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Empowering Gen Z: The Influence of Financial Literacy on the Financial Behavior of College Students

Author

Listed:
  • Jhazmine Abiera

    (Students, University of Mindanao- Panabo College Faculty, University of Mindanao- Panabo College, Panabo City, Philippines)

  • Ma Niña Angela Bacsal

    (Students, University of Mindanao- Panabo College Faculty, University of Mindanao- Panabo College, Panabo City, Philippines)

  • Earn Dabucol

    (Students, University of Mindanao- Panabo College Faculty, University of Mindanao- Panabo College, Panabo City, Philippines)

  • Angelica Gepiga

    (Students, University of Mindanao- Panabo College Faculty, University of Mindanao- Panabo College, Panabo City, Philippines)

  • Maxine Tiongson

    (Students, University of Mindanao- Panabo College Faculty, University of Mindanao- Panabo College, Panabo City, Philippines)

  • Marvin C. Lofranco

    (Students, University of Mindanao- Panabo College Faculty, University of Mindanao- Panabo College, Panabo City, Philippines)

Abstract

Financial behavior plays a crucial role in achieving personal financial well-being, particularly in the context of the digital economy where financial tools and services are increasingly accessible. This study aims to examine the role of financial literacy in shaping the financial behavior of Generation Z college students, with specific alignment to Sustainable Development Goals (SDG) 1: No Poverty, SDG 4: Quality Education, and SDG 8: Decent Work and Economic Growth. Employing a quantitative descriptive correlational research design, data were collected through structured survey questionnaires administered to 100 Gen Z students at UM Panabo College. Findings revealed that participants demonstrated a high level of financial literacy, with a mean score of 3.68 (SD = 0.73), and exhibited positive financial behavior, with a mean score of 3.76 (SD = 0.66). Statistical analysis indicated a significant positive relationship between financial literacy and financial behavior (r = 0.443, p = 0.000), accounting for 19.62% of the variance. These results led to the rejection of the null hypothesis, confirming that financial literacy significantly influences financial behavior among Gen Z college students. The study concludes that enhancing financial literacy equips students with the knowledge and skills necessary to make responsible financial decisions, thereby improving their financial well-being. Recommendations include encouraging students to actively apply financial knowledge in daily decision-making, while educational institutions, policymakers, and families should strengthen financial literacy programs. Future researchers are advised to explore additional factors that may affect financial behavior, thereby contributing to more comprehensive strategies for financial empowerment among young adults.

Suggested Citation

  • Jhazmine Abiera & Ma Niña Angela Bacsal & Earn Dabucol & Angelica Gepiga & Maxine Tiongson & Marvin C. Lofranco, 2026. "Empowering Gen Z: The Influence of Financial Literacy on the Financial Behavior of College Students," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 10(3), pages 2171-2183, March.
    • Handle: RePEc:bcp:journl:v:10:y:2026:i:3:p:2171-2183
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    References listed on IDEAS

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    2. Hamed Taherdoost, 2016. "Validity and Reliability of the Research Instrument; How to Test the Validation of a Questionnaire/Survey in a Research," Post-Print hal-02546799, HAL.
    3. Simonse, Olaf & Van Dijk, Wilco W. & Van Dillen, Lotte F. & Van Dijk, Eric, 2024. "Economic predictors of the subjective experience of financial stress," Journal of Behavioral and Experimental Finance, Elsevier, vol. 42(C).
    4. Divya Sharma, 2024. "Decoding Financial Behaviour: An Analysis of urbanised households in India using AIDIS 77th round," Papers 2412.01867, arXiv.org.
    5. Annaliza C Lopez & Ivy D Manguiob & Marleonie M Bauyot, 2024. "Teachers’ Financial Literacy in Basic Education: A Case Study in Davao City, Philippines," Post-Print hal-05100954, HAL.
    6. Ansar, Rudy & Chekima, Brahim & Lada, Suddin & Lim, Ming Fook & Bouteraa, Mohamed, 2023. "Determinants of personal financial management practices among Malaysian youth," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 13(12), pages 996-1007.
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