Factors affecting the financial well-being of university students in Ho Chi Minh city

Abstract

Financial Well-being is critical to achieving and sustaining a high quality of life, both physically and emotionally. Financial health for the next generation is even more crucial when it is the primary resource for the growth of the entire society. The study topic "Factors affecting the Financial Well-being of university students in Ho Chi Minh City" focuses on surveying and assessing the impact of influencing factors. The study uses both qualitative research approaches (reference to prior studies, group discussions, etc.) and quantitative analysis (correlation analysis, regression analysis, etc.) to explain these points. The topic is based on an examination of elements influencing HCM City students' Financial Well-being, such as their Attitude Towards Money (ATM), Financial Literacy (FL), Financial Socialization Within Family (FSWF), and Financial Stress (FS). The study team gathered 211 valid response sheets and used SPSS software to conduct scale reliability analysis using Cronbach Alpha's coefficient, exploratory factor analysis EFA, and regression analysis. According to the data gathered, Attitude Towards Money has the largest influence on Financial Well-being. Financial Literacy and Financial Socialization Within Family are also important variables in students' Financial Well-being. Furthermore, the findings reveal that the factor of Financial Stress has no beneficial influence on the Financial Well-being of HCM City students. Based on the findings, the authors devised methods and programs to assist HCM City students in improving their financial health.