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Measuring students' financial literacy and its relationship with their mental and financial well-being

Number of pages: 126 File Format: word File Code: 30641
Year: Not Specified University Degree: Master's degree Category: Management
Tags/Keywords: Financial literacy - financial well-being - life satisfaction - mental well-being - Students
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  • Summary of Measuring students' financial literacy and its relationship with their mental and financial well-being

    Master's Thesis, Faculty of Humanities

    Department of Industrial Management (Finance)

    Abstract:

    Financial literacy includes the set of skills and perceptions necessary to deal with everyday financial issues in the general economy, and the correct application of these skills makes people achieve long-term financial well-being. Today, due to the complexity of financial markets, the development and expansion of the scope of activities of financial institutions and institutions, and their continuous efforts to increase market share, the need to master financial literacy has become more important. Financial literacy is the ability of people to obtain information, analyze and manage their personal financial situation in a way that affects their financial well-being and mental well-being (satisfaction with life). The present research is conducted with the aim of investigating financial literacy and its relationship with the mental and financial well-being of students in Yazd province. The research method of this research is descriptive-correlation. The statistical population includes all students of Yazd province. The statistical sample includes 384 students. The data is collected through a questionnaire and analyzed with SPSS statistical software.

    Key words: financial literacy, financial well-being, mental well-being, life satisfaction, students.

    Introduction

    Nowadays, understanding the concepts and skills related to financial literacy has become necessary because it enables the consumer to survive in modern society and resist the diversity and complexity of existing financial products and services. It can be said that having financial skills has become more important in the last decade, because despite the complex financial markets and intense competition between credit institutions to gain more market share, credit provision has become easier and the ease of access to various loans and other payment methods has led to an increase in payments for consumption and a rapid growth in the debt level of individuals and families. On the other hand, investment is one of the important factors of development in this century, which attracts people's capital and directs them to productive economic sectors through capital markets. Capital markets are complex markets whose basis is based on decision-making, and decision-makers must have good information and have received the necessary training. Thus, according to the current conditions in the country and moving towards privatization; Having financial literacy is an essential basis for preventing and solving financial problems, and in turn, it is vital for living a successful, healthy and happy life. (Bard, 2008)

     

     

     

     

     

     

     

     

    Statement of the problem

    One of the things that can affect people's financial well-being is their financial literacy. Also, increasing financial literacy can be effective in people's income. It is necessary to have a proper financial strategy in managing the organization and personal life, having financial literacy. Financial literacy is the knowledge of the necessary principles and vocabulary of financial issues. Financial literacy is the ability to read, analyze, understand financial options, discuss money and financial issues without problems, plan for the future, react appropriately to events that affect daily financial decisions, and manage financial issues. This ability has an impact on a person's living and working conditions. Having financial literacy or in other words having the conditions, methods, laws, rights, social norms and views necessary to understand and perform these financial tasks can help to foresight in managing monetary issues as well as increasing income and organization (Witt [1] and his colleagues, 2000).

    In the past, the general satisfaction of a person with his financial situation or property has determined his well-being, but in the current situation, with the improvement of people's living standards, the perception of a person on the financial and non-material aspects of the financial situation determines the feeling of financial well-being. Perceptions include satisfaction with income and savings, awareness of other people's situations, the ability to meet needs, a sense of material security and a sense of comfort, a sense of justice and satisfaction with the income distribution system in society determine a person's sense of well-being (Van Praag [2], 2003). Life satisfaction is defined as a global evolution of individual life and is defined as a key aspect of life and mental well-being. Positive life satisfaction is associated with some adaptive outcomes and is viewed as an important outcome and potential facilitator for the development of other positive behaviors and characteristics (Shagren [3], 2006). Financial well-being is a multidimensional construct rather than a unidimensional construct.An important part of financial well-being is satisfaction with various aspects of life. One of these dimensions is a person's financial condition. Over the past 30 years, researchers have tested objective and subjective criteria, which were used to describe the financial conditions of households and individuals. Improving financial well-being results is the result of changes in financial behavior. The mentioned programs should have the ability to show that scientific and financial behaviors lead to the reduction of financial problems and the increase of financial well-being (May[4], 2006).

    According to the aforementioned and the increasing importance of the subject of financial literacy, the present study seeks to measure the financial literacy of students and investigate its social relationship with their financial and mental well-being. He divided: From the practical point of view, financial literacy, financial well-being and mental well-being are factors that affect a person's performance in the work environment. People who have higher financial literacy can make better decisions for their families and enjoy greater welfare and economic security. In general, it can be said that they are less affected by social and psychological pressures.

    In addition to these organizations whose employees have higher financial literacy and are financially well off, they have higher job satisfaction, so it can be said that job satisfaction can affect people's life satisfaction. More job satisfaction has higher productivity and people understand the benefits of their organization better and show more commitment to their organization (Kim, 2007). Against lack of financial literacy; It affects the lives of individuals, their families, friends and business partners due to inappropriate financial decisions, and this has adverse effects on society; As far as it can lead to the reduction of the national wealth and ultimately the reduction of the level of financial well-being in the society (Moinuddin et al., 2019). The effects of financial worry on work and personal life have also been proven in various researches. More financial concern not only reduces the level of life satisfaction; Rather, it threatens a person's performance in the workplace. Financial worry threatens people's depression, self-confidence and ability to manage their personal and work lives. Financial worries reduce productivity, reduce the quality, quantity and efficiency of the individual in the work environment and increase absenteeism, delay and lack of focus on work.

    In discussing the necessity of learning financial literacy for students; Also, the results of the studies show that students who pay a minimum amount to cover tuition fees and they receive from their parents, compared to students who are financially independent, they fail more often or are placed on probation in their academic semesters, and they generally have a lower GPA (Moinuddin et al., 2019). Based on this, the current research intends to measure the level of financial literacy and investigate its relationship with the mental well-being and financial well-being of students. Research objectives: Investigating the level of financial literacy of students in Yazd province. Investigating the level of mental well-being of students in Yazd province. Research

    Every scientific research is done in order to answer some questions to accept or reject hypotheses. The following hypotheses related to the research can be mentioned:

    Students of Yazd province are financially literate.

    Financial literacy affects the mental well-being of Yazd province students.

    Financial literacy affects the financial well-being of Yazd province students.

    Students' demographic variables affect their financial literacy.

    1-6- Research method

    In terms of purpose, research can be classified into basic research, applied research, and action research (Sharifi and Sharifi, 2013). The present research method is practical in that its expected results were used in the process of improving students' insight in the field of financial well-being, financial literacy, and mental well-being.

    In research where a variable is a function of several variables that jointly affect it, the correlation research method is considered the best method. (Sharifi, Sharifi, 1383). Based on this, the current research method is correlational. Also, the current research is a descriptive-survey research in terms of its execution method. Because in addition to describing and explaining the current situation comprehensively, questionnaire tools are used in data collection.

  • Contents & References of Measuring students' financial literacy and its relationship with their mental and financial well-being

    List:

    Table of Contents

    Title

    Chapter One: General research

    Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

    Statement of the problem. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. The necessity of conducting research. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. Research objectives. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. Research hypotheses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. Research method. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

       Data analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

      Methods and tools of information gathering. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. Research field. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

    10 operational definition of words. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . 8.

    The second chapter: Theoretical foundations and research background

    2-1 Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12. 2-2 Definition of financial literacy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13

    2-3 History of financial literacy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

    2-4 The importance of financial literacy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.

    2-5 Some factors affecting financial literacy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

    2-6 concept of welfare and its areas. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . . . . . . . . . . . . . . . . . . . .19

    2-6-1 Financial well-being. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  20

    2-6-2 mental well-being. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23

    2-6-2-1 Happiness. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . . . . . . . . 23

    2-6-2-2 Quality of life and related research. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

    2-6-2-3 life satisfaction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . . 25

    2-6-2-4 environmental satisfaction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  25

    2-7 research background. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

    2-7-1 Internal studies.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . . . . 26

    2-7-2 Foreign studies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . . 29.

    Chapter Three: Research Method

    3-1 Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

    3-2 research method. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37. 3-3 research assumptions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

    3-3-1 Main assumptions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

    3-3-2 Sub-hypotheses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

    3-4 scope of research. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39. 3-5 data collection method. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

    3-6 validity and reliability of the questionnaire. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . . . . . 40

    3-6-1 Reliability (reliability) of the questionnaire. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

    3-6-2 Validity (reliability) of the questionnaire. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41

    3-7 Statistical population and statistical sample. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41

    3-8 desired methods for data analysis and hypothesis testing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42

    3-8-1 Pearson correlation coefficient test. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43

    3-8-2 Comparison test of the averages of two statistical populations. . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . . . . . . . . . . 44

    3-8-3 Analysis of Variance (ANOVA). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . . . . . . . . 46

    Chapter Four: Data Analysis

    4-1 Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

    4-2 Descriptive statistics of the respondents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49.

    4-3 Tests and analyzes related to research hypotheses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

    Chapter Five: Conclusions and Suggestions

    5-1 Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73

    5-2 Summary of the research. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74

    5-3 Research results. . . . . . . . . . . . . . . . . .  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75

    5-4 research limitations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78

    5-5 suggestions based on the results of this research. . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . .

Measuring students' financial literacy and its relationship with their mental and financial well-being
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