0.05
VIF = 1.001 means that this model does not have multicollinearity
The value Durbin-Watson 1.830, is in the range of 1.5 to 2.5 sig coefficient > 0.05
VIF = 1.007 means that this model does not have multicollinearity
At the end of chapter 4, the thesis found that there is no impact from financial knowledge to financial behavior and financial attitude to financial behavior This also means that the financial behavior of students at Banking University of Ho Chi Minh City and students of other universities in Ho Chi Minh City are not affected by financial knowledge or financial attitude The data all show that the students have the same trend when answering questions related to these three factors The next chapter will summarize what the study has done and interpret the results, as well as offer some advice to improve financial literacy, financial attitudes and financial behavior.
CONCLUSIONS AND RECOMMENDATIONS
Conclusions
The topic "Influence of financial literacy and financial attitude on financial behaviors of students in Ho Chi Minh City" is one of the experimental and innovative topics which investigate the impact on financial behavior of students in
There have been some studies done in Vietnam on this topic before However, the target audience of these studies are mostly rural or urban adults It is because of the gap in research subjects that prompted me to choose this topic to research for my thesis Through reference to domestic and foreign studies related to this topic, I have come up with ideas for the entire thesis and distributed a survey to collect data
The research model of this thesis includes 3 variables The two independent variables are: (1) financial literacy and (2) financial attitude One independent variable is the financial behavioral
The results show that the financial behavior of students at Ho Chi Minh University of Banking and students in Ho Chi Minh City are not related to understanding know the financial or financial attitude of the students.
Recommendations
Most of the students who participated in the survey gave a positive assessment of the financial knowledge learned at school However, the impact of that knowledge has not really affected your actual financial behavior and attitudes
Some chose to participate in the survey based on personal experience, the rest are still vague about the concepts given in the survey even though this is a self- assessment survey
Another opposite trend that the thesis discovered is that most of the students of 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 other university students There is no specific explanation for this behavior, but through contact with a few survey participants, the students of Ho Chi Minh University of Banking all said that the knowledge at school was standard and theoretically sufficient for them to absorb and they also don't need to look for outside places to cultivate more
Because the survey did not delve into how students learn financial knowledge, but through contact with some of the survey participants, they all wanted to have more exposure and practical practice
Suggestions for improvement that the thesis wants to make up to this stage for the two sides are as follows:
Firstly, the university can diversify learning forms between theory and practice to attract and stimulate learning and exploration for students In recent years, Ho Chi Minh University of Banking has continuously organized seminars with businesses, visited businesses or popularized knowledge seminars, which have been really effective and spread to students In the future, the school may consider creating more academic playgrounds or dialogues between businesses and students to better understand the financial industry is also a good direction in the future
Secondly, on the part of students in general, students should be more active in learning financial knowledge Knowledge not only stops at university but also has to be knowledge outside the society or on reputable media sites Access to financial literacy is easier today than ever before, in all different media and genres
Financial attitudes are a broad field of study that researchers are constantly refining Especially the financial attitude of students There are many studies that have found a link between financial attitudes and financial literacy, financial literacy or family background However, the purpose of this thesis is only to find the relationship between financial attitudes and financial behavior
The useful suggestion that this thesis sets out for students is that the richer the knowledge and experience of finance around, the more multidimensional attitudes about finance At this time, the financial attitude of the students is really based on a clear theoretical basis, not a personal feeling
As chapter 2 mentioned about the theoretical basis of the relationship between financial knowledge and financial behavior, financial attitude and financial behavior or even financial knowledge, financial attitude affects financial behavior Behaviors related to finance are always influenced by surrounding factors and it is not possible for a person to form all the right financial behaviors at the same time
Through the survey and the results obtained, the author understands and feels that current students still act and decide based on personal experience The students still do not have a sufficient foundation of financial knowledge and financial attitude to base a decision or action on
Suggestions that the thesis sets out to improve for students are as follows:
First, education and premise theory from universities are still valuable sources of knowledge Students can refer to many sources of documents from different sources, but financial knowledge from universities is still standard and accurate knowledge
Second, students can build a habit of making scientific financial decisions from daily decisions To practice the habit of using the right spending
Third, learn anytime, anywhere from real conditions Family, friends and workplaces are good references for behavior and consumption and savings habits.
Limitations and future research directions
Although the study is complete, there are still three shortcomings:
Firstly, the study sample is not large enough to cover The sample size at the Ho Chi Minh University of Banking was 257 people and for the other universities 251 people
Second, the adjusted R coefficient is still low, so the independent variables do not fully explain the dependent variable In addition, the model is also evaluated as not good for evaluation
Third, due to limited research time and resources, the thesis has not explained thoroughly about the choice of survey participants
From the shortcomings of today's thesis, the author hopes that in the future there will be more research on this topic to better explain why there is no relationship between these three factors At the same time, always answer the question of the source of your student's financial behavior, if not based on financial knowledge and financial attitude, where does the student's behavior originate
Chapter 5 is a chapter that summarizes what the thesis has found throughout the research and at the same time opens up directions for further research Further studies of this topic can use this thesis as a premise to further expand the problem and find the answer that this thesis has not found
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I believe that… 1.Strongly disagree 2.Disagree 3 So so 4 Agree 5.Strongly agree
1 Having a budget is an important personal finance strategy
2 It is important to spend time thinking about/ planning for personal finances
3 Maintaining financial records is an part of personal finance
4 My past experience with credit cards has been favorable
5 Having a credit card is a basis for a person to feel financially secure
6 Aquiring a credit card is necessary to establish a good credit history
7 Using any or all of the following: cash, check, or debit card- is better than using a credit card
8 Being in financial debt to another is normal
9 Taking out a loan is the way I would buy my next mobile phone
10 I will always carry some sort of financial debt during my lifetime
11 I will not be financially secure in the future
12 How I spend my money reflects my values
13 Personal finances do not affect relationships with others
14 Personal savings will be a primary source of my income after retirement
15 Insurance coverage is related to my financial security
16 Learning about personal finance is a high priority for me
To what extent do you… 1 Never 2 Rarely 3
1 Spend according to an established personal?
(credit card contracts and statements, bank deposit slips, etc)?
3 Pay bills (water, electricity, etc) on time?
4 Pay less than the full balance of your monthly credit card bill(s)?
(reconcile checkbook register to bank statements)?
6 Pay by credit card knowing that your cash is not enough?
7 Buy things you need even when you can’t really afford them?
(clothes, makeup, etc) to yourself feel better?
9 Save money left over at the end of a pay period?
10 Try to time your purchases to coincide with sales?
11 Negotiate with salespeople in order to get a bargain?
I am good at… 1.Strongly disagree
Disagee 3 So so 4 Agree 5.Strongly agree
My university has helped me to elevate my knowledge in…
3 What is your academic classification?
5 Have you ever joined an outside university course to learn about finance before?
Thank you so much for your respond
1 Students at Ho Chi Minh University of Banking
2 Students at other universities in Ho Chi Minh City
1 Students at Ho Chi Minh University of Banking
Result of the reliability assessment of Financial attitude The 1 st run:
Result of the reliability assessment of Financial literacy The 1 st run:
Result of the reliability assessment of Financial behavior
2 Students at other universities in Ho Chi Minh City
Result of the reliability assessment of Financial attitude The 1 st run:
Result of the reliability assessment of Financial literacy The 1 st run:
Result of the reliability assessment of Financial behavior The 1 st run:
1 Students at Ho Chi Minh University of Banking
2 Students at other universities in Ho Chi Minh City
1 Students at Ho Chi Minh University of Banking
2 Students at other universities in Ho Chi Minh City
APPENDIX 5: MULTIVARIATE LINEAR REGRESSION ANALYSIS
1 Students at Ho Chi Minh University of Banking
2 Students at other universities in Ho Chi Minh City