Influence of Student Financial Behaviour and Financial Stress on Parental Financial Socialisation and Academic Engagement: A Sequential Mediation Analysis
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Date
2024
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Redeemer’s University Journal of Management and Social Sciences
Abstract
Financial well-being and academic engagement are integral facets of a student's holistic development. The principal objective of this research is to analyse the socio-demographic variables that impact the degree of parental financial socialisation among a sample of undergraduates enrolled in two universities in Ede, Osun State. An additional aim of this study was to investigate the potential mediating effect of financial stress and financial behaviour on the relationship between parental financial socialisation and students' academic engagement. The analysis comprised a sample of 387 undergraduates aged 15 to 24 (146 females and 241 males). The proposed models were assessed and data analyses were performed using quantitative approaches, specifically regression analyses using SPSS Hayes' PROCESS Model 6 with bootstrapping techniques. The results showed an indirect effect of parental financial socialisation on academic engagement via students’ financial behaviour and financial stress (β = 0.151, BootSE = 0.023, 95% CI = 0.101, 0.203). The study identified two significant mediation paths were: (1) financial behaviour (β = 0.170) and (2) a joint effect of financial behaviour and financial stress (β = -0.023). Specifically, students who had received more effective financial socialisation were more inclined to exhibit favourable financial behaviours, resulting in a reduced likelihood of experiencing financial stress and an increased likelihood of reporting higher academic engagement. This study's findings contribute to the existing empirical literature on financial socialisation and provide significant insights for policymakers, educators, and parents who aim to improve students' overall development in higher education.
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Joy O. Obanawu & Olubukola A. Wellington (2024) Influence of Student Financial Behaviour and Financial Stress on Parental Financial Socialisation and Academic Engagement: A Sequential Mediation Analysis. Redeemer’s University Journal of Management and Social Sciences, 7(1), 94-115.