Financial Socialisation of Accounting Students in South Africa
Bomi Nomlala
International Journal of Finance & Banking Studies · 2021 · Vol. 10 / Issue 2 · 01-15
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Abstract
The purpose of the study is aimed at determining the financial socialisation of accounting students at South African universities and the factors that influence financial socialisation. The research used statistical techniques such as the structural equation modelling methodology to identify financial socialisation influencers and regression analysis to analyse associations between financial socialisation and socio-demographic variables among 1582 students. The study's results indicate that financial socialisation agents such as relatives, friends, and social media have little impact on most students' financial decisions. The majority of accounting students are often found to be financially socialised by their immediate family members rather than peers or social media factors. The regression analysis results confirmed this observation, revealing a statistically significant association between the parents' level of education and the students' financial socialisation. This study recommends that financial socialisation can be greatly improved by raising parents' educational levels and instilling financial education in university students' curricula, especially in South Africa.
Keywords: {'name': 'Financial socialisation, Financial behaviour, Financial capability, Social learning theory, Accounting students, Structural Equation Modelling'}
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Bomi Nomlala
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