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30/11/2024
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Tran, T. M. T., & Schmitt, A. (2024). Factors affecting personal finance management behavior and financial satisfaction in Vietnam. Journal of International Economics and Management, 24(3), 97-118. https://doi.org/10.38203/jiem.024.3.0096
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Factors affecting personal finance management behavior and financial satisfaction in Vietnam
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Abstract
This study examines financial socialization, financial knowledge, and financial attitudes in their relationships with financial behavior and financial satisfaction in personal finance management in Vietnam. Partial least square structural equation modeling was employed to analyze data collected from 294 respondents. The results show that increased interaction and communication with family members, media, peers, and the workplace in terms of financial matters lead to higher levels of financial knowledge. Moreover, greater financial knowledge is associated with a higher likelihood of engaging in recommended financial behaviors. In turn, engaging in recommended financial behaviors enhances financial satisfaction, reflecting a greater sense of contentment with financial status. Thus, financial socialization should be focused on as an important channel besides formal financial education. This study increases understanding of the determinants of personal finance management behaviors and financial satisfaction in Vietnam. The results are impactful not only for individuals and households but also for policymakers and educators.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Keywords
Financial socialization, Financial knowledge, Financial attitude, Financial behaviors, Financial satisfaction
References
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Berry, R.E. and Williams, F.L. (1987), “Assessing the relationship between quality of life and marital and income satisfaction”, Journal of Marriage and the Family, Vol. 49 No. 1, pp. 107-116.
Biljanovska, N. and Palligkinis, S. (2015), “Control thyself: self-control failure and household wealth”, Journal of Banking and Finance, Vol. 92, pp. 280-294.
Billingsley, R.S., Gitman, L.J. and Joehnk, M.D. (2016), Personal Financial Planning, 14th Edition, Cengage Learning, Massachusetts.
Campbell, A. (1981), The Sense of Well-Being in America: Recent Patterns and Trends, McGraw-Hill, New York.
Campbell, J. (2006), “Household finance”, Journal of Finance, Vol. 61 No. 4, pp. 1553-1604.
Chichaibelu, B.B. and Waibel, H. (2018), “Over-indebtedness and its persistence in rural households in Thailand and Vietnam”, Journal of Asian Economics, Vol. 56, pp. 1-23.
Damian, L.E., Negru-Subtirica, O., Domocus, I.M. and Friedlmeier, M. (2020), “Healthy financial behaviors and financial satisfaction in emerging adulthood: a parental socialization perspective”, Emerging Adulthood, Vol. 8 No. 6, pp. 548-554.
Deacon, R.E. and Firebaugh, F.M. (1988), Family Resource Management: Principles and Applications, Allyn and Bacon, Toronto.
Deenanath, V., Danes, S.M. and Jang, J. (2019), “Purposive and unintentional family financial socialization, subjective financial knowledge, and financial behavior of high school students”, Journal of Financial Counseling and Planning, Vol. 30, pp. 83-96.
Dwiastanti, A. (2017), “Analysis of financial knowledge and financial attitude on locus of control and financial management behavior”, Management and Business Review, Vol. 1 No. 1, pp. 1-8.
FinDev Gateway (2022), “Financial inclusion in Vietnam”, Available at https://www.findevgateway.org/country/financial-inclusion-vietnam (Accessed 24 February, 2022).
General Statistics Office (2020), “Results of the Viet Nam household living standards survey 2020”, Available at https://www.gso.gov.vn/du-lieu-va-so-lieu-thong-ke/2021/07/thong-cao-bao-chi-ve-ket-qua-khao-sat-muc-song-dan-cu-nam-2020/ (Accessed 24 February, 2022).
Giang, T.L., Mai H.V. and Nguyen, T.H.D. (2016), “Gender differences in financial sources and perceived financial satisfaction among older people in Vietnam”, Journal of Economics and Development, Vol. 18 No. 2, pp. 36-58.
Godwin, D.D. (1994), “Antecedents and consequences of newlyweds’ cash flow management”, Financial Counseling and Planning, Vol. 5, pp. 161-190.
Godwin, D.D. and Carroll, D.D. (1986), “Financial management attitudes and behavior of husbands and wives”, Journal of Consumer Studies and Home Economics, Vol. 10 No. 1, pp. 77-96.
Hair, J.F., Hult, G.T.M., Ringle, C.M. and Sarstedt, M. (2022), A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM), 3rd Edition, Sage, Thousand Oaks.
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Henseler, J., Hair, J.F., Dijkstra, T.K. and Sarstedt, M. (2014), “Common beliefs and reality about partial least squares: comments on Rönkkö and Evermann”, Organizational Research Methods, Vol. 17 No. 2, pp. 182-209.
Herdjiono, I. and Damanik, L.A. (2016), “Pengaruh financial attitude, financial knowledge, parental income terhadap financial management behavior”, Jurnal Manajemen Teori dan Terapan, Vol. 9 No. 3, pp. 226-241.
Hilgert, M., Hogarth, J. and Beverley, S. (2003), “Household financial management: the connection between knowledge and behavior”, Federal Reserve Bulletin, Vol. 89, pp. 309-322.
Hira, T.K. (1997), “Financial attitudes, beliefs and behaviours: differences by age”, Journal of Consumer Studies & Home Economics, Vol. 21 No. 3, pp. 271-290.
Hira, T.K., Fanslow, A.M. and Vogelsang, R. (1992), “Determinants of satisfaction with preparation for financial emergencies”, Financial Counseling and Planning, Vol. 3, pp. 43-62.
Hira, T.K. and Mugenda, O.M. (1999), “The relationships between self-worth and financial beliefs, behavior, and satisfaction”, Journal of Family and Consumer Sciences, Vol. 91 No. 4, pp. 76-82.
Hira, T.K., Sabri, M.F. and Loibl, C. (2013), “Financial socialization’s impact on investment orientation and household net worth”, International Journal of Consumer Studies, Vol. 37 No. 1, pp. 29-35.
Hoang, V.H., Nguyen, P.M, Luu, T.M.N. and Vu, T.M.H. (2021), “Determinants of intention to borrow consumer credit in Vietnam: application and extension of technology acceptance model”, The Journal of Asian Finance, Economics and Busines, Vol. 8 Vol. 4, pp. 885-895.
Huynh, N.A.H. and Tran, T.N. (2021), “Factors affecting consumer loans behavior: empirical study of Ho Chi Minh city”, in International Conference Proceedings - Financial Consumer Protection: Practice and Policy Recommendations for Vietnam 2021, Vietnam National University Press, Hanoi, pp. 290-304.
Joo, S. and Grable, J.E. (2004), “An exploratory framework of the determinants of financial satisfaction”, Journal of Family and Economic Issues, Vol. 25, pp. 25-50.
Kapoor, J.R., Dlabay, L.R. and Hughes, R.J. (2018), Personal Finance, 12th Edition, McGraw-Hill, Singapore.
Le, L.H., Le, T.N. and Nguyen, L.T.A. (2019), “Determinants of personal budget management skills of students at Can Tho University”, Can Tho University Journal of Science, Vol. 55, pp. 127-134.
Le, T.T., Nguyen, T.H.T. and Ngo, T.N.A. (2020), “Personal finance management behavior in the context of COVID-19 pandemic: empirical research in Vietnam”, in Vietnam Economic Conference Proceedings 2020, National Economics University, Hanoi, pp. 496-508.
Lusardi, A. (2012), “Numeracy, financial literacy, and financial decision-making”, Numeracy, Vol. 5 No. 1, 2.
Lusardi, A. and Mitchell, O.S. (2006), “Financial literacy and planning: implications for retirement wellbeing”, Pension Research Council Working Paper No. 1, Wharton School, University of Pennsylvania, Philadelphia.
Lusardi, A. and Mitchell, O.S. (2007), “Baby boomer retirement security: the roles of planning, financial literacy, and housing wealth”, Journal of Monetary Economics, Vol. 54 No. 1, pp. 205-224.
Madinga, N.W., Maziriri, E.T., Chuchu, T. and Magoda, Z. (2022), “An investigation of the impact of financial literacy and financial socialization on financial satisfaction: mediating role of financial risk attitude”, Global Journal of Emerging Market Economies, Vol. 14 No. 1, pp. 60-75.
Marsh, B.A. (2006), Examining the Personal Financial Attitudes, Behavior and Knowledge Levels of First-Year and Senior Students at Baptist Universities in the State of Texas, PhD Dissertation, Bowling Green State University, Ohio, USA.
Morgan, P.J. and Trinh, L.Q. (2019), “Determinants and impacts of financial literacy in Cambodia and Viet Nam”, Journal of Risk and Financial Management, Vol. 12 No. 1, 19.
Mugenda, D.M., Hira, T.K. and Fanslow, A.M. (1990), “Assessing the causal relationship among communication, money management practices, satisfaction with financial status, and satisfaction with quality of life”, Lifestyles: Family and Economic Issues, Vol. 11, pp. 343-360.
Nguyen, T.A.N., Belás, J., Habánik, J. and Schönfeld, J. (2017), “Preconditions of financial safety during lifecycle: the financial literacy and retirement planning in Vietnam”, Journal of Security and Sustainability Issues, Vol. 6 No. 4, pp. 627-636.
Nguyen, T.V. and Doan, M.D. (2020), “The correlation between financial literacy and personal saving behavior in Vietnam”, Asian Economic and Financial Review, Vol. 10 No. 6, pp. 590-603.
Nguyen, T.V. and Le, V.H. (2019), “The effects of financial literacy on saving behavior in Vietnam”, Banking Science & Training Review, Vol. 204, pp. 10-16.
Nguyen, T.N.M. and Tran, P.T. (2015), “Factors affecting personal financial management behaviors: evidence from Vietnam”, in Proceedings of the Second Asia-Pacific Conference on Global Business, Economics, Finance and Social Sciences (AP15Vietnam Conference), Duy Tan University, Ho Chi Minh City.
OECD (2022), “Consumer confidence index (CCI)”, Available at https://data.oecd.org/leadind/consumer-confidence-index-cci.htm (Accessed 24 February, 2022).
Pankow, D. (2003), “Financial values, attitude and goals”, NDSu Extension Circular, North Dakota State University Fargo, North Dakota.
Parise, G. and Peijnenburg, K. (2017), “Understanding the determinants of financial outcomes and choices: the role of noncognitive abilities”, BIS Working Paper No. 640, Bank for International Settlements, Paris.
Parrotta, J.L. and Johnson, P.J. (1998), “The impact of financial attitudes and knowledge on financial management and satisfaction of recently married individuals”, Journal of Financial Counseling and Planning, Vol. 9 No. 2, pp. 59-75.
Perry, V.G. and Morris, M.D. (2005), “Who is in control? The role of self-perception, knowledge, and income in explaining consumer financial behavior”, Journal of Consumer Affairs, Vol. 39 No. 2, pp. 299-313.
Phan, T.T.H. and Dinh, T.N.O. (2020), “Payment research through personal account in Vietnamese financial inclusion”, TNU Journal of Science and Technology, Vol. 225 No. 7, pp. 557-563.
Poduska, B.E. and Allred, G.H. (1990), “Family finances: the missing link in MFT training”, The American Journal of Family Therapy, Vol. 18, pp. 161-168.
Porter, N.M. and Garman, E.T. (1993), “Testing a conceptual model of financial well-being”, Financial Counseling and Planning, Vol. 4, pp. 135-164.
Rajna, A., Ezat, W.S., Al Junid, S. and Moshiri, H. (2011), “Financial management attitude and practice among the medical practitioners in public and private medical service in Malaysia”, International Journal of Business and Management, Vol. 6 No. 8, pp. 105-113.
Sabri, M.F., MacDonald, M., Masud, J., Paim, L., Hira, T.K. and Othman, M.A. (2008), “Financial behavior and problems among college students in Malaysia: research and education implication”, Consumer Interests Annual, Vol. 54, pp. 166-170.
Schuchardt, J., Bagwell, D.C., Bailey, W.C., DeVaney, S.A., Grable, J.E., Leech, I.E., Lown, J.M., Sharpe, D.L. and Xiao, J.J. (2007), “Personal finance: an interdisciplinary profession”, Financial Counseling and Planning, Vol. 18 No. 1, pp. 1-9.
Shim, S., Barber, B.L., Card, N.A., Xiao, J.J. and Serido, J. (2010), “Financial socialization of first-year college students: the roles of parents, work, and education”, Journal of Youth and Adolescence, Vol. 39 No. 12, pp. 1457-1470.
Skagerlund, K., Lind, T., Strömbäck, C., Tinghög, G. and Västfjäll, D. (2018), “Financial literacy and the role of numeracy - How individuals’ attitude and affinity with numbers influence financial literacy”, Journal of Behavior and Experimental Economics, Vol. 74, pp. 18-25.
Strömbäck, C., Lind, T., Skagerlund, K., Västfjäll, D. and Tinghög, G. (2017), “Does self-control predict financial behavior and financial well-being?”, Journal of Behavioral and Experimental Finance, Vol. 14, pp. 30-38.
Sundarasen, S.D.D., Rahman, M.S., Othman, N.S. and Dnaraj, J. (2016), “Impact of financial literacy, financial socialization agents, and parental norms on money management”, Journal of Business Studies Quarterly, Vol. 8 No. 1, pp. 137-135.
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