The impact of financial literacy on financial behaviors: The case of university students in Hanoi, Vietnam

Huong Tran Thi Thu (), Quynh Nguyen Khanh (), Vi Nguyen Khanh (), Mai Dao Phuong () and Duc Ha Trung ()

Humanities and Social Sciences Letters, 2025, vol. 13, issue 3, 1037-1052

Abstract: This study aims to examine the influence of financial literacy on the financial behaviors of university students in Hanoi, Vietnam. The research applies a quantitative method, using questionnaires to collect data from 401 Vietnamese students and analyzing data with SPSS, utilizing descriptive statistical methods and quantitative modeling techniques. The level of financial literacy is divided into three groups: low, average, and high. While students with a high level of financial literacy tend to participate more in investment and consumption activities, students with a lower level pursue more saving strategies. Additionally, the results reveal that students' financial literacy positively impacts three dimensions of financial behavior, namely investment decisions, saving behavior, and consumption behavior. Students with higher financial literacy are more engaged in investment, saving, and consumption activities. These findings underscore the essential role of financial literacy in building financial competencies for young people. The results have practical implications for universities and policymakers to create and implement financial education programs to enhance financial literacy and improve responsible and sustainable financial behavior among young people. Furthermore, youth should study more about personal finance, use financial management applications to identify specific goals, and establish a comprehensive personal financial plan, ensuring reasonable investment and saving decisions and avoiding wasteful consumption behavior.

Keywords: Consumption behavior; Financial behaviors; Financial literacy; Investment decision; Saving behavior. (search for similar items in EconPapers)
Date: 2025
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