Impact of spending and saving habits on the personal financial management capabilities of students in Hanoi
Keywords
Abstract
This study examines the effects of spending and saving habits on the personal financial management capabilities of students in Hanoi within the context of the digital economy. Data were collected from 353 students through an online survey and analyzed using Cronbach’s alpha, exploratory factor analysis (EFA), and structural equation modeling (SEM). The results indicate that social media influence and social comparison exert positive effects on the fear of missing out (FOMO), which in turn increases spending behavior and reduces saving behavior. Among the behavioral factors examined, saving behavior has the strongest positive impact on personal financial management ability, whereas spending behavior has a weaker but statistically significant negative effect. Contrary to expectations, the moderating role of self-control is not empirically supported. These findings provide valuable insights into the psychological and behavioral determinants of financial management and offer practical implications for enhancing students’ financial literacy and financial well-being in an increasingly digitalized environment.Downloads
References
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