Factors affecting the financial satisfaction of university students in Ho Chi Minh city

Abstract

Financial satisfaction is an important part of life that can affect one's physical and emotional health. In 2022, due to various global economic changes, the lower-middle income countries, and specifically students, were particularly affected. However, Vietnam has seen a steady economic recovery in 2022 with an increase of savings deposits, higher salaries, and higher GDP growth. This study aims to explore the mediating effects of financial risk attitude, financial capability and financial behavior on financial satisfaction to understand the relationship between financial knowledge and financial satisfaction, through a survey with students from universities in Ho Chi Minh City, in the context that Vietnam's economy is gradually recovering and developing. This study was conducted on a sample coming from students university in Ho Chi Minh city. The sample size was 300 through convenience sampling. Primary data were collected by spreading a questionnaire to students through the Google form. The data of this study were processed by using SmartPLS 4.0 and SPSS 4.0 software. Research outcomes show that financial socialization has both direct and indirect effects: it has a direct positive impact on financial satisfaction and an indirect impact through financial risk attitude and financial behavior. Financial knowledge has an indirect negative effect on financial satisfaction due to its effect on financial capability. Additionally, its indirect effects on financial satisfaction through financial risk attitude and financial behavior are smaller than those of financial socialization. This study can provide universities with insights into the financial needs of students and inform the development of more effective financial policies. Additionally, understanding financial satisfaction can help inform our understanding of student wellbeing as a whole. Ultimately, this study contributes to our existing theoretical basis of general financial satisfaction for university students.