Factors Influencing Financial Behavior of Undergraduate Students: A Systematic Review

Abstract

The lifestyle of undergraduate students in managing finances determines their future in terms of financial management. Good student financial behavior comes from good financial planning and management as well. Students' financial behavior has various forms, including saving behavior, spending behavior, and financial planning. Financial behavior in university students is determined by the income of parents and the level of education of parents. Financial education provided by parents to children will affect student behavior in managing finances. The research focusedon determining factors influencing the financial behavior of university students. The authors use methods of the systematic literature reviewwithPRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analysis). The resultsshowed that the factors mentioned in the article that influence financial behavior are financial attitude, financial education, financial planning, financial literacy, financial knowledge, financial socialization, financial self-efficacy, financial skills, financial threat, and demographic factors. The authorsconcludethat financial behavior can be influenced by 10 (ten) factors in which financial attitude and financial education are the most dominant factor because these factors are the basis of individuals' or students' financial behavior. Suggestions for further research is that research should examine financial behavior in households and other relevant sectors.