Understanding financial literacy in public higher education: Examining the role of attitudes, behaviors, and knowledge of students of a state university in the Philippines

The current pandemic situation in the global economy has urged the need to revolutionize the financial services industry with a keen eye on consumers’ financial needs for sound financial decisions, which is necessary for financial well-being. The purpose of the study is to assess the financial well-being of Indian Gen Z students in relation to financial literacy, financial fragility, financial behavior, and financial technology. In addition, the study also tries to determine how Gen Z students’ financial well-being is influenced by other factors such as gender, age, parental education, employment status, and monthly income in India. The study uses the scientific data analysis approach, Partial Least Squares-SEM model to estimate, predict, and assess the hypotheses. A sample of 271 University students from India was surveyed using a self-administered structured questionnaire. Questions were incorporated to understand the effect of financial literacy, technology, fragility, behavior, demographic and parental characteristics on financial well-being. The results indicate that financial behavior is positively related to financial well-being, while financial fragility is negatively associated. However, financial literacy and financial technology do not significantly affect financial well-being. The results also show that financial well-being is significantly influenced by gender, parental education, employment status, and monthly income change. Understanding Indian Gen Z student financial well-being will expand the students’ understanding of the importance of financial literacy for well-planned financial behavior and informed decisions, hence high levels of financial well-being. Government and financial institutions can more effectively identify gaps and deficiencies in student financial well-being.

Micro, small, and medium-sized enterprises (MSMEs) are among the cornerstones of the Indonesian economy that managed to survive the world crisis. The development of MSMEs also demands that owners be ready to compete with other MSMEs. This study aims to analyze whether business sustainability is influenced by financial literacy with financial behavior and financial technology as mediators. The research sample includes owners and managers of MSMEs in Indonesia, totaling 342 respondents. Data collection methods used are non-probability sampling techniques by distributing questionnaires. This study uses SEM analysis with PLS analysis tools. It was found that financial literacy does not directly affect business sustainability but affects financial behavior and financial technology. Financial behavior and financial technology are proven to influence business sustainability. Furthermore, financial behavior and financial technology mediate the effect of financial literacy on business sustainability. The results of this study show that financial behavior and financial technology can fully mediate the relationship between financial literacy and business sustainability. Moreover, financial literacy cannot directly affect business sustainability, which must be fully mediated by financial behavior and financial technology. This study also provides practical value regarding the sustainability of MSMEs. Thus, companies can survive in the long term not only with a robust financial literacy foundation but they must be supported by good financial behavior and also be able to choose the right financial technology in their business activities.

This study aims to analyze financial well-being as well as the factors affecting the financial well-being of Vietnamese students. The study surveyed 658 students in Vietnam via email and Facebook groups with suitable survey subjects in the period from May to June, 2021. The study also collected demographic information and the status of independence or financial dependence of students participating in the survey in Vietnam. The study analyzes the direct and indirect effects of six groups of independent factors on the financial well-being of Vietnamese students through the PLS-SEM model. Empirical study results show that three factors, such as Financial Attitude, Financial Behavior, and Financial Self-Efficacy, have a direct impact, while two other factors, Financial Knowledge and Financial Skills, have an indirect impact on financial well-being of students in Vietnam. Although there are some limitations in the representative level of students participating in the survey, sampling methods and the number of respondents in the survey, the study achieved its research objectives. This study provides more empirical evidence and insights to the Ministry of Education and Training and economics universities in designing training programs that equip students with knowledge and skills to achieve financial well-being.

Acknowledgment
The author wishes to acknowledge support from the Banking University of Ho Chi Minh City. The author would like to thank all the lecturers and students for their support in sharing the survey, and the students who completed the survey. This study was made possible thanks to all valuable support from relevant stakeholders.