Exploring a lived experience of a financially literate university student: a multi-theoretical perspective

Tapenence Namutamba Kuteesa, Twaha Kigongo Kaawaase, Laura Aseru Orobia, Isaac Nabeta Nkote, Sulait Tumwine and Rachel Katoroogo Mindra

Qualitative Research in Financial Markets, 2025, vol. 18, issue 4, 1068-1084

Abstract: PurposeThis study aims at offering a theoretical explanation to a lived experience of a university student in Uganda, an African developing country, who successfully exhibited financial literacy (FL) attributes. Particularly, the study uses various theories to explain the positive story.Design/methodology/approachThe authors’ study embraced a phenomenological research design encompassing a qualitative methodological approach where story-telling form of narrative investigation is inherent. From one of ten university students selected for in-depth interviews, authors generated a coherent story while considering the context, actions, results and lessons.FindingsThe authors revealed that university students who believe in their abilities, able to make own decisions and able to learn from others are likely to portray financial knowledge, attitudes, behaviors and skills. Furthermore, a multi-theoretical lens encompassing social cognitive theory, self-determination theory and complex adaptive systems theory explain the FL phenomenon among university students. Future studies may explore lived experiences of many students. The suggested conceptual model may require statistical testing. So, based on these findings, the authors recommend multi-theoretical approach to explain lived experiences of university students’ FL.Practical implicationsThe findings highlight the lived experience of a Ugandan university student and how she/he can navigate the student’s financial life. The findings may be used to promote FL among university students considering their financial vulnerability.Social implicationsSocially, FL equips students with the knowledge and skills needed to efficiently manage their finances, resulting in increased financial independence. This not only helps students but also their families in making informed financial decisions to control financial resources and minimizes social inequality among the communities, thereby positively contributing to societal stability. This may help address global technological innovation concerns like digital currency operations. Providing individuals with essential skills and enhancing emotional well-being may lower poverty while protecting against fraud.Originality/valueThis novel paper using a positive story to depict a lived experience of a Ugandan university student who used his finances wisely, uses several theories to explain the experience in the study context. From the theories, a conceptual model is suggested, which may be expounded to explain FL.

Keywords: Financial literacy; Individual learning behavior; Financial self-efficacy; Self-determination (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eme:qrfmpp:qrfm-05-2024-0146

DOI: 10.1108/QRFM-05-2024-0146

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