Student financial behavior in higher education: A SEM mediation model of financial knowledge, parental influence, and education exposure

This paper examines the impact of Financial Knowledge (FK), Parental Influence (PI) and exposure to financial education on Financial Behavior (FB) of university students and the role of Financial Self-Efficacy (FSE) in mediating the impact. Recent causal and meta-analytic findings indicate that properly-designed financial education programs can enhance knowledge and downstream behavior, but the mechanism by which the process works, particularly the role of FSE in transforming inputs into action, has not been specified in terms of student populations. Socialization in the family setting and new randomized evidence found in school-based curricula are the basis of a unified model tested with FSE as intermediate. Methodology: a cross-sectional survey of N students was carried out at. FK, PI, exposure to education and FSE, and FB were measured with a set of items that were validated. The quality of measurement was determined through Confirmatory Factor Analysis (CFA) (α, CR, AVE, HTMT). Direct and indirect mediation were estimated using structural equation modelling; mediation was tested using bias-corrected bootstrapping (۵,۰۰۰ resamples). Adequacy of the model was evaluated using ۳ metrics which are ۲/df, cfi, RMSEA and SRMR. (complete items and eligibility criteria are found in methodology). Direct impacts on FB were positive and significant in the case of FK, PI and exposure to education. FSE had a positive relationship on behavior and mediated the effects of each antecedent. The trend aligns with: ۱) meta-analytic data that financial education enhances behaviors, ۲) family-socialization studies that adhered to the observed parental behaviors and FB in early adulthood, and ۳) behavioral results identifying efficacy/confidence as a proximal driver of favorable FB. Findings predate FSE as a process that links instruction, knowledge and family socialization with behavior of students. As practice, schools are recommended to combine curriculum and efficacy-building activities (guided practice, feedback, goal-tracking), parent engagement, and teacher professional development. Recent school-based randomized evidence favors the viability of this type of programmatic design. Recommendations: ۱) incorporate mandatory, sequenced literacy units, ۲) introduce parent-student workshops, based on budgeting and saving, ۳) offer educator toolkits and PD associated with efficacy-building, and ۴) implement behavior dashboards, as a monitoring and customized assistance tool. Cross-sectional, self-report data limit causal inference; replication with longitudinal or multi-site samples is recommended.

کلیدواژه ها:

Financial Literacy ، Innovative Assessments ، Higher education ، digital learning ، financial education ، Technology-enhanced Learning