Authors: Avani Agarwal
Ashwin Dhumal
Umang Maheshwari
Lavisha Nawal
Introduction: As young adults transition into independence, understanding their approach to money is crucial for their future financial well-being. This survey report explores the budgeting habits and financial management practices of students of ITM Skills University, Kharghar.
This research aims to explore the factors influencing students’ financial decision-making, their attitudes towards budgeting, and their overall financial knowledge and skills. The ability to effectively manage personal finances is a crucial life skill that students need to develop during their college years.
Objective: To understand the underlying issues of Student’s Budgeting behaviour and Financial Management.
Literature review:
JOURNAL 1
Reference: Ajzen, I. (1991). The Theory of Planned Behaviour. Organizational Behaviour and Human Decision Processes, 50, 179–211.
Review: This study effectively explores the influence of financial literacy, lifestyle, and parental income on student financial management behaviour, using a quantitative approach. While financial literacy positively impacts behaviour, the findings suggest lifestyle and parental income do not significantly contribute to students’ financial management at STMIK AKBA.
JOURNAL 2
Reference: 2020 IEEE Student Conference on Research and Development (SCOReD), 1-6, 2020
Review: This study shows that students properly manage their time and expenses with the help of StuLogger, a multipurpose tool. A calendar, notes, and reminders are also provided for improved organization, and users may track income and expenses across multiple categories.
Data collection: To understand underlying issue, we framed following 5 questions on Likert Scale and students of ITM Skills University were surveyed and the data was coded as 1 for strongly disagree and 5 for strongly agree, as well as for each question Mean, Standard deviation, Standard error and Z- scores were calculated.
Data analysis:
For data analysis we have used Descriptive statistics and z-scores. Here are the following results of the analysis.
|
|
Q1) I know the importance of following a budget. |
Q2) I always follow the budget I made for myself. |
Q3) I try to avoid unnecessary spending. |
Q4) I use online tools like UPI apps to help me with my money. |
Q5) I feel stressed regarding managing my money. |
|
Mean |
4.09 |
3.43 |
3.39 |
3.88 |
3.33 |
|
Standard Deviation |
1.14 |
1.22 |
1.31 |
1.12 |
1.25 |
|
Standard Error |
0.06 |
0.06 |
0.07 |
0.06 |
0.06 |
|
Z |
19.08 |
7.11 |
6.02 |
15.72 |
5.35 |
|
Results |
Agree |
Agree |
Agree |
Agree |
Agree |
Conclusion:
1) Students know the importance of following a budget.
2) Students also tries to follow the budget they made for themselves.
3) Avoidance of unnecessary spending is also seen in students.
4) Using online tools like UPI apps is common among students to help manage their finances.
5) Students also feel stressed regarding managing their finances.
References:
- Ajzen, I. (1991). The Theory of Planned Behavior. Organizational Behavior and Human Decision Processes, 50, 179–211.
2020 IEEE Student Conference on Research and Development (SCOReD), 1-6, 2020.