Financial Literacy in Family and Economic Behavior of University Students: A Systematic Literature Review
Article Sidebar
Main Article Content
Abstract
Technological advancement has impacted various sectors, forcing university students to face numerous challenges and opportunities. Understanding economic behavior will avoid students from debt traps and possibly enhance financial and overall well-being in students . This study aimed to conduct a systematic literature review on the relationship between financial family literacy and the economic behavior of students. To perform the systematic review, this research followed the guidelines of preferred reporting items for systematic reviews and meta-analyses (PRISMA) to reach a deeper understanding. This study formulated four research questions regarding the family financial literacy and economic behavior among university students. The results indicated that the family financial literacy can be developed through various aspects : socialization, habituation, exemplary, and discussion, while economic behavior is formed into three: consumption, entrepreneurship, and finance. The findings also confirmed that family financial literacy can drive students’ economic behavior. The results also noted that the government and educational policy supports are required to deal with changes in students’ economic behavior by implementing a particular program at the formal and informal education levels.
Downloads
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
References
Abbasi, A. Z., Ting, D. H., Hlavacs, H., Fayyaz, M. S., & Wilson, B. (2019, July). Playful-consumption experience and consumer videogame engagement in the lens of SR model: an empirical study. In International Conference on Human-Computer Interaction (pp. 85-104). Springer, Cham.
Afridi, F. E. A., Jan, S., Ayaz, B., & Irfan, M. (2021). The impact of Covid-19 on E-business practices and consumer buying behavior in a developing country. Amazonia Investiga, 10(38), 97-112.
Ali, W. (2020). Online and remote learning in higher education institutes: A necessity in light of COVID-19 pandemic. Higher education studies, 10(3), 16-25.
Anwar, R. K., Khadijah, U. L. S., Sjoraida, D. F., & Rahman, M. T. (2020). The impact of using instagram social media on student consumptive behavior. Record and Library Journal, 6(1), 80-88.
Apolsky, R. M. (2017). Behave: The biology of humans at our best and worst. Penguin Books.
Chae, B. K. (2022). Mapping the Evolution of Digital Business Research: A Bibliometric Review. Sustainability, 14(12), 6990.
Erwinsyah, E. (2022). Environmental knowledge, attitudes, and practices for behavior change of university students: the case of Indonesia. Journal of STEAM Education, 5(2), 177-188.
Fitri, N., Herawan, E., & Febianti, Y. N. (2022). The Effects of Consumer Behavior and Digital Literacy on Consumption Patterns in Students. Jurnal Inovasi Pendidikan Ekonomi (JIPE), 12(1), 85-93.
Gilenko, E., & Chernova, A. (2021). Saving behavior and financial literacy of Russian high school students: An application of a copula-based bivariate probit-regression approach. Children and Youth Services Review, 127, 106122.
Goodwin, N., Harris, J. M., Nelson, J. A., Roach, B., & Torras, M. (2019). Principles of economics in context. Routledge.
Hammer, M., Scheiter, K., & Stürmer, K. (2021). New technology, new role of parents: How parents' beliefs and behavior affect students’ digital media self-efficacy. Computers in Human Behavior, 116, 106642.
Handayati, P., Wulandari, D., Soetjipto, B. E., Wibowo, A., & Narmaditya, B. S. (2020). Does entrepreneurship education promote vocational students’ entrepreneurial mindset?. Heliyon, 6(11), e05426.
Jaikumar, S., & Sharma, Y. (2021). Consuming beyond means: debt trap of conspicuous consumption in an emerging economy. Journal of Marketing Theory and Practice, 29(2), 233-249.
Johan, I., Rowlingson, K., & Appleyard, L. (2021). The effect of personal finance education on the financial knowledge, attitudes and behaviour of university students in Indonesia. Journal of Family and Economic Issues, 42(2), 351-367.
Kamela, A. M., & Sahid, S. (2021). Financial Literacy and Financial Behaviour of University Students in Malaysia. Turkish Online Journal of Qualitative Inquiry, 12(9), 1208-1220.
Kusumojanto, D. D., Wibowo, A., Kustiandi, J., & Narmaditya, B. S. (2021). Do entrepreneurship education and environment promote students’ entrepreneurial intention? the role of entrepreneurial attitude. Cogent Education, 8(1), 1948660.
Lee, Y., Cortes, A. F., & Joo, M. (2021). Entrepreneurship education and founding passion: the moderating role of entrepreneurial family background. Frontiers in Psychology, 12.
Liu, L., & Zhang, H. (2021). Financial literacy, self-efficacy and risky credit behavior among college students: Evidence from online consumer credit. Journal of Behavioral and Experimental Finance, 32, 100569.
Lu, G., Song, Y., & Pan, B. (2021). How university entrepreneurship support affects college students’ entrepreneurial intentions: an empirical analysis from China. Sustainability, 13(6), 3224.
Lyn, S. H. M., & Sahid, S. (2021). Economic Literacy and Its Effects on Students’ Financial Behavior at Malaysian Public University. Sciences, 11(8), 736-750.
Machová, R., Ambrus, R., Zsigmond, T., & Bakó, F. (2022). The Impact of Green Marketing on Consumer Behavior in the Market of Palm Oil Products. Sustainability, 14(3), 1364.
Mahfud, I., Arifin, M. Z., & Ulpah, M. (2022). Covid 19 pandemic on the growth of the entrepreneurship society in Indonesian community. Priviet Social Sciences Journal, 2(1), 30-34.
Mankiw, N. G. (2020). Principles of economics. Cengage Learning.
Mawardi, M. K., & Sahputri, S. A. M. (2022). Do Entrepreneurship Education and Family Entrepreneurial Orientation Are Matter for Student’s Entrepreneurial Intention. Jurnal Aplikasi Manajemen, 20(2).
Otache, I. (2019). Enhancing the effectiveness of entrepreneurship education: the role of entrepreneurial lecturers. Education+ Training.
Page, M.J.; McKenzie, J.E.; Bossuyt, P.M.; Boutron, I.; Hoffmann, T.C.; Mulrow, C.D.; Shamseer, L.; Tetzlaff, J.M.; Akl, E.A.; Brennan, S.E.; et al. The PRISMA 2020 Statement: An Updated Guideline for Reporting Systematic Reviews. BMJ 2021, 372, n160.
Patma, T. S., Wardana, L. W., Wibowo, A., & Narmaditya, B. S. (2020). The shifting of business activities during the COVID-19 pandemic: does social media marketing matter?. The Journal of Asian Finance, Economics and Business, 7(12), 283-292.
Patma, T. S., Wardana, L. W., Wibowo, A., Narmaditya, B. S., & Akbarina, F. (2021). The impact of social media marketing for Indonesian SMEs sustainability: Lesson from Covid-19 pandemic. Cogent Business & Management, 8(1), 1953679.
Pimdee, P. (2020). Antecedents of Thai student teacher sustainable consumption behavior. Heliyon, 6(8), e04676.
Putra, S. A. A., Pratikto, H., & Winarno, A. (2021). Combination Of Character Change And Utilization Of Social Media As A New Strategy To Maintain SMEs Resilience During The Covid-19 Pandemic. Journal of Business and Management Review, 2(11), 760-771.
Ramos-Morcillo, A. J., Leal-Costa, C., Moral-García, J. E., & Ruzafa-Martínez, M. (2020). Experiences of nursing students during the abrupt change from face-to-face to e-learning education during the first month of confinement due to COVID-19 in Spain. International journal of environmental research and public health, 17(15), 5519.
Saari, U. A., Damberg, S., Frömbling, L., & Ringle, C. M. (2021). Sustainable consumption behavior of Europeans: The influence of environmental knowledge and risk perception on environmental concern and behavioral intention. Ecological Economics, 189, 107155.
Santos, D. B., Mendes-Da-Silva, W., Norvilitis, J. M., Protin, P., & Onusic, L. (2022). Parents Influence Responsible Credit Use in Young Adults: Empirical Evidence from the United States, France, and Brazil. Journal of family and economic issues, 43(2), 368-383.
Saptono, A., Wibowo, A., Narmaditya, B. S., Karyaningsih, R. P. D., & Yanto, H. (2020). Does entrepreneurial education matter for Indonesian students’ entrepreneurial preparation: The mediating role of entrepreneurial mindset and knowledge. Cogent Education, 7(1), 1836728.
Sima, V., Gheorghe, I. G., Subić, J., & Nancu, D. (2020). Influences of the industry 4.0 revolution on the human capital development and consumer behavior: A systematic review. Sustainability, 12(10), 4035.
Siron, Y., Wibowo, A., & Narmaditya, B. S. (2020). Factors affecting the adoption of e-learning in Indonesia: Lesson from Covid-19. JOTSE: Journal of Technology and Science Education, 10(2), 282-295.
Suratno, S., Narmaditya, B. S., & Wibowo, A. (2021). Family economic education, peer groups and students’ entrepreneurial intention: the mediating role of economic literacy. Heliyon, 7(4), e06692.
Surindra, B. (2022). The Influence of Economic Literacy and Digital Literacy on Consumptive Behaviour of Students. International Journal of Humanities Education and Social Sciences (IJHESS), 1(5).
Wee, L. L. M., & Goy, S. C. (2022). The effects of ethnicity, gender and parental financial socialisation on financial knowledge among Gen Z: the case of Sarawak, Malaysia. International Journal of Social Economics, (ahead-of-print).
Wulandari, I. E. (2021). Digital intelligence: consumptive behavior reduction efforts global society against hoax information. QAULAN: Journal of Islamic Communication, 2(2), 144-159.
Yakut, E. (2022). Effects of Technological Innovations on Consumer Behavior: Marketing 4.0 Perspective. In Industry 4.0 and Global Businesses. Emerald Publishing Limited.
Yao, W., Zhen, Y., & Zhang, Y. (2022). Construction of Cognitive Model of Family Education Decision-Making Based on Neural Network. Occupational Therapy International, 2022.
Zahra, D. R., & Anoraga, P. (2021). The influence of lifestyle, financial literacy, and social demographics on consumptive behavior. The Journal of Asian Finance, Economics and Business, 8(2), 1033-1041.