Financial well-being of Vietnamese students

  • Received November 14, 2021;
    Accepted December 13, 2021;
    Published December 14, 2021
  • Author(s)
  • DOI
    http://dx.doi.org/10.21511/imfi.18(4).2021.29
  • Article Info
    Volume 18 2021, Issue #4, pp. 355-365
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Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License

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.

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    • Figure 1. Proposed model of factors affecting financial well-being of Vietnamese students
    • Figure 2. Research model
    • Figure 3. The first PLS-SEM algorithm analysis results
    • Figure 4. Final model
    • Table 1. Descriptive statistics of demographic variables
    • Table 2. Mean, standard deviation, kurtosis and skewness
    • Table 3. The result of PLS-SEM algorithm analysis
    • Table 4. The result of the second PLS-SEM algorithm analysis
    • Table 5. Results of the direct effects
    • Table 6. Results of the indirect effects
    • Conceptualization
      Nguyen Minh Sang
    • Data curation
      Nguyen Minh Sang
    • Formal Analysis
      Nguyen Minh Sang
    • Methodology
      Nguyen Minh Sang
    • Visualization
      Nguyen Minh Sang
    • Writing – original draft
      Nguyen Minh Sang
    • Writing – review & editing
      Nguyen Minh Sang