Deciphering The Underlying Determinants of Money Management Among Undergraduate Students

Financial hardships are a prevalent challenge among university students, often hindering their academic performance and overall well-being. This study investigates the key determinants influencing money management behavior among students at a selected university in Negeri Sembilan, emphasizing the pivotal role of financial literacy in shaping financial decision-making. Utilizing a convenience sampling approach, data were collected from a sample of 372 students. Multiple linear regression analysis, using IBM SPSS Statistics Version 26, was employed to examine the relationships between the independent variable, namely, financial literacy, economic, social, and psychological factors—and the dependent variable, money management behavior. The findings indicate that economic (p-value = 0.010), social (p-value = 0.000), and psychological factors (p-value = 0.000) significantly influence students' money management behavior, while financial literacy does not have a statistically significant impact. These results highlight the need for educational institutions to implement targeted financial education programs that address not only financial knowledge but also the broader psychological, social, and economic factors affecting students’ financial decisions. By fostering a comprehensive understanding of financial management, universities can empower students to develop responsible financial habits, ultimately enhancing their financial stability and academic success. This study contributes to the growing discourse on student financial well-being and underscores the importance of multidimensional approaches in addressing financial challenges in higher education.