{"id":21123,"date":"2024-10-06T13:25:50","date_gmt":"2024-10-06T07:55:50","guid":{"rendered":"https:\/\/www.sachdevajk.in\/?p=21123"},"modified":"2024-10-06T13:25:52","modified_gmt":"2024-10-06T07:55:52","slug":"students-budgeting-behaviour-and-financial-management","status":"publish","type":"post","link":"http:\/\/www.sachdevajk.in\/?p=21123","title":{"rendered":"Student\u2019s Budgeting behaviour and Financial Management"},"content":{"rendered":"

Authors:<\/strong> Avani Agarwal<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0Ashwin Dhumal<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0Umang Maheshwari<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Lavisha Nawal<\/p>\n

Introduction:<\/strong> As young adults transition into independence, understanding their approach to money is crucial for their future financial well-being.\u00a0 This survey report explores the budgeting habits and financial management practices of students of ITM Skills University, Kharghar.<\/p>\n

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.<\/p>\n

Objective: <\/strong>To understand the underlying issues of Student\u2019s Budgeting behaviour and Financial Management.<\/p>\n

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Literature review:<\/strong><\/p>\n

JOURNAL 1<\/u><\/strong><\/p>\n

Reference: <\/strong>Ajzen, I. (1991). The Theory of Planned Behaviour. Organizational Behaviour and Human Decision Processes, 50, 179\u2013211.<\/p>\n

Review: <\/strong>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.<\/p>\n

JOURNAL 2<\/u><\/strong><\/p>\n

Reference: <\/strong>2020 IEEE Student Conference on Research and Development (SCOReD), 1-6, 2020<\/p>\n

Review: <\/strong>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.<\/p>\n

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Data collection: <\/strong>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.<\/p>\n

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Data analysis:<\/strong><\/p>\n

For data analysis we have used Descriptive statistics and z-scores. Here are the following results of the analysis.<\/p>\n\n\n\n\n\n\n\n\n
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Q1) I know the importance of following a budget.<\/strong><\/p>\n<\/td>\n

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Q2) I always follow the budget I made for myself.<\/strong><\/p>\n<\/td>\n

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Q3) I try to avoid unnecessary spending.<\/strong><\/p>\n<\/td>\n

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Q4) I use online tools like UPI apps to help me with my money.<\/strong><\/p>\n<\/td>\n

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Q5) I feel stressed regarding managing my money.<\/strong><\/p>\n<\/td>\n<\/tr>\n

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Mean<\/strong><\/p>\n<\/td>\n

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4.09<\/p>\n<\/td>\n

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3.43<\/p>\n<\/td>\n

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3.39<\/p>\n<\/td>\n

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3.88<\/p>\n<\/td>\n

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3.33<\/p>\n<\/td>\n<\/tr>\n

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Standard Deviation<\/strong><\/p>\n<\/td>\n

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1.14<\/p>\n<\/td>\n

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1.22<\/p>\n<\/td>\n

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1.31<\/p>\n<\/td>\n

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1.12<\/p>\n<\/td>\n

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1.25<\/p>\n<\/td>\n<\/tr>\n

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Standard Error<\/strong><\/p>\n<\/td>\n

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0.06<\/p>\n<\/td>\n

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0.06<\/p>\n<\/td>\n

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0.07<\/p>\n<\/td>\n

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0.06<\/p>\n<\/td>\n

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0.06<\/p>\n<\/td>\n<\/tr>\n

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Z<\/strong><\/p>\n<\/td>\n

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19.08<\/p>\n<\/td>\n

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7.11<\/p>\n<\/td>\n

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6.02<\/p>\n<\/td>\n

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15.72<\/p>\n<\/td>\n

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5.35<\/p>\n<\/td>\n<\/tr>\n

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Results<\/strong><\/p>\n<\/td>\n

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Agree<\/p>\n<\/td>\n

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Agree<\/p>\n<\/td>\n

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Agree<\/p>\n<\/td>\n

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Agree<\/p>\n<\/td>\n

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Agree<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Conclusion:<\/strong><\/p>\n

1) Students know the importance of following a budget.<\/p>\n

2) Students also tries to follow the budget they made for themselves.<\/p>\n

3) Avoidance of unnecessary spending is also seen in students.<\/p>\n

4) Using online tools like UPI apps is common among students to help manage their finances.<\/p>\n

5) Students also feel stressed regarding managing their finances.<\/p>\n

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References:<\/strong><\/p>\n