The purpose of this research is to investigate whether a romantic partner's financial behavior has any influence on Thai college student's financial behavior. Findings of this research examine that romantic partner has a significant influence on financial behavior of Thai student.
INTRODUCTION
- Background
- Research Questions
- Research Objective
- Research Scope
- Expected Benefits
If so, what is the relative importance of romantic partners compared to parents and friends in influencing the financial behavior of Thai university students. The result of this research should increase the understanding of the influence of romantic partner's financial behavior on Thai university students.
LITERATURE REVIEW
- Overall Factors That Influence the Financial Behavior of Adolescents For fostering financial well-being of college students, the fundamental factors
- The Influence of Romantic Partners Affecting College Students According to Previous Research
- The Cultural Context that Lead to Different Effects on Financial Behavior
- Theory of Planned Behaviour
- The Summary Table of Key Factors That Influence Students’
If the financial behavior of parents and romantic partner is well matched, this may contribute to strengthening the influence of parents and romantic partner on financial behavior. Perceived behavioral control: The individual's belief that their individual skills and abilities can lead them to perform that particular behavior ("Theory of Planned Behavior (TPB)", n.d.).
Financial Behaviour Based on Literature Review
The influence of a romantic partner is expected to shape a student's subjective norms about financial behavior, along with the influence of other peers and parents. Other person who could influence the student in this research context would be romantic partner, parent and peer. As a result, they could be the norm of thinking for students when making financial decisions.
There are 3 key factors of this component, which are self-sufficiency, individual responsibility and work experiences.
RESEARCH METHODOLOGY
Research Design
Population
As a result, people may have different levels of financial well-being which contributes to the wide and varied outcomes in the data collected for this research. The purpose of this research is to collect information from 40 respondents which will be an appropriate number for further information analysis result.
Questionaire Design
- Screening questions section
- Demographic question section
- Clarifying answering form
- Financial attitude questions section
- Work experience and financial education questions section This section consists of 5 questions. Q9 to Q13 will measure the work
- Perceiving romantic partner, parents, and peers as a role model questions section
- Romantic partner, parents, and peers financial behavior questions section
- Romantic partner and parents direct teaching questions section This section consists of 8 questions measuring the informal education that
This section consists of 8 questions and will be able to indicate the way the respondent values financial aspects by asking how often they engage in financial activities to contribute to their financial well-being (Q1 to Q5). Q6 to Q8) is considered a sub-component of general well-being (Škreblin Kirbiš, I., Vehovec, M., & Galić., 2017) which can be partially the outcome of self-financial management. Q9 through Q13 will measure the work experience of the college students, and the financial education they acquired during high school and college. Financial literacy is considered as an attitude towards behavior that influences change of Thai college student's financial behavior.
Financial literacy is a fundamental component of influencing individuals who perceive and judge aspects of financial behavior differently. Therefore, work experience could be viewed as a perceived behavioral control that could be relied upon for one's individual ability to perform a particular behavior (“Theory of Planned Behavior (TPB),” n.d.). Given the possibility of spending most of their time together with other students and friends, this could have a significant impact on the financial behavior of adolescents who are transitioning into later adulthood, playing a key role in managing their own finances. .
Therefore, romantic partner, parents and peers are considered as subjective norms that follow the factor from the theory of planned behavior (Ajzen, 1991). This section consists of 12 questions intended to explain the behavior of social agents in subjective norm, to measure their habits of managing and valuing their finances.
FINDINGS ANALYSIS
Demographic Information
- Student
- Romantic Partner
Consequently, all 40 respondents are said to be of Thai nationality, between the ages of 18 and 22, and in a relationship, or have experienced a relationship in the past six months. According to the above data, it appears that the majority of respondents are 22 years old. The gender identity of respondents for both men and women is fairly equal: 57.5% of women and 42.5% of men.
Additionally, the most common major the student and romantic partner major in is engineering (45%), followed by business administration (15%) and liberal arts (7.5%). Their education data can be preliminarily related to the financial education the student and romantic partner receive, which is a factor from the attitudinal component of the behavior theory of planned behavior (Ajzen, 1991). On the other hand, the romantic partner, most of them are between the ages of 18-22, which is 60%, so the age of the romantic partner is close to the age of the respondent, which is limited to the age of 18-22. good.
Main Findings
- Student’s Financial Attitude
- Work Experience and Financial Education of Thai Student
- Perceived Romantic Partner, Parent(s), Peer as a Role Model in Financial Aspects
- Romantic partner, Parent(s), and Peer’s Financial Behavior Romantic Partner
- Romantic partner and parent direct teaching in term of financial aspects to student
From table 4.1 and 4.2, the tables display the statistics from question 8 to 15 which can indicate the financial attitudes of students. From table 4.3 and 4.4, question no. 16, this may indicate that the student is normally still employed in certain jobs, as this means a score of 2.5. According to table 4.5 and 4.6, question no.17 to question no.20 indicate that 70% of Thai students only achieve a small amount of financial courses, or never achieved for both periods in high school and college.
From Tables 4.7 and 4.8, this is the subjective norm factor from the theory of planned behavior (Ajzen, 1991). They could investigate that a romantic partner partially also has a positive significant influence on the behavior of a Thai student according to the theory of planned behavior (Ajzen, 1991). From Tables 4.9 and 4.10, where we compare the average scores with the romantic partner, the parent has a slightly higher average score for both questions at 2.67 and 3.08, compared to the romantic partner, it has mean values of 2.45 and 2.90.
From Tables 4.13 and 4.14, regarding the financial behavior of the romantic partner, it follows from questions no. 28 to 29 that the average score was close to and higher than 2.5, so it could be indicated that the romantic partner has a quite good attitude and behavior in financial aspects, because they tend to participate often from the level of often and always, which means that they also value in financial aspects, which has quite similar result to the student's financial attitude. From Tables 4.17 and 4.18, peer has the lowest mean scores in all 4 questions compared to romantic partner and parent. From table 4.19 and 4.20, it shows that a romantic partner is someone of significant person who has a close relationship with students, so they can have a great opportunity to talk about finance and teach directly to students because they got an average score higher than 2.5, which is frequency level for often and always.
From Table 4.21 and 4.22, the mean scores are around 3, which can be shown that parents have a greater influence on students' financial behavior compared to romantic partners who have mean scores around 2.7.
Compare Factor of Student’s Financial Attitude and Financial Education
Consequently, these results show that students who did not obtain large amounts of financial education during high school also tend not to obtain large amounts of financial education during college (r = 0.38). Further, investing for long-term financial goals is positively related to receiving financial education in college (r = 0.36), but not to receiving financial education in high school (r = 0.08, not sig.). Therefore, financial education in college is especially concerned with improving financial behavior, namely investing for long-term goals.
From Table 4.23, students who never or rarely invested in their finances for long-term goals also did not, on average, take much more than 1 course in financial education. Students investing for long-term goals, however, took an average of 1.4 financial courses in college, suggesting that specifically more financial education in college potentially has an impact on financial planning. Moreover, these results can affirm the theory of planned behavior (Ajzen, 1991) that financial education is a key factor to promote the attitudinal component of the behavior.
Financial education of the educational institution influences the attitude of the student to make decisions in the financial field. Therefore, Thai students take a small amount of financial courses in high school, so they have little sense of investing in their finances for the long term.
CONCLUSION AND RECOMMENDATION
Conclusion
For peers, they can study in the same area, share experiences and be in the same educational institution, so their financial behavior can also be influenced by peers. Consequently, student may look for a person who has a better level of financial behavior to be their role model. Furthermore, according to the analysis, this research can find significant issues regarding financial behavior of students, which is financial education.
According to table 4.23 and 4.24 in chapter IV, Thai students who take fewer courses of finance tend to overlook the importance of financial investment to achieve long-term goals. Furthermore, students who have minimal training on financial aspects or those who have not undertaken financial courses tend to have less awareness and are not involved in long-term financial planning. Similarly, the financial education undertaken at the college level has a greater impact on financial planning among the Thai students than the education undertaken during high school years, as indicated in table 4.24.
Therefore, it is related to theory of planned behavior (Ajzen, 1991), as financial education is the key factor in driving the component of attitude towards behavior. The financial education of Thai students affects unawareness about financial management, which leads to less success with their finances in the future.
Recommendation
However, the students still perceive them positively in relation to being their role model in financial behaviour, but this is still at a lower level compared to parents. According to the result of the analysis, from the students' point of view, their parents have the best financial behavior, romantic partners are worse, and peers received the lowest evaluation. A proper attitude could create awareness for Thai students to prepare their financial management and investment that can promote their finances later in life and retirement in the future.
Because they have a better attitude and behavior in financial aspects, they can also be a role model and have a good influence on others. However, one of the limitations of this research is that the sample size of 40 respondents is quite small, making it less suitable for investigating many aspects of students' financial behavior. A larger sample size could increase the accuracy of the data and conclusions with lower p-values in the statistical analysis of the data.
Future Research Suggestions
APPENDICES
Appendix A: Online Questionnaire
- Screening questions
- Demographic questions 1. What is your age?
- Financial attitude questions section
- Work experience and financial education questions section Questions Never 1-2
- Perceiving romantic partner, parents, and peers as a role model questions section
- Romantic partner, parents, and peers financial behavior questions section
- Romantic partner and parents direct teaching questions section
During your high school years, how many seminars, workshops, or after-school programs did you attend that taught financial management?
