Purpose The purpose of this paper is to examine the relationships between personal and family backgrounds, academic ability, childhood consumer experience, financial socialization, financial literacy, and perceived financial wellbeing of college students.Designmethodologyapproach Data were collected using a multistage sampling technique from 11 public and private universities across Malaysia and the sample consists of 2,219 college students. Structural equation modelling was utilized to test the hypotheses.Findings Childhood consumer experiences such as savings habits contribute to students financial wellbeing money saved, current financial situation, and financial management skills. Financial socialization agents, for example, through parents and religion sources could increase college students financial wellbeing. Financial literacy was related to financial wellbeing. There were important differences between the Malay and Chinese ethnic groups in Malaysia.Research limitationsimplications Overall, implications and recommendations for future research, teaching, and public policy are also provided for parents, college administrators, counselors and educators.Originalityvalue This research provides meaningful information about how various factors childhood experience, financial socialization, and financial literacy predict students financial wellbeing.
Asian Education and Development Studies – Emerald Publishing
Published: May 25, 2012