A Study on the Young Students’ Spending Pattern: A Structured Literature Review
DOI:
https://doi.org/10.58574/jaa.2025.v4.i2.02Keywords:
Financial Literacy, Youth Consumption Patterns, Student Pocket Money, Students' Spending BehaviourAbstract
This comprehensive review synthesises global research on students' spending habits, highlighting diverse determinants such as family, socialisation, education, and technological advancement. The literature highlights the pivotal role of parental influence in early money socialisation, influencing saving and spending attitudes. In spite of familiarity with financial literacy components, significant knowledge gaps are evident, particularly regarding financial products such as credit and insurance. Research highlights impulsive spending, peer pressure, and technology like mobile banking as key influences on risky financial behaviour among young people. Social and cultural factors, including socioeconomic status and peer norms, also influence consumption, often undermining financial sense.
Educational interventions like workshops and experiential financial activities hold promise to improve financial behaviour, though their long-term efficacy is inconsistent. Social norms and cultural pressures may reinforce impulsivity and dangerous behaviour, and culturally valid, longitudinal methods are thus required. Overall, the findings are in favour of integrated, targeted financial education combined with social and behavioural interventions to promote healthy spending and saving habits among students. It is essential to close gaps in knowledge, behavioural tendencies, and environmental influences in an integrated way to facilitate sustainable financial well-being among young populations.
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