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Relationship between Attitudes towards Personal Financial Planning and Perceived Personal Financial Management Skills: A Generation Y Student Perspective

Author

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  • Marko van Deventer

    (North-West University)

Abstract

This article sought to determine the relationship between attitudes towards personal financial planning and perceived personal financial management skills among African Generation Y students within the South African context. In South Africa, the African Generation Y cohort constitutes the largest portion of the Generation Y (individuals born between 1986 and 2005) cohort. Students enrolled at tertiary institutions represent a particularly lucrative target market and powerful influential force on society given that tertiary education is correlated with potential high future earning power and social class status. A convenience sample of 500 African students across the campuses of two South African registered public higher education institutions (HEIs), located in the Gauteng Province, was taken. Structured, self-administered questionnaires were used to measure African Generation Y students’ attitudes towards personal financial management as well as perceived personal financial management skills. Data analysis included t-tests and Pearson’s product-moment correlation coefficient. The findings suggest that the target market exhibits a significant positive attitude towards personal financial planning and perceives to be skilled in personal financial management. A strong positive relationship was found between attitudes towards personal financial planning and perceived personal financial management skills.

Suggested Citation

  • Marko van Deventer, 2020. "Relationship between Attitudes towards Personal Financial Planning and Perceived Personal Financial Management Skills: A Generation Y Student Perspective," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 16(4), pages 192-205, AUGUST.
    • Handle: RePEc:dug:actaec:y:2020:i:4:p:192-205
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