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Financial behavior and problems among university students: Need for financial
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82 Volume 3, Issue 1 Journal of Personal 82
Finance

FINANCIAL BEHAVIOR AND PROBLEMS AMONG

UNIVERSITY STUDENTS: NEED FOR FINANCIAL
EDUCATION
Masud Jariah University
Putra Malaysia A.R.
Husniyah
University Putra Malaysia
P. Laily University Putra
Malaysia Sonya Britt
Kansas State University

ABSTRACT

Many students rely on loans to get them through college. Yet,

sometimes students borrow too much money while in school.
Excess loan money leads to debt that students must pay back after
gradua- tion delaying other financial goals. With the proper
educational support about living independently, students can reduce
their
chance of obtaining unnecessary debt from educational loans.
Young adults generally learn their skills from parents and teachers
as children. However, parents often overlook teaching financial
skills, such as budgeting and investing, while their children are still
living
at home. Instead, children are forced to learn how to handle their
money when entering college and sometimes they make mistakes
that will cost them several years of repayment of loans. This study
examines what kinds of financial problems students face. By
knowing what problems students encounter, it is possible for
educators to offer a course that teaches the financial skills necessary
to overcome these problems. The participants were asked to indicate
what financial education they would be interested in if offered.
Nearly all of the students expressed an interest in learning about
financial management.

©2004, IARFC All rights of reproduction in any form reserved.

83 Volume 3, Issue 1 Journal of Personal 83
Finance

Introduction

The expansion of educational services in Malaysia resulted in the

establishment of 12 public universities and many more private colleges. The
number of students enrolled in advanced education past high school doubled
in 1999 compared to 1995 (Department of Statistics, 2000). Increases in
tuition and cost of living expenses forces parents to save more money to send
their children to college. On the other hand, the availability of educational
loans makes it easier for students to continue their education to the highest
degrees. The availability of loans should enable students to focus on their
studies and perform well academically. For the majority of students,
admission to college means the first time they are financially independent and
free of parental supervision.
The financial behavior of college students is the primary focus of
this paper. With the expansion of educational services in Malaysia, university
and college students become one of the most important market segments for
two reasons. First, this group has a high purchasing power especially with the
availability of educational loans. The convenience of educational loans is
designed to address the financial constraints among students to enable them to
concentrate on their studies. Second, this is the segment of the population
who has the potential of earning a greater income than any other segment of
the population. It is hypothesized that knowing students’ financial problems
can help educators develop appropriate programs to prepare them to manage
their money while in college and provide them with basic financial manage-
ment skills before entering the labor force.
Not much is known about the financial behavior and problems of
Theory
Research &
university students in Malaysia. Research conducted in the United States
reveals that students experience different financial socialization and behave
differently in certain aspects of financial activities. Since financial education
is not available in the school, almost 300,000 college students can be assumed
to have minimal knowledge on financial affairs, yet they are forced to manage
their money independently. This figure is expected to increase in line with the
government policy to have 35% of the labor force with a tertiary education
(Malaysian Government, 2001; p 151). There is a need to understand the
financial behavior of students since they will be an important consumer
segment when they graduate. Knowledge about their behavior will enable
relevant agencies to design appropriate educational programs to equip
students with financial knowledge and skills to enable them to function as
effective personal financial managers in a borderless market and a
complicated financial market.
84 Volume 3, Issue 1 Journal of Personal 84
Finance

Review of Literature

Research has shown that adult behavior, including financial behav-

ior, is learned through socialization. Social learning and consumer
socialization experienced by children brought up in different cultures can be
expected to be different; therefore, it shapes the children’s beliefs and
behavior differently. Moschis (1985) concluded that parents may be
instrumental in teaching general, as well as specific, rational orientation
regarding consumption.
Parents may also emphasize normative consumer skills while interacting with
their children. In an earlier study, parents influenced both economic and
social motivation for consumption among adolescents. Hira (1997)
summarized that today’s children are much more independent and are
growing up with more control over their lives than in the past. Students in
Hira’s study had twice as many credit cards, generally obtained by the age of
17, than the total random sample. The same study revealed that a much higher
proportion of students rather than non-students reported being involved in
abnormal buying behaviors.
An improved level of living affords parents the opportunity to
provide a better life to their children. According to Moore and Moschis
(1981) families may affect the development of materialistic orientation of
their children. This is in line with Bandura’s social learning model (1977) that
children learn by observing a model. Mothers who generally respected and
asked for their children’s opinions tended to utilize messages that fostered the
development of consumption decision-making abilities in children (Carlson,
Grossbart & Struenkel, 1992). Hira (1997) concluded that there was more
communication about money in the households of younger respondents than
older respondents and it is the mother rather than the father who talked to
them about money matters.
Friese and Koenig (1993) found a positive relationship between
variables of family discord and compulsive and impulsive buying
behaviors. Respondents in their study were using buying to escape from
problems and to achieve positive feelings about themselves. Hira (1997)
supported this finding indicating that compulsive behavior is associated
with unpleasant childhood experiences such as divorce, death, withdrawal
of love, suppres- sion of expressed feeling, high expectation, and
punishment. Family back- ground definitely has an impact on the lives of
compulsive spenders.
Financial behavior of college students is learned through the
socialization process. What the adolescent observes and learns during
childhood influences how he or she will behave as an adult. Data indicates
that the greater the level of parental addictive behaviors, the higher the
subjects’ levels of compulsive behavior (Friese and Koenig, 1993).
©2004, IARFC All rights of reproduction in any form reserved.
85 Volume 3, Issue 1 Journal of Personal 85
Finance

With increasing awareness of the need for college education, more

and more people are investing in higher education. According to Gladieux
(1997), the 1980 loans from Federal funds awarded to students increased
by
60% in 1997. For the period of 1980-1995, the median family income
increased by 9% at constant dollar while tuition increased on the average of
90%. Yet, the amount of aid awarded increased by only 47%. Loans were
the primary
source of income among college students and 50% wished they had borrowed
less while in college. The same study also shows that the amount owed on a
loan influences when the students marry, have children and purchase a new
car. Additionally, students are unable to estimate their total debt.
Using educational loans means incurring debt that students have to
pay back when they graduate. Unplanned financial affairs and overextended
credit can lead to financial problems with the inability to pay back loans or
default in credit repayment. Eighty percent of the sample identified by
Consumer Credit Counseling Services in Oregon and Washington were
women. According to d’Astous, Maltais and Rohberge (1990), and O’Guinn
and Faber (1989) women are more likely to be compulsive buyers and are
also more likely to respond to a questionnaire about this topic.
Gladieux (1997) concluded that students in the United States are
borrowing more, working less, and finishing college with greater indebted-
ness. Greiner (1996) compared actual debt burden ratios with perceived debt
burdens and concluded that if debt payments were 8% of total net income,
about 26% of the borrower population would feel burdened. Pedalino,
Chopik, Sanders, and McHugh (1992) reported that the majority of the
respondents
had expected the level of repayment hardship they experienced; while 75% of
the respondents indicated that their choice of a career was not influenced by
Theory
Research &
their debt.
Several studies have shown that students lack knowledge about
certain aspects of borrowing (Evangelauf, 1987; Hira and Brinkman, 1992;
Holland and Healy, 1989; Marchese, 1986; McCormick, 1987). Hira and
Brinkman (1992) found that 42% of the students did not know when their
repayment would begin, 37% did not know the interest rate on their loans,
and nearly 25% did not know the length of their loan grace period. The study
found that there was a significant relationship between students’ loan
knowledge, their gender, marital status, residency status, and date of first
borrowing. Females and those who initially borrowed before 1983 were
shown to score lower on the knowledge index, while married persons and in-
state residents scored higher.
The majority of students borrow because they need the money to
attend college. Studies conducted in the United States revealed that many
students who use educational loans have limited knowledge about various
aspects of their loans, their ability to handle loan repayments, and how loan
indebtedness will affect other aspects of their lives. Most of the studies cited
 86 Volume 3, Issue 1 Journal of Personal 86
Finance

focused on credit use while none of them focused on financial problems and
constraints faced by college students. In contrast, this study focuses on
financial behavior and problems of college students and discusses the need
for financial education.
Within the context of Malaysia, research on financial management
is lacking particularly with young consumers, including college students.
Increased average monthly income from US$532 (RM2020.00) in 1995 to
US$650 (RM2472.00) in 1999 (Government of Malaysia, 2000) reflects the
increase of purchasing power for the overall population. The household
expenditure survey in 1998-1999 indicated that Malaysians spent US$25
(RM96.00) (6%) per month on recreation, entertainment, education and
cultural services. This figure doubled in comparison to the mean expenditure
in 1980 (Department of Statistics, 2000).

Methodology

A self-administered questionnaire was used to collect the data in this

study. Ten percent of all students receiving student loans from one public
university participated in this study. The data was collected during three days
the students were receiving their loan warrants in December for the 2002
semester in the Grand Hall of the University. One out of every tenth student
was given the questionnaire to be completed while they were waiting for their
loan voucher. Students were asked to complete the questionnaire and return it
on their way out of the hall. Eighteen hundred questionnaires were distributed
and fifteen hundred were returned and usable.
The data reported in this article is part of a larger study on financial
behavior of college students. Variables used in this study were 13 items on
the Likert scale statement describing financial behavior and a list of 16
financial related experiences/problems (Adapted from Hira, 1992). In
addition, respon- dents were asked to indicate which of the 10 financial
education topics they
are interested in attending. Gender, age, marital status, place of origin,
number of siblings, academic achievement, whether the respondents
experienced staying in boarding school, parent’s marital status, educational
attainment, and occupation were they socioeconomic variables tested.
Descriptive statistics are used to present the data.

Findings

The profile of the 1500 respondents who participated in this study is

diagrammed in Table 1. Forty percent of the respondents were males while

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 87 Volume 3, Issue 1 Journal of Personal 87
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60% were females. More than 70% of the respondents were Malays followed
by Chinese, Indian and others. Respondents were asked to indicate their place
of origin; rural/ village, small town, or urban/ city. Larger proportions of the

©2004, IARFC All rights of reproduction in any form reserved.

88 Volume 3, Issue 1 Journal of Personal 88
Finance

respondents (46%) were from rural areas and 31% from urban areas. Those
brought up in urban areas may have more exposure to goods and services
compared to those brought up in rural areas. On the other hand, those from
rural areas can also be expected to face drastic changes in their spending
environment when entering college.
Fourteen percent of the respondents depend solely on educational
loans to support themselves. Other forms of monetary support came from one
to eight different sources. One third of the respondents received the majority
of their money from their father. Less than 40% of the respondents received
money from their mother. This is likely due to the fact that more than half of
the respondent’s mothers were full time housewives. The source of money
influences the purchasing power of the respondents and may influence the
financial problems they face. The average amount of money received by
respondents was US$71.74 (RM272.60) with males receiving slightly more
(US$77.85 or RM295.82) compared to females (US$67.62 or RM256.97).
The Chinese students received slightly more than others.

Table 1
Profile of the Respondent by Gender

Male Female
N % N %
Ethnicity Malay 413 70.5 656
73.1
Chinese 116 19.8 151 16.8
Indian 37 6.3 53 5.9
Others 20 3.4 37 4.1
Theory
Research &
Place of origin Village 275 46.6 422 46.9
Small town 118 20.0 191 21.2
Urban 197 33.4 287 31.9
Sibling ranking Eldest 172 29.2 248 27.5
Middle 303 51.4 486 53.8
Youngest 109 18.5 160 17.7
Only child 6 1.0 9 1.0
Boarding school Yes 311 52.7 398 43.9
No 279 47.3 509 56.1
College GPA <2 35 6.0 38 4.4
2-2.49 160 27.5 210 24.1
2.5-2.99 206 35.4 329 37.8
3-3.74 161 27.7 262 30.1
3.75-4 20 3.4 31 3.6
 88 Volume 3, Issue 1 Journal of Personal 88
Finance

Family Background

Family background will influence the socialization experience and

financial resources available to college students. When asked to indicate the
educational attainment of their parents, slightly more than 70% of the
respon- dents provided the answer. Among those who responded to this
question,
44% indicated that their mothers had little to no formal education and that
their father had a slightly higher education since the majority of them possess
the Malaysian Certificate of Education or higher. More than half of the
respondents’ mothers were full time housewives while the majority of their
fathers were working in the formal sector. Nearly 10% of the student’s
fathers were retired. Parents’ income is shown in Chart 1 by various
backgrounds. Sixteen percent of the respondents did not answer questions on
their parents’ income while 67% reported one source of income and 17%
reported both parents income. The parents’ income influences the amount of
money
received by respondents. Respondents from dual career households reported
receiving money from both mother and father. The monthly average amount
of money received from parents was US$40.45 (RM153.70) with males
receiving slightly more (US$43.2) than females (US$34.7). Those from dual
career
families reporting receiving an average of US$63.96 (RM243.10) compared
to only US$43.62 (RM165.75) among those with one earner parent.

Financial Behavior

Thirteen items were included in the questionnaire to measure the

financial behavior of the respondents. Respondents were asked to indicate
whether they agreed with the statements describing their financial behavior.
Chart 2 shows the percentage of respondents who agreed with the statement
by gender. Overall, the chart shows that more than half of the respondents
(males and females) agreed that they spend and buy to celebrate. In contrast,
more female respondents tended to enjoy shopping and bought items that
were on sale. There were a higher percentage of male respondents who
indicated that they hide their spending habits from family. The males also
reported that their debts create problems. The data shows that there are
respondents who have the tendency of becoming involved in impulse
purchases and some of them are easily influenced by sales promotion
activities.

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89 Volume 3, Issue 1 Journal of Personal 89
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C hart 1: Mean Fam ily Incom e by Gender, C ollege GP A, E

thnicity, and P lace of Origin

Urban

Small Tow n

Rural

Others

Indian

Chines e

Malay

3.75-4

3-3.74

2.5-2.99

2-2.49
<2

Female

Male

0 500 1000 1500 2000 2500

Chart 2: Percentage of Respondents Who Agree

With Statement by Gender

Theory
Research &
H ide s pe nding ha bit s f ro m f a m ily

D e bt cre a t es pro ble m s

B uy things c a n no t a f f o rd
S pe nding ha bits c re a t e pro ble m s

B uy t hings no t pla nne d

I e njo y s ho pping

M a in ho bby is s ho pping
B uy as o fte n a s I ca n
A ttra c te d to buy things o n s a le
T e m pte d to buy e v e n la ck o f tim e

Spend and buy t o celebra t e

B uy t hings never us ed
B uy t hings no t ne e de d

0 10 20 30 40 50 60 70

Male Female
 90 Volume 3, Issue 1 Journal of Personal 90
Finance

Financial Problems

The inability to manage financial resources can lead to several other

problems. Since the respondents are living on their own, the ability to manage
their money affects the research study. The expansion of the consumer
market and marketing activities, such as advertisement and sales, makes it
harder for individuals to cope with the market’s increasing demand for their
money. Data from this study provides us with information on financial
problems and constraints faced by college students. The problems listed were
derived from
a list used by the Financial Counseling Clinic at Iowa State University to
determine the types of financial counseling required by students seeking
financial counseling services. Chart 3 shows the percentage of respondents
who indicated they have experienced the problems listed by gender. A
higher percentage of males compared to females reported experiencing the
problems listed. More than half of all respondents reported skipping meals
to save money. Those who live off campus tended to eat instant noodles to
save money, since food was not provided with their housing.
When the place of origin was compared, a higher percentage of
those from rural areas reported experiencing more problems compared to
those from urban areas. Students from rural areas may have a limited amount
of resources in comparison to urban area students. Thirty five percent of those
from rural areas indicated that financial matters have an impact on their
studies compared to only 23% from urban areas. Sixty percent of respondents
from rural areas skip meals to save money compared to only 46% among
respondents from the urban areas.
A student’s residential status can also influence the problems he or
she faces. A higher percentage of those living off campus (50.7%) did not
have sufficient money to last until the end of semester compared to those
living on campus. Students living off campus spend more money on items
that students on campus do not have to pay for, such as gasoline for
commuting. Yet, a higher percentage of students living on campus reported
skipping meals to save money. Since their money was not sufficient to last
until the end semester, several students have to borrow money from friends.
Thirty percent of males and no females indicated that they plan to pay off
their debt when they get the money.

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91 Volume 3, Issue 1 Journal of Personal 91
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Chart 3: Financial Problems By Gender

Gambling
Too much debt

Inability to pay debt

Spend money on cigerettes

Expenses greater than income

No savings

Spend too much

Finances effect studies

Do not know how to cut spending

No spending plan
Insufficient money until end of semester

Can not keep track of money

Eat noddles to save money

Unable to increase income

Skip meals to save money

0 10 20 30 40 50 60

Female
Male

Theory
Research &
Chart 4 shows the average number of problems reported by gender,
college grade point average, and ethnicity. A total of 43 males (7.3%) and 77
(8.5%) females testified to never experiencing the 16 problems listed. When
the problems experienced by the respondents were counted, females reported
fewer problems compared to males. More than half of the females reported
experiencing one to four problems while males reported more than three
problems.
Problems faced by college students were significantly different
when the academic achievement was compared. Those with a higher grade
point average reported fewer problems compared to those with a lower grade
point average. Therefore, a lack of financial management skills may also
translate into a lack of academic management skills. There is also a
significant differ- ence in financial problems by ethnicity. Ethnic groups from
Sabah and Sarawak (indicated by “Others” on Chart 4) reported higher means
followed
by Malays. Students coming from Sabah and Sarawak reported more financial
problems since the demand for money is higher for them and amount of loans
received was the same as those from Peninsular Malaysia.
 92 Volume 3, Issue 1 Journal of Personal 92
Finance

Chart 4: Financial Problems Experienced by

Ethnicity, Grade Point Average and Gender
Others 5.18

Indian 4.2

Chinese 3.87

Malay 4.72

3.76
3.75-4
4.08
3.00-3.74

2.5-2.99 4.46
5.12
2.2-2.49
<2 5.6

Female 4.2

Male 5.08

0 1 2 3 4 5 6

Financial Education Needs

The data presented indicates that respondents in this study lack the
skills necessary in order to manage their financial resources. The result of this
study is similar to the result of a previous study (Hira, 1997). Respondents
were asked to indicate whether they needed any help on how to manage their
financial matters. Ninety percent reported that they were interested in
learning about financial management. Chart 5 shows the percentage of
respondents who are interested in learning about specific topics. The highest
percentage
of respondents reported they would like to have counseling services followed
by learning about savings and investment, budgeting, how to increase their
income, and financial management. More than half of the respondents
reported that they would like to learn about personal management, how to
reduce spending, insurance protection, and wise spending.

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93 Volume 3, Issue 1 Journal of Personal 93
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Chart 5: Percentage of Respondents

Desiring
Financial Education Service by
Gender

Counseling services
Personal management
Financial management
How to cut spending

Insurance protection

How to increase income

Female
Credit management
Male
Wise spending

Saving and investment

Budgeting

0 20 40 60 80 100

Theory
Research &

Conclusion and Recommendations

All respondents in this study are the recipients of educational loans

and are comprised of more females than males. Eleven percent of the males
and 16% of the females did not receive any other source of income while the
others received money from various sources, especially their parents.
Therefore, the data shows that parents still have to support their children’s
college education. Educational loans help lessen the financial burden of
parents, but in the long run loans impose a financial burden to students.
Asked how they plan to spend the money they were receiving, 30% of the
males and 20% of the females indicated they would have to settle their debt.
The study also shows that some students are involved in impulse
spending, supported by the data on financial problems faced by students.
Respondents may be involved in ‘low priority’ unnecessary purchases. For
 94 Volume 3, Issue 1 Journal of Personal 94
Finance

example, 46% had cell phones and 5% plan to buy a cell phone with the loan
money they receive. In fact, during the data collection period, there was one
sales agent outside the Grand Hall promoting the purchase of cell phones
among the students. Those with a higher grade point average tend to report
fewer problems compared to those with a lower grade point average and
males tend to have more financial problems than females. With increased cost
of living, students need more money to meet their daily needs.
University education can be regarded as a ticket for a better-paid job.
With the present curriculum at most of the universities in Malaysia, students
are given the knowledge and skills which can be used for job seeking, but
they lack the knowledge and skills necessary to manage their personal or
family matters. Graduates need to be equipped with basic financial
knowledge and skills that will enable them to manage their income
efficiently and effec- tively when they enter the labor force. Although all
students in this study receive educational loans, only a small percentage
expressed a need to learn about credit.
The expansion of the financial market will require consumers to
have information and the ability to choose the services that meet their needs.
Individuals are confronted by a new demand for their money in addition to
meeting basic needs. Medical cost, children’s educational expenditure, and
saving for retirement can be a few of the new financial demands for
individu- als and families. Skills in credit, risk, and investment management
are neces- sary to enable consumers to manage their finances effectively to
meet their goals. Various sources can be tapped to acquire this knowledge.
Neverthe- less, since those providing the financial services are selling
financial prod- ucts, consumers need to be knowledgeable about which
products actually meet their needs. Providing basic financial management
knowledge and skills before graduates enter the job market can be beneficial
so they are equipped with the skills necessary to manage their income
effectively.
In conclusion, the data revealed that respondents did not have
sufficient knowledge and skills about managing their financial affairs.
Finan- cial education should be introduced at the college level or earlier to
prepare students to manage their finances effectively. Various approaches
and learning channels can be utilized to achieve this objective. The
availability of online materials can complement and supplement the
educational activities. Effective financial management will contribute to
improving the quality of life and sustainable consumption.

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95 Volume 3, Issue 1 Journal of Personal 95
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Jariah M, Husniyah A. R.,and Laily P. are Faculty of Human Ecology in

the Department of Resource Management and Consumer Studies at the
Univer- sity Putra Malaysia. The authors can be reached at 43400
SERDANG, SELANGOR Darul Ehsan, Malaysia; Email:
jariah@putra.upm.edu.my

Sonya Britt is a graduate student pursuing a degree in Marriage and Family

Therapy with an emphasis in financial counseling. She can be reached at the
School of Family Studies and Human Services, 316 Justin Hall, Kansas
State University, Manhattan, KS 66506-1403; Email: sld3333@ksu.edu

©2004, IARFC All rights of reproduction in any form reserved.

 97 Journal of Personal
Finance

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