Personal Financial Management Skills Of University Students and Their Financial Experiences During The Covid-19 Pandemic
Abstract:
Purpose: The main purpose of this study was to assess university students’ financial management skills and their financial experiences during the Covid-19 pandemic.
Research methodology: The research adopted the explanatory sequential mixed methods research design where a survey of 181 students on work-related learning was conducted using questionnaires and qualitative interviews. Data were analyzed using IBM SPSS Statistic 27
Results: The study established that the majority of the students do not have a budget, run out of money before receiving the next income, have no funds set aside for uncertainties or medical expenses related to the Covid-19 pandemic, and to make ends meet most of the students borrow money from relatives and friends. The majority of students struggled financially because of the Covid-19 pandemic.
Limitations: Questionnaires and interviews were only distributed/conducted online due to the Covid-19 pandemic.
Contribution: Personal financial management skills are a vital human capital skill for students. Therefore the need to explore such skills and financial experiences of University students during the Covid-19 pandemic for the first time.
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Akinleye, O.S., Dauda, R. O., Iwegbu, O., & Popogbe, O.O . (2020). Impact of COVID-19 pandemic on financial health and food security in Nigeria: A Survey-based analysis. https://ssrn.com/abstract=3619245
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Azer, I., & Mohamad, S. A. (2018). Exploring Financial Management Practices and Problems among Students. International Journal of Academic Research in Business and Social Sciences, 8(12). https://doi.org/10.6007/ijarbss/v8-i12/5762
Baburajan, P. K. (2021). Psychological impact of COVID-19 pandemic among expatriate residents in the UAE. Avicenna, 3(1), 1–10.
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Fatima, A. (2019). Cognitive dissonance and investors’ decision-making: A review. International Journal of Financial, Accounting, and Management, 1(1), 39–45. https://doi.org/10.35912/ijfam.v1i1.56
Gerald, E., Obianuju, A., & Chukwunonso, N. (2020). Strategic agility and performance of small and medium enterprises in the phase of Covid-19 pandemic. International Journal of Financial, Accounting, and Management, 2(1), 41–50. https://doi.org/10.35912/ijfam.v2i1.163
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OECD/INFE. (2020). International Survey of Adult Financial Literacy. International Network of Financial Education, June.
Olayinka, O. T. (2020). Social studies students’ knowledge, attitude and practice of concepts of sustainable development in Ondo City, Nigeria. International Journal of Financial, Accounting, and Management, 1(4), 221–233. https://doi.org/10.35912/ijfam.v1i4.153
Owusu-Fordjour, 1i, C., Koomson, C. K., & Hanson, D. (2020). European Journal of Education Studies THE IMPACT OF COVID-19 ON LEARNING-THE PERSPECTIVE OF THE GHANAIAN STUDENT. European Journal of Education Studies, 7(3), 88–101. https://doi.org/10.5281/zenodo.3753586
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Styles, M. C. (2018). A Financial Epidemic: How Financial Literacy Affects College Students’ Financial Management Practices and the Debt Crisis in America Mikala Styles A Financial Epidemic: How Financial Literacy Affects College Students’ Financial Management Practices and the Debt Crisis in America. https://dc.etsu.edu/honors/444
WHO. (2020). WHO COVID-19 Preparedness and Response Progress Report - 1 February to 30 June 2020. World Health Orgarnisation Publications.
Yamane, T. (1967). Statistics?:an introductory analysis.
Yue, P., Gizem Korkmaz, A., & Zhou, H. (2020). Emerging Markets Finance and Trade Household Financial Decision Making Amidst the COVID-19 Pandemic. Emerging Markets Finance and Trade, 56(10), 2363–2377. https://doi.org/10.1080/1540496X.2020.1784717
- Akinleye, O.S., Dauda, R. O., Iwegbu, O., & Popogbe, O.O . (2020). Impact of COVID-19 pandemic on financial health and food security in Nigeria: A Survey-based analysis. https://ssrn.com/abstract=3619245
- Andrew, A., & Tharanika, K. (2017). Factors influencing on saving behaviour among university students. International Journal of Academic Research in Business and Social Sciences. https://www.researchgate.net/profile/Anthony-Andrew-2/publication/320959151_Factors_Influencing_On_Saving_Behaviour_Among_University_Students-_With_Special_Reference_to_the_Students_of_Faculty_Of_Commerce_and_Management_Eastern_University_Sri_Lanka/links/
- Aristovnik, A., Kerži?, D., Ravšelj, D., Tomaževi?, N., & Umek, L. (2020). Impacts of the COVID-19 Pandemic on Life of Higher Education Students: A Global Perspective. Sustainability, 12(20), 1–34. https://doi.org/10.3390/su12208438
- Azer, I., & Mohamad, S. A. (2018). Exploring Financial Management Practices and Problems among Students. International Journal of Academic Research in Business and Social Sciences, 8(12). https://doi.org/10.6007/ijarbss/v8-i12/5762
- Baburajan, P. K. (2021). Psychological impact of COVID-19 pandemic among expatriate residents in the UAE. Avicenna, 3(1), 1–10.
- Brahmana, R., & Memarist, G. (2017). Financial Planning Behaviour amoung the Young: Evidence from Malaysian University Students. G. & L. E. R., 21(2).
- Cao, W., & Li, T. (2020). COVID-19: towards understanding of pathogenesis. Cell Research, 30(5), 367–369. https://doi.org/10.1038/s41422-020-0327-4
- Creswell, J. W., & Creswell, J. D. (2017). Research Design Qualitative, Quantitative, and Mixed Methods Approaches: Vol. 5TH Edition.
- Chinedu, O.F, Dennis, M.O, & Chikwuemeka-Onuzulike, N. (2020). Impact of Covid-19 on the survival of Igbo owned businesses in Nigeria: the nexus. International Journal of Financial, Accounting, and Management, 2(2), 121–130. https://doi.org/10.35912/ijfam.v2i2.178
- Falahati, L., & Paim, L. (2011). Gender Differences In Financial Well-Being Among College Students. Australian Journal of Basic and Applied Sciences, 5(9), 1765–1776.
- Fatima, A. (2019). Cognitive dissonance and investors’ decision-making: A review. International Journal of Financial, Accounting, and Management, 1(1), 39–45. https://doi.org/10.35912/ijfam.v1i1.56
- Gerald, E., Obianuju, A., & Chukwunonso, N. (2020). Strategic agility and performance of small and medium enterprises in the phase of Covid-19 pandemic. International Journal of Financial, Accounting, and Management, 2(1), 41–50. https://doi.org/10.35912/ijfam.v2i1.163
- Kapoor, J. R., Dlabay, L. R., & Hughes, R. J. (2012). Personal finance.
- Kiyosaki, R., & Lechter, S. (2000). Cashflow quadrant.
- Lapan, S. D., MaryLynn, S. T., & Julia, R. . (2012). Qualitative research: an introduction to methods and designs: Vol. 1st Editio.
- Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/JEL.52.1.5
- Madura, J. (2014). Personal finance.
- Maqsood, A., Saleem, J., Butt, M. S., Shahzad, R. B., Zubair, R., & Ishaq, M. (2021). Opinion article Effects of the COVID-19 pandemic on perceived stress levels of employees working in private organizations during lockdown. Avicenna, 7(2), 2–7.
- OECD/INFE. (2020). International Survey of Adult Financial Literacy. International Network of Financial Education, June.
- Olayinka, O. T. (2020). Social studies students’ knowledge, attitude and practice of concepts of sustainable development in Ondo City, Nigeria. International Journal of Financial, Accounting, and Management, 1(4), 221–233. https://doi.org/10.35912/ijfam.v1i4.153
- Owusu-Fordjour, 1i, C., Koomson, C. K., & Hanson, D. (2020). European Journal of Education Studies THE IMPACT OF COVID-19 ON LEARNING-THE PERSPECTIVE OF THE GHANAIAN STUDENT. European Journal of Education Studies, 7(3), 88–101. https://doi.org/10.5281/zenodo.3753586
- Rakhi.N, Sara N, M. and Mohamad, H. (2011). Foundation of Sociological Theories.
- Reilly, F & Brown, K. (2011). Investment Analysis and Portfolio Management. https://books.google.co.zw/books?hl=en&lr=&id=ze0JAAAAQBAJ&oi=fnd&pg=PR4&dq=reilly+and+brown&ots=BlQMNaLeDm&sig=wKG4_mGHepPmL46cWuWkvAM8uX0&redir_esc=y#v=onepage&q=reilly and brown&f=false
- Styles, M. C. (2018). A Financial Epidemic: How Financial Literacy Affects College Students’ Financial Management Practices and the Debt Crisis in America Mikala Styles A Financial Epidemic: How Financial Literacy Affects College Students’ Financial Management Practices and the Debt Crisis in America. https://dc.etsu.edu/honors/444
- WHO. (2020). WHO COVID-19 Preparedness and Response Progress Report - 1 February to 30 June 2020. World Health Orgarnisation Publications.
- Yamane, T. (1967). Statistics?:an introductory analysis.
- Yue, P., Gizem Korkmaz, A., & Zhou, H. (2020). Emerging Markets Finance and Trade Household Financial Decision Making Amidst the COVID-19 Pandemic. Emerging Markets Finance and Trade, 56(10), 2363–2377. https://doi.org/10.1080/1540496X.2020.1784717