Financial Socialization in Vietnam: Are Students and Pupils Well Prepared for Facing with Global Economic Fluctuation?

Tran Tuan Hun, Khuc The Anh, Nguyen Duc Duong, Phuong Kim Quoc Cuong, Le Dieu Linh

Hanoi-Amsterdam High School for the Gifted, National Economics University, Coventry University, University of West England

The current economic fluctuations show no signs of cooling down globally not only leaving negative consequences for the macro economy but also creating difficulties for students and pupils as they have limited financial management experiences. This phenomenon happened all over the world, including Vietnam; therefore, this article aims to contribute to the study of the state of financial socialisation in Vietnam through the clarifying of the impact of social sources including Family, Peers, Media, and Education, as well as evaluating how they enhance personal financial management behaviours of students and pupils. Data in the study were collected from 821 observations, using linear structural modelling (PLS-SEM) to test hypotheses, including the relationship of all potential variables. Our findings underscore the mediating role of financial literacy in the relationships between financial socialization from peer, education and personal financial management behaviours. In light of these insights, we propose targeted recommendations aimed at enhancing the financial landscape for the higher student community in Vietnam.

Article link: https://www.asianinstituteofresearch.org/JSParchives/financial-socialization-in-vietnam%3A-are-students-and-pupils-well-prepared-for-facing-with-global-economic-fluctuation%3F