Page 58 - 2023

Ph.D.
(Management)
STUDY OF RELATIONSHIP BETWEEN FINANCIAL SOCIALIZATION
AND FINANCIAL BEHAVIOR OF YOUNG STUDENTS

Ph.D. Scholar : Pooja Ravi Malaviya
Research Supervisor : Dr. Harsha Jariwala

Regi. No.: 17146031002
Abstract :
Quality of life as well as satisfaction in life depends on monetary decisions a person takes
in his/her life. College is the period when youngsters are becoming capable to take
financial decisions on their own. The financial behavior they engage in can have effects
on their academic success, life satisfaction, relationship quality, physical and mental well-
being, and financial well-being. By learning financial management skills, by making
thoughtful decisions about where and how to spend and save money, youngsters can
successfully reach maturity level. By saving money youngsters can prepare themselves
for the future.

Hence, financial Socialization of the youngsters is the foremost priority for their healthy
financial behaviour in future. Financial Socialization is the process through which one can
improve financial values, attitudes, and behaviours which promote financial freedom as
well as encourage youngsters to be financially responsible. Therefore research on
financial socialization and how it affects financial behaviour of the youngsters needed to
be explored.

When reviewing the financial socialization literature, it came to the view that a
considerable amount of research has been conducted on this issue in other countries.
Still, research on the issues of financial socialization and financial behaviour have not yet
been done with the population of India, Gujarat specifically, in the country where family
structure plays a significant role in defining the country's social system. The present
study examined the relationship between financial socialization and financial behaviour of
young students of Gujarat which is one of the prominent states of India. The insights
gained from such research are beneficial to the parents, youth, policy makers as well as
financial education providers.

Key words: Financial Socialization, Financial Behaviour, Young Students, Parents, Peers,
Financial Literacy, Cash flow Management, Saving Behaviour, Spending Behaviour,
Structural Equation Modeling.

33