FINANCIAL MANAGEMENT STRATEGIES AND PERSONAL EXPENDITURE OF BUSINESS EDUCATION STUDENTS IN PUBLIC UNIVERSITIES, SOUTH-SOUTH, NIGERIA
Keywords:
Financial management, financial literacy, budgeting practices, savings behaviour, Business Education students, tertiary institutions, Nigeria.Abstract
The study examined financial management strategies and personal expenditure among Business Education students in public universities in South-South Nigeria. An ex post facto research design was adopted for the study, which was conducted across the South-South Nigeria. The population consisted of 1,059 year-three Business Education undergraduate students from all public universities offering Business Education. Using the Taro Yamane formula, a sample size of 290 students was determined, and simple random sampling was employed to ensure that the sample adequately represented the entire population. Data were collected using a structured questionnaire titled Financial Management Strategies and Personal Expenditure of Business Education Students Questionnaire (FMSPEBESQ), designed on a five-point rating scale. The instrument was validated through face validity by three experts, two from the Department of Business Education and one from the Department of Psychological Foundations at the University of Uyo. To determine the reliability of the instrument, Cronbach’s Alpha was used. A pilot test involving 30 year-three Business Education students from Abia State University, who shared similar characteristics with the target population but were not part of the main study, was conducted using a 40-item questionnaire. Out of the distributed questionnaires, 276 were properly completed and returned, resulting in a high return rate of 0.95. The research questions were answered and the null hypotheses tested at the 0.05 level of significance using simple linear regression analysis. The findings revealed a moderate influence of budgeting and spending habits on students’ personal expenditure, while record keeping showed only a slight influence. The study recommended integrating financial literacy programmes, workshops, and mentorship initiatives into tertiary education curricula to strengthen students’ financial decision-making skills.References
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