Exploring Financial Awareness and Money Management Habits Among College Students

Abstract

              Money management is an important concept that concerns individuals across the world. However, the younger generation often lacks clear understanding and effective practices related to managing money. At this stage of life, many students tend to spend more on luxurious items, lifestyle needs, and social recognition rather than focusing on saving and financial planning. Therefore, proper guidance and knowledge about money management are essential to help them develop responsible financial habits and secure their future. If students learn to utilize and save money effectively and efficiently, it can significantly benefit their long-term financial stability. The present study was conducted among college students in Chennai to understand their money management practices. The questionnaire was designed based on variables such as Internet Information, Technology-based Money Management, Online Education, Academic Work, Money Attitude, and Purchase Behaviour. The study examines how these variables influence money management and their relationship with factors such as academic engagement and financial knowledge. The respondents were drawn from different parts of Chennai city. A total of 260 responses were collected, out of which 255 were valid for analysis. Among the respondents, 39.6% were male and 58.8% were female students. The majority of respondents belonged to the urban areas of Chennai. Most participants were in the age group of 18–23 years, while only 14.6% of the respondents were above 24 years of age. Primary data was collected using a structured questionnaire, and the responses were measured using a five-point Likert scale ranging from strongly disagree to strongly agree. Simple random sampling technique was used for selecting the respondents. The collected data were analysed using statistical tools such as Linear Regression Analysis, Correlation, and ANOVA. The study provides insights into the various factors that positively and negatively influence money management practices among college students in Chennai city.