Proceedings of 32nd International Business Research Conference
23 - 25 November, 2015, Rendezvous Hotel, Melbourne, Australia, ISBN: 978-1-922069-89-4
Personal Money Management of Finance Students
Barbora Chmelíková*
Personal finance management is an inseparable part of financial capability, which is in the
focus of the global research. The capability of the university students to manage money,
especially those majoring in finance related fields and who may have future careers in this
sector, is crucial to their ability to guide others in how to manage their finances. Therefore the
aim of this paper is to analyze the personal finance, money management, budgeting, and
financial attitudes of finance students. Moreover, the study includes comparison with an adult
population. The study was conducted at Masaryk University in the Czech Republic in 2015.
The OECD methodology and questionnaire, together with national standardized questions
were used to address the research objective. The results indicate that the personal finance
management of university students majoring in finance related fields needs to be enhanced,
in particular their budgeting skills and financial attitudes.
JEL Codes: A22, A23, D03, D14, D31, I23
1. Introduction
Personal money management is one of the core parts of financial literacy. It can be seen
as the ability to effectively manage personal finance in order to maximize current available
financial means after paying all living costs, as well as making financial funds available in
the future. According to Finke and Huston (2014) financial literacy is “a form of human
capital that is specific to knowledge and skills regarding personal finances”. Financial
literacy is a global topic, which involves not only academics and researchers, but also
government agencies and international institutions such as OECD (2012) and World Bank
(Perotti et al., 2013).
2. Literature Review
The OECD began to address the topic of financial literacy more than ten years ago. In
2003 the project expanding international coordination in the field of financial education
commenced. In 2005 the OECD presented recommendations on principles and best
practices for financial education. In 2006 the importance of financial education to provide
skills needed for citizens as a key element of financial and economic stability was
recognized (OECD, 2014). The OECD definition of financial literacy is dated to 2005 in the
publication “Improving Financial Literacy” (OECD, 2005). In 2008 the International
Network on Financial Education (INFE) was created as an information platform for
gathering and analysing data regarding financial literacy and education (OECD/INFE,
2012). Moreover, the OECD focused on developing a questionnaire measuring financial
literacy (Kempson, 2009); implementing measuring of financial literacy of adult population
internationally which is compared among participating (Atkinson and Messy, 2012); and
international comparison among high school students (OECD, 2013b).
Also, financial capability concerns the World Bank which is developing tools to measure
financial literacy not only on national level, but also focused on specific populations
groups, and on low and middle-income countries. The work of the World Bank includes
justifying, rationale and methodology of measuring financial capability (Kempson, Perotti
and Scott, 2013a), questionnaire and guidelines of measuring financial capability
(Kempson, Perotti and Scott, 2013b), conceptual model, project monitoring with final
impact evaluation (World Bank, 2013a).
_______________________________________________________
*Barbora Chmelíková, Department of Finance, Faculty of Economics and Administration, Masaryk University,
Czech Republic. Email: barbora.chmelikova@gmail.com
Proceedings of 32nd International Business Research Conference
23 - 25 November, 2015, Rendezvous Hotel, Melbourne, Australia, ISBN: 978-1-922069-89-4
The importance of financial literacy is demonstrated by the extensive research it received.
In today’s world the higher requirements are imposed on individuals in the society, when
they are required to take an increased degree of responsibility for different types of
financial risks. Individuals who have relevant financial knowledge, make sound financial
decisions, and effectively interact with providers of financial services, could therefore more
likely achieve their financial goals and improve their standard of living. Also, they are able
to hedge against financial risks and other potential negative influences, and to foster the
economic growth. Nowadays it is not enough to rely on customer protection, which
according to the World Bank (2013b) should act as a complement to financial capability.
Consumer protection is in place in case consumers lack the necessary knowledge and
skills to protect themselves against the risk arising from the interaction with more informed
providers of financial products and services.
The increase in the level of financial knowledge and reasonable behaviour might solve
some problems a country might face. Financial knowledge and skills can help consumers
bear more financial responsibility, reach higher revenues resulting from participation in the
financial markets, or deal with the problem of the non-availability of qualified financial
advice. Relevant financial knowledge may prevent high indebtedness of households, low
level of household savings, inability to use more complex financial products, increasing
numbers of financial frauds against consumers (O’Connell, 2009). In the literature we can
find that the more financially literate the society is, the more money the citizens in the
country save. Furthermore, the financial literacy of the population contributes to the
stability of the financial system (Luksander et al., 2014). The currency of the topic is
declared by the increasing number of countries implementing a national strategy for
financial education. Around twenty three countries have already developed their national
strategy to address the need for financial literacy of its citizens (OECD, 2013a).
The focus of this paper is on university students. This target group was selected for its
potential impact on the society, particularly students majoring in finance related fields who
will operate in the finance sector and may have future careers in advising on the personal
finance of other people. Students in many countries have to pay tuition for their higher
education and therefore are burdened with debt, they have to manage. Given their
circumstances, students need to learn spend moderately and use proper financial
planning of their personal finances from the outset of their studies. For instance, Cull and
Whitton (2011) reported that first-year students were more aware of their amount of debt
than more senior students. However, the students from sample of the study in this paper
do not have to take out loans in order to obtain university education.
Nowadays, the youth have to deal with more complex financial products and more
sophisticated financial markets than their parents had at the same age. Therefore their
financial decisions are now crucial for their future financial security. Many papers focusing
on university students have been published.
Cull and Whitton (2011) investigated the personal finance knowledge of university
students in Australia and concluded a low level of personal finance knowledge among
their target group. They found that students of business faculty do not automatically score
better than students from other faculty. Shambare and Rugimbana (2012) report on the
level of financial literacy and knowledge of some of the basic financial principles such as
division, simple and compound interest (Lusardi and Mitchell, 2011) which have been
examined among students educated at a university in Pretoria, South Africa. The financial
literacy level according to their findings ranged from moderate to a high level. The survey
performed in Turkey explored the financial literacy level in concordance with OECD
methodology among students of the economics and administration who obtained high
financial literacy level in this survey (Özdemir et al., 2015).
Proceedings of 32nd International Business Research Conference
23 - 25 November, 2015, Rendezvous Hotel, Melbourne, Australia, ISBN: 978-1-922069-89-4
In the Czech Republic the financial knowledge in different areas such as personal
budgeting, numerical literacy, price literacy, payment methods, how to search for relevant
information, breach of a contract and its consequences, indebtedness, right and obligation
of consumers in the financial markets were assessed among business students and also
compared with law students showing that the business students do not score significantly
better than law students. The results indicate the need for further improvement of personal
finance knowledge (Chmelíková and Svoboda, 2015).
Luksander et al. (2014) conducted an analysis dealing with financial literacy and its
influence on university students in Hungary. In order to establish the level of financial
literacy, the Financial Knowledge Index (FKI) was established. On average the students
were able to mark the correct answer to more than half of the questions. The results
showed that some demographic factors influenced financial knowledge, in particular age,
gender or family background.
Xiao et.al (2014) tested whether possessing financial knowledge could reduce risky paying
behaviour consisting of not paying bills on time, not paying credit cards in full, not paying
credit card bills on time, and risky borrowing behavior including credit cards, or payday
loans. The analysis showed that financial knowledge affects financial paying and
borrowing behavior. The results also suggested that men were more inclined to risky
behavior than women. Consistent finding were also concluded in the study from Brazil
where the results suggest that financial knowledge has positive effect on credit card
behavior, and that students are less likely inclined to risky behavior when they have the
accurate information (Mendes-Da-Silva, Nakamura and de Moraes, 2012).
An inclination to risk was tested among Hungarian students. Huzdik, Béres and Németh
(2014) analysed risk appetite of students in relation to their real and self-assessed
financial knowledge indicating that knowledge is not such a significant factor in
determining whether the students are risk averse or not. Of students, 77% reported
avoiding risk which might have implications for a reluctance toward high-return investment
and entrepreneurial possibilities.
Arizona Pathways to Life Success for University Students (APLUS) study mapping the
financial attitudes and behavior of students provides valuable insights into the shifting
behavior patterns through university and after graduation. Students participating in the
study cut their costs, covering their needs in the case of emergency, obtaining high scores
for behavior regarding cash management and low scores for behavior regarding saving.
The majority of students were at least once involved in risky financial behaviour (Shim,
Serido and Xiao, 2009). One of the conclusions is that 91% of the students valued
financial independency as the most important goal. Furthermore, the responsible financial
behavior at an early age might lead to being financially independent earlier than poor
financial behaviour (Serido and Shim, 2014).
3. Methodology and Data
In relation with the target group – university students of finance related fields – we would
assume that they will be organized with their personal finances, they would budget, plan
their finances in advance and behave rationally regarding their finances. Therefore the
examined hypothesis due to the limitation to the scope of the study is whether university
students of finance related fields (a) are organised with their personal finances (monitor
expenses), (b) do budget, (c) plan more than a year in advance, (d) set financial goals, (e)
pay bills on time.
Proceedings of 32nd International Business Research Conference
23 - 25 November, 2015, Rendezvous Hotel, Melbourne, Australia, ISBN: 978-1-922069-89-4
In order to test our hypothesis, the quantitative analysis was selected as suitable
approach. Due to the categorical data characteristics the analysis of data used descriptive
statistical methods. An empirical study was conducted through an online questionnaire of
100 questions. The survey incorporated the methodology of the OECD as well as the core
questions testing financial literacy, behaviour and attitudes (OECD, 2015). In addition, the
national standardised questions from the financial literacy survey in Czech Republic were
also included into the survey.
The questionnaire was conducted at Masaryk University in the Czech Republic at the
Faculty of Economics and Administration among students of finance related fields. For
comparison, the results of the study were put in context with data from the Financial
Literacy Survey of Czech adult population (Stemmark, 2010). The structure of the
questionnaire was organized into categories comprising budgeting, budget methods and
time horizon, daily financial management, personal finance, expenditure, awareness of
personal financial situation, covering living costs, financial behaviour patterns, financial
planning, attitudes towards finance, setting financial goals and possible approaches for
how to achieve them, financial confidence in retirement, attitudes towards risk, liquidity
and return, and demographics. The profile of respondents was the following: the gender
ratio of men (36%) and women (64%), where the larger part represented women. The age
of participating students ranged from 19-years-old to 27-years old, with the median age
being 22 years. The respondents regarding included both undergraduate and
postgraduate students.
4. The Findings
The findings of the empirical study were divided into several subheadings for the purpose
of transparent interpretation of the collected data. The following section includes
subsections such as budgeting, planning, retirement, attitudes towards finance,
preferences towards risk, liquidity and return. In order to make the findings clear each
subsection consists of tables visualizing the data.
4.1. Budgeting
According to the results (see Table 1), budgeting is not a strength of the students.
Although the respondents are university students studying at the Faculty of Economics
and Administration, more than 60% of the respondents do not use a budget. The other
40% of students do the budget. This number can be put in the comparison with 45% of the
adult population in the Czech Republic who do the budget (Stemmark, 2010). The reason
given by students why they do not budget was that they find budgeting not useful (40%),
they do not have time for it (23%), and other reasons (34%). The students, who do
budget, 12 % of them do not monitor whether or not their actual expenses comply with
their planned budget. The question whether students regularly register their expenses,
29% answered positively and 71% responded that they do not regularly note their incurred
costs. In regards to the methods of monitoring actual expenses the students do it
electronically (40%), in paper (13%), or visualize it mentally (41%). Almost all of the
respondents are aware of what amount of money they have at the moment. Besides, the
majority of students (71%) would be able to pay their expenses in the size of their monthly
income without borrowing. Whereas two thirds of adult population do not always pay their
bills on time, almost all students (95%) pay their bills on time.
Proceedings of 32nd International Business Research Conference
23 - 25 November, 2015, Rendezvous Hotel, Melbourne, Australia, ISBN: 978-1-922069-89-4
Table 1: Budgeting and planning
Students of
finance
Doing a budget
Stick to budget (those doing a budget)
Regularly monitor expenses
Know how much money they have available
Able to pay now the expenditure in the size
of monthly income
Pay bills on time
Save a part of income
Set financial goals
Have thought about the retirement
Adults
Yes
No
Yes
40
88
29
99
60
12
71
1
45
95
92
71
29
-
95
53
71
69
5
47
29
31
65
60
63
59
Data are based on author’s calculations compared with data from (Stemmark, 2010).
Numbers shown in the table are in percentage (%), No available data marked as -
4.2. Planning
Concerning the long-term planning, the data in Table 2 provides indications that the
students are not much forward looking to their future. Only 37% of them plan one month in
advance, 22% several months in advance, 10% one week in advance, and small minority
(3%) plan expenses one year or more in advance. Yet in the relation to the adult
population students plan more (See Table 2).
Table 2 – Planning the expenses
Students of
The expenses are planned:
finance
Several days in advance.
4
One week in advance.
10
One month in advance.
37
Several months in advance.
22
Year or more in advance.
3
Other
24
Adults
3
4
20
7
2
64
Data are based on author’s calculations compared with data from (Stemmark, 2010).
Numbers shown in the table are in percentage (%)
The data shows 53% of the students regularly put aside a part of their income as a
financial buffer as opposed to 47% who do not (see Table 1).The ability to cover living
costs after losing their job without needing to move or borrow is demonstrated in Table 3
where is shown that 37% of the students would survive more than one month after the
loss of income, 17% more than three months, and 18% more than six months. Whereas
all together seven out of ten students would endure loss of income more than a month, in
the case of adults it would be six out of ten adults could sustain the loss of income more
than a month.
Proceedings of 32nd International Business Research Conference
23 - 25 November, 2015, Rendezvous Hotel, Melbourne, Australia, ISBN: 978-1-922069-89-4
Table 3 – Coverage of living costs
Able to cover living costs after
Students of
the loss of income
finance
Less than a week
6
Week to one month
4
One month to three months
37
Three months to six months
17
Half year and more
18
Don’t know
18
Adults
4
10
20
20
23
15
Data are based on author’s calculations compared with data from (Stemmark, 2010).
Numbers shown in the table are in percentage (%)
In regards to long-term planning, more than 70% of the respondents have set financial
goals they would like to achieve. The students were asked to name their most important
financial goal. The answers were structured into categories: housing, travel, vehicle,
electronics, paying off debts, savings and investments, financial independence, financial
stability and balanced budget during the studies. Table 4 presents the detailed structure of
important goals.
Table 4 – Important goal
Students of
finance
Housing
19
Travel
18
Own vehicle (car or motorbike)
12
Electronics (notebook)
3
Paying off debts
3
Savings and investments
17
Financial independence
8
Financial stability during studies
8
None
14
Data are based on author’s calculations.
Numbers shown in the table are in percentage (%)
The most frequently named categories were housing: 19% of students would like to buy a
house or a flat, while 18% wish to have enough money to travel, 12% desire to buy a car,
17% would like to save more or invest in the future, and 8% of the students wish to be
financially independent or have financial stability and a secure income. In order to reach
their financial goals the students in majority of cases save money, look for employment or
reduce spending.
4.3. Retirement
The major part of students (69%) have already thought about their retirement, while the
remaining 31% of students have not considered the financial aspect of retirement yet. In
the Table 5 the level of confidence students have toward their current financial planning
for retirement is rather high. Particularly, 10% of respondents are absolutely sure that they
will have enough financial means which will cover their needs in retirement, 54% are
rather confident about their retirement coverage, 27% are not quite that they will have
sufficient funds in the retirement, and 9% are absolutely not sure if they will have enough
financial means to cover their needs in retirement.
Proceedings of 32nd International Business Research Conference
23 - 25 November, 2015, Rendezvous Hotel, Melbourne, Australia, ISBN: 978-1-922069-89-4
Table 5 - Confidence about retirement coverage
Students of
Adults
finance
Absolutely confident
10
10
Confident
54
34
Not confident
27
17
Absolutely not confident
9
14
Don’t know
21
N/A
4
Data are based on author’s calculations compared with data from (Stemmark, 2010).
Numbers shown in the table are in percentage (%)
In comparison with adult population (see Table 5) students are more confident (64%) than
adults (44%) that their financial planning will provide enough funds to cover necessary
expenses in their retirement.
4.4. Attitudes towards Finance
The students were asked to respond to self-assessment questions testing their financial
behaviour patterns and attitudes. In the majority of cases the students claimed that they
pay bills on time (95%) and that before they buy something they carefully consider the
purchase (91%). They also report that they carefully watch their personal finances (87%).
Almost all participating students (97%) stated that they have their financial affairs under
control (see Table 6). To put the numbers in context with the questions in the survey
regarding the real state of their personal finances, 40% of respondents stated they do a
budget and 29% regularly monitor their expenses.
Table 6 - Financial attitudes and behavior
Students of
finance
Have personal finances under control
Feel limited by financial situation
Too much debt
Worry about paying living expenses
Satisfied with their current financial situation
Yes
No
97
28
0
14
50
3
72
100
86
50
Data are based on author’s calculations.
Numbers shown in the table are in percentage (%)
Although, nearly one third of the students feels their financial situation limits their ability to
do the things that are important to them, 95% have sufficient financial means to avoid
borrowing money in order to finance their living costs until their next pay. Nonr of the
participating students reflected they had too much debt. On the other hand, 14% of them
tend to worry about being able to pay their usual living expenses. The ratio of students
who are satisfied with their current financial situation and students who are not is 50:50.
The financial attitudes of participating students tented to belong-term rather than shortterm as 68% of the students stated they think more about the future. Furthermore, 55% of
participants prefer long-term saving, opposed to 45% of students who prefer spending
their income. However, 61% of the students think that money is there to be spent.
Proceedings of 32nd International Business Research Conference
23 - 25 November, 2015, Rendezvous Hotel, Melbourne, Australia, ISBN: 978-1-922069-89-4
4.5. Preferences towards Risk, Liquidity and Return
The students who participated in the study were asked to express their attitudes regarding
risk, return, and liquidity when investing their money. Overall results indicate that student
are not completely determined in regards to their preferences, but they are inclined to the
average values in expressing their preferences.
A more subtle division of student preferences can be seen in Table 7 where the answers
to the questions of whether the most important factor while saving or investing is liquidity,
return, or risk are categorized into a four degree scale which ranges from definitely yes to
definitely no.
Graph 1 – Preferences toward Liquidity, Return And Risk
Source: author’s calculations in SPSS.
In terms of liquidity preferences, more than half of the students perceived the choice of
having invested resources available at any time as important. In detail, 46% of them think
that liquidity would be important when considering the offers of financial product, 8% see it
as very important, 41% as rather unimportant, and for 5% of students think the liquidity is
not an important factor at all.
Return seemed to be more significant factor. Of students, 84% (aggregate number of
students who prefer return) would base their decision on the yield of the given financial
product which is offered to them. In particular, 69% of the respondents answered “rather
yes” to the question whether the return would be the most important factor when saving or
investing, with 15% responding ”definitely yes”, 14% “rather no”, and 1% would definitely
not consider the return as the most important.
Two thirds of students are not afraid of risking their financial means, in fact they are
prepared to risk some of their money in order to invest it. On the other hand, one third of
the students are risk averse. In particular, 34% of students prefer to have confidence that
they will not lose their money and therefore select financial products which are less risky
or not risky. However, 51% of the participants choose rather a risky option, and 14%
would not mind investing into risky financial instrument.
The comparison with adult population from the available data showed the difference in
preferences. While the students are prepared to risk, more than four fifths of adults are
rather risk averse and prefer the safe type of financial products. For more than seven out
of ten adults liquidity is important. This positive attitude of adults who are rather
conservative and like to have their money available is not consistent with the student
attitude towards liquidity. Slightly half of the adult population thinks return from the
investment is a significant factor contributing to their financial decision-making.
Proceedings of 32nd International Business Research Conference
23 - 25 November, 2015, Rendezvous Hotel, Melbourne, Australia, ISBN: 978-1-922069-89-4
5. Summary and Conclusions
The answer to the set hypothesis is that (a) 29% university students in finance related
fields participating in the study organised their personal finances (monitor expenses), (b)
40 % do a budget, (c) 3% plan more than year in advance, (d) 71% set financial goals,
and (e) 95% pay bills on time.
The results of the study showed that students plan mainly one month in advance which
can be influenced by the fact that they do not have a stable income yet. Despite this
factor, they still should have, as the finance students, been able to plan their finances well
in advance regardless of their income. Another finding arising from the data analysis is
that the students are more confident about financing their retirement than adult population
which in the case of careful long-term financial planning might be positive sign, however,
the results still indicates students have some gaps in this area.
In the self-assessment questions the students showed that they overestimate how
carefully they watch and take care of their personal finances, though their actual acts and
deeds are in contrast to that. The combination of questions asking about their real
behaviour, along with the self-assessment questions showed that the answers are not are
not always in accordance. The students often overestimate their sound financial budgeting
and planning which might have implications for their future.
In terms of risk, return or liquidity preferences, the most important factor for students
would be return, in other words how much they are going to earn by saving or investing
their money. The second factor would be the risk attached to the financial products, and
the least significant factor contributing to the decision-making would be liquidity of money
invested.
In conclusion, even students majoring in finance related fields should not only be
educated how to manage somebody else’s finances, but also should be equipped with
relevant tools for their own personal money management and long-term planning in order
to reach their financial goals and to secure their future. This suggestion could be
implemented by including the topic of personal money management or seminars on such
topics into the university educational programmes.
Acknowledgment
Author would like to acknowledge the support of Masaryk University within the project
MUNI/A/1127/2014.
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