Understanding money-management behaviour and its potential determinants among undergraduate students: A scoping review

• Published in: PloS one Vol. 19; no. 8; p. e0307137
• Main Authors: Cappelli, Theepa, Banks, Adrian P, Gardner, Benjamin
• Format: Journal Article
• Language: English
• Published: United States Public Library of Science 15-08-2024; Public Library of Science (PLoS)
• Subjects: Attitudes; Behavior; Biology and Life Sciences; Budgets; College students; Colleges & universities; Computer and Information Sciences; Correlation; Design; Effectiveness; Financial Management; Forecasts and trends; Heterogeneity; Humans; Intervention; Management methods; Mental health; Mixed methods research; Observational studies; Qualitative analysis; Qualitative research; Quantitative analysis; Quantitative research; Research and Analysis Methods; Reviews; Self Efficacy; Social behavior; Social interactions; Social media; Social Sciences; Student loans; Students; Students - psychology; Tuition; Undergraduate study; Universities; University students; Young adults; United Kingdom; United Kingdom > UK; Australia; United States > US
• ISSN: 1932-6203; 1932-6203
• DOI: 10.1371/journal.pone.0307137

University students typically face acute financial pressure, which can adversely impact mental health, wellbeing, and academic outcomes. This scoping review of qualitative and quantitative studies aimed to identify distinct money-management behaviours, and psychological determinants, to inform future interventions.
Two electronic databases were searched for observational studies focusing on money-management behaviours and their correlates (in quantitative studies) or reflections on experiences of such behaviours (qualitative studies). Of 789 unique papers identified, 12 papers, reporting 10 distinct studies (six quantitative, two qualitative, two mixed-methods), were entered into review. We inductively categorised all behaviours and psychological correlates, and narratively synthesised findings.
We documented 15 distinct money-management behaviours, which fitted five higher-order categories: budgeting, saving (i.e., building funds), spending, borrowing, and settling debts. Twenty-two distinct potential correlates were observed, which fitted six categories: personality characteristics, financial beliefs and knowledge, attitudes, affective responses, self-efficacy and control, and social influences. Financial beliefs and knowledge, attitudes, self-efficacy and control, and social support from parents and peers were generally associated with 'better' money management practices.
Heterogeneity in behaviours and correlates studied precluded definitive conclusions. Future studies should more comprehensively adopt theories and concepts from behavioural science, to distinguish between different money-management behaviours, identify which behaviours have most impact on students, and establish which specific determinants are most related to which money-management behaviours.