Financial education, materialism and the value of money: its effect on college students' indebtedness
Abstract
The tendency to incur debt in the Mexican population increases financing costs and the probability of default. In this sense, this paper analyzes the impact of financial education, the value of money and materialism on indebtedness among university students in Baja California. The research is quantitative, non-probabilistic and cross-sectional, with a random sample of 333 subjects. The relationships between constructs were tested using partial least squares (PLS) models. The results show that five of the six proposed relationships are statistically significant: financial education and the value of money positively affect indebtedness. The model weakly explains indebtedness (0.238) and the value of money (0.147). This research contributes to the knowledge of indebtedness in young and adult university students by considering new factors that influence their decision to make purchases on credit that lead them to become indebted.
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References
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Ahmed, E. R., Alabdullah, T. T. Y., Amran, A. and Yahya, S. B. (2018). Indebtedness Theory and Shariah Boards: A Theoretical Approach. Global Business & Management Research, 10(1), 127–134.
Aksoylu, S., Boztosun, D., Altinişik, F. and Baraz, E. H. (2017). A baseline investigation of financial literacy levels: the case of kayseri province. Journal of Accounting & Finance, 75, 229–246.
Ali, F., Rasoolimanesh, S. M., Sarstedt, M., Ringle, C. M. and Ryu, K. (2018). An assessment of the use of partial least squares structural equation modeling (PLS-SEM) in hospitality research. International Journal of Contemporary Hospitality Management, 30(1), 514-538. https://doi.org/10.1108/IJCHM-10-2016-0568
Aranibar-Ramos, E. R., Ríos-Vera, K. J. y Zanabria-Cabrera, L. C. (2023). Educación financiera desde un enfoque cienciométrico y revisión sistemática de literatura: aproximaciones recientes y tendencias. Quipukamayoc, 31(65), 85–98. https://doi.org/10.15381/quipu.v31i65.25005
Arsyianti, L. D., Kassim, S. and Adeyemi, A. A. (2018). Enhancing Financial Education: Debt-Taking and Charity-Giving Context in Indonesia. Li Falah: Jurnal Studi Ekonomi Dan Bisnis Islam, 3(2), 32–49. https://doi.org/10.31332/lifalah.v3i2.1195
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Banco de México (2022). Reporte de estabilidad financiera. https://www.banxico.org.mx/publicaciones-y-prensa/reportes-sobre-el-sistema-financiero/%7BC91285A1-2305-6839-FCD2-D310D5D70749%7D.pdf
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Barros-Busto, S., Denigri-Coria, M y Salazar-Valenzuela P. (2019). Consumo, actitudes hacia el endeudamiento, materialismo e influencia de pares en adolescentes rurales del sur de Chile. Interdisciplinaria, 36(1), 203-219.
Benítez, J., Henseler, J., Castillo, A. and Schuberth, F. (2020). How to perform and report an impactful analysis using partial least squares: Guidelines for confirmatory and explanatory IS research. Information & Management, 57(2), 103168. https://doi.org/10.1016/j.im.2019.05.003
Brown, M., Grigsby, J., van der Klaauw, W., Wen, J. and Zafar, B. (2016). Financial Education and the Debt Behavior of the Young. The Review of Financial Studies, 29(9), 2490–2522.
Camões, F. and Vale, S. (2020). I feel wealthy: A major determinant of Portuguese households’ indebtedness? Empirical Economics, 58(4), 1953–1978. https://doi.org/10.1007/s00181-018-1602-9
Carlsson-Hauff, J. and Nilsson, J. (2020). Determinants of indebtedness among young adults: Impacts of lender guidelines, explicit information and financial (over)confidence. International Journal of Consumer Studies, 44(2), 89–98. https://doi.org/10.1111/ijcs.12549
Comisión Nacional Bancaria y de Valores (2022). Panorama anual de inclusión financiera 2022. https://www.cnbv.gob.mx/Inclusi%C3%B3n/Anexos%20Inclusin%20Financiera/Panorama_2022.pdf?utm_source=Panorama+2022&utm_medium=Mail&utm_campaign=Panorama
Comisión Nacional Bancaria y de Valores (2023). IMOR por tipo de cartera. https://www.cnbv.gob.mx/Paginas/PortafolioDeInformacion.aspx
Comisión Nacional Bancaria y de Valores e Instituto Nacional de Estadística y Geografía (2021). Encuesta Nacional de Inclusión Financiera (ENIF) 2021. https://www.inegi.org.mx/programas/enif/2021/
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Denegri-Coria, M., Peñaloza, V., Sepúlveda, J. y Riquelme, L. (2022). Relación entre materialismo, actitudes hacia el dinero, influencia de pares y satisfacción con la vida en adolescentes chilenos. CES Psicología, 15(1), 68–95. https://doi.org/10.21615/cesp.5703
Denegri-Coria, M., Torres-Acosta, J. A. R.., Correa-Abarzúa, M. I., González-Rodríguez, V. B., Toro-Lavanderos, J. C. B., Salazar-Valenzuela, P. A. y Sepúlveda-Maldonado, J. A. (2021). Estilos de consumo, actitudes hacia el dinero, y materialismo en adolescentes chilenos y ecuatorianos. Perfiles Latinoamericanos, 29(58). https://doi.org/10.18504/pl2958-013-2021
Díaz-Rodríguez, H. E., Sosa-Castro, M. y Cabello-Rosales, A. (2019). Determinantes del endeudamiento de los hogares en México: un análisis con redes neuronales. Problemas del desarrollo, 50(199), 115-140. https://doi.org/10.22201/iiec.20078951e.2019.199.67463
Enache, C. (2022). Macroeconomic Determinants of Household Indebtedness in Romania: An Econometric Approach. Journal of Social & Economic Statistics, 11(1/2), 102–117. https://doi.org/10.2478/jses-2022-0006
Escobar-Pérez, J., y Cuervo-Martínez, Á. (2008). Validez de contenido y juicio de expertos: una aproximación a su utilización. Avances en medición, 6(1), 27-36.
European Central Bank (2023). Financial Stability Review. https://www.ecb.europa.eu/pub/financial-stability/fsr/html/ecb.fsr202305~65f8cb74d7.en.html
Franco de Oliveira, S. (2020). Influence of behavioral factors on the propensity for indebtedness of university students. Brazilian Journal of Management / Revista de Administração Da UFSM, 13(4), 829–849. https://doi.org/10.5902/1983465935196
Fornell, C. and Larcker, D. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of Marketing Research, 18(1), 39-50.
García, E., Grant, M. y Mejía, F. (2015). Contexto de la educación financiera en México. Ciencia Administrativa, (1), 21-30.
Golman, M. y Bekerman, M. (2018). ¿Qué determina la morosidad en las microfinanzas? El caso de la Asociación Civil Avanzar. Problemas del Desarrollo, 49(195), 127-151. https://doi.org/10.22201/iiec.20078951e.2018.195.62527
Gutiérrez, N. B., Serrano, C. C. and Cuesta-González, M. (2017). A multivariate study of over-indebtedness’ causes and consequences. International Journal of Consumer Studies, 41(2), 188–198. https://doi.org/10.1111/ijcs.12324
Hair Jr., J. F., Howard, M. C., & Nitzl, C. (2020). Assessing measurement model quality in PLS-SEM using confirmatory composite analysis. Journal of Business Research, 109, 101-110. https://doi.org/10.1016/j.jbusres.2019.11.069
Hair, J. F., Hult, G. T. M., Ringle, C. and Sarstedt, M. (2017). A primer on partial least squares structural equation modeling (PLS-SEM). Sage publications.
Hair Jr, J. F., Sarstedt, M., Hopkins, L. and G. Kuppelwieser, V. (2014). Partial least squares structural equation modeling (PLS-SEM): An emerging tool in business research. European Business Review. 26(2), 106-121.
Hair, J. F., Ringle, C. M. and Sarstedt, M. (2011). PLS-SEM: Indeed a silver bullet. Journal of Marketing theory and Practice, 19(2), 139-152. https://doi.org/10.2753/MTP1069-6679190202
Hair, J. F., Risher, J. J., Sarstedt, M. and Ringle, C.M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2-24. https://doi.org/10.1108/EBR-11-2018-0203
Hämmig, O. and Herzig, J. (2022). Over-indebtedness and health in Switzerland: A cross-sectional study comparing over-indebted individuals and the general population. PloS One, 17(10), e0275441. https://doi.org/10.1371/journal.pone.0275441
Jaramillo-Garza, R., Jaramillo-Garza, J., Chávez-Guzmán, L. and Moya-García, J. G. (2016). Análisis del valor del dinero en el tiempo para el desarrollo sostenible de las empresas. VinculaTégica EFAN, 2(1), 3579-3594.
Jaume, D., Heres, D., Tellez, E. and Tobal, M. (2022). Do Remittances Complement or Substitute for Consumer Credit? The Relevance of Heterogeneous Effects in the Mexican Context. http://dx.doi.org/10.2139/ssrn.4189160
Jones, S., Vigurs, K. and Harris, D. (2020). Discursive framings of market-based education policy and their negotiation by students: the case of “value for money” in English universities. Oxford Review of Education, 46(3), 375–392. https://doi.org/10.1080/03054985.2019.1708711
Li, Y., Luo, L. and Fu, J. (2019). Benefactor intention, perceived helpfulness, and personal responsibility influence gratitude and indebtedness. Social Behavior and Personality: An International Journal, 47(2), e7481
López-García, J. C. (2016). Las finanzas personales, un concepto que va más allá de su estructura. Estado del arte período 2006-2016 (tesis de maestría). Universidad EAFIT. https:// repository.eafit.edu.co/bistream/handle/10784/11784/LopezGarcia_JuanCarlos_2017.pdf?sequence=2
Martínez-Ávila, M. y Fierro-Moreno, E. (2018). Aplicación de la técnica PLS-SEM en la gestión del conocimiento: un enfoque técnico práctico. RIDE. Revista Iberoamericana para la Investigación y el Desarrollo Educativo, 8(16), 130-164. https://doi.org/10.23913/ride.v8i16.336
Mendonça-Flores, S. A. and Dalagostini-Bidarte, M. V. (2019). Style Consumption and Propensity to Indebtedness: Evidence on the Peace Border. Brazilian Journal of Management / Revista de Administração Da UFSM, 12(1), 142–158. https://doi.org/10.5902/1983465917740
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Published
2024-07-25
How to Cite
López Torres, V. G., Valenzuela Montoya, M. M., & Lizarraga Benítez, R. I. (2024). Financial education, materialism and the value of money: its effect on college students’ indebtedness. RIDE Revista Iberoamericana Para La Investigación Y El Desarrollo Educativo, 15(29). https://doi.org/10.23913/ride.v15i29.2015
Section
Scientific articles
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