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Đông Á, Đông Á. (2026). A STUDY ON FACTORS AFFECTING PERSONAL FINANCIAL MANAGEMENT BEHAVIOR OF GENERATION Z IN DA NANG CITY. Dong A University Journal of Science. https://js.donga.edu.vn/index.php/daujs/article/view/685
A STUDY ON FACTORS AFFECTING PERSONAL FINANCIAL MANAGEMENT BEHAVIOR OF GENERATION Z IN DA NANG CITY
Main Article Content
Abstract
This study seeks to elucidate the personal financial management behavior of Generation Z in Da Nang city by examining both internal cognitive factors and social environmental influences. Drawing upon the Theory of Planned Behavior (TPB) framework, the research proposes a model to analyze the roles of Financial Attitude, Financial Literacy, Internal Locus of Control, and Financial Socialization in shaping actual financial decisions. The findings reveal that all four factors exert a positive and statistically significant impact on financial behavior, with Financial Attitude identified as the most pivotal determinant, confirming that individual mindsets and perspectives serve as the primary drivers for achieving financial objectives. Furthermore, the study highlights a substantial “gap” between awareness and action: while the financial awareness of young adults is rated as fair, their actual behavior remains highly susceptible to emotional triggers and short-term consumption trends. Data was gathered from 308 survey respondents in Da Nang and analyzed via a multiple linear regression model to test the research hypotheses. The results contribute empirical evidence regarding the mechanism of translating knowledge into practice, while offering significant managerial implications for educators, families, and financial institutions to establish a comprehensive financial education ecosystem aimed at cultivating sustainable money management habits for the younger generation
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Keywords
Financial management behavior; Generation Z; Financial knowledge; Financial attitude; Locus of control, Financial socialization
References
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Bado, B., Hasan, M., Tahir, T., & Hasbiah, S. (2023). How do financial literacy, financial management learning, financial attitudes and financial education in families affect personal financial management in Generation Z? International Journal of Professional Business Review, 8(5), 1–29. https://doi.org/10.26668/businessreview/2023.v8i5.2001
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Çera, G., Khan, K. A., Mlouk, A., & Brabenec, T. (2021). Improving financial capability: The mediating role of financial behaviour. Economic Research-Ekonomska Istraživanja, 34(1), 1265–1282. https://doi.org/10.1080/1331677X.2020.1820362
Cơ quan Thống kê quốc gia. (2025). Dữ liệu dân số Việt Nam. https://www.nso.gov.vn/dan-so/
Dessart, W. C. A. M., & Kuylen, A. A. A. (1986). The nature, extent, causes, and consequences of problematic debt situations. Journal of Consumer Policy, 9(3), 311–334. https://doi.org/10.1007/BF00380302
Deventer, M. Van. (2020). Relationship between attitudes towards personal financial planning and perceived personal financial management skills: A Generation Y student perspective. Acta Universitatis Danubius. Oeconomica, 16(4), 192–205.
Dimock, M. (2019). Defining generations: Where Millennials end and Generation Z begins. Pew Research Center. https://www.pewresearch.org/?p=10983
Đinh Thị Mỹ Hạnh, & Đào Tuấn Khanh. (2023). Nâng cao hiểu biết tài chính tại Việt Nam. Tạp chí Tài chính, 803, 59–61. https://tapchikinhtetaichinh.vn/nang-cao-hieu-biet-tai-viet-nam-43925.html
Dolot, A. (2018). The characteristics of Generation Z. e-mentor, 74(2), 44–50. https://doi.org/10.15219/em74.1351
Drever, A. I., et al. (2015). Foundation of financial well-being: Determinants of financial literacy and financial behaviors among young adults. Journal of Consumer Affairs, 49, 13–39. https://doi.org/10.1111/joca.12068
Falahati, L., & Paim, L. H. (2011). Toward a framework of determinants of financial management and financial problems among university students. African Journal of Business Management, 5(22), 9600–9606. https://doi.org/10.5897/AJBM11.448
Garman, E. T., & Forgue, R. E. (2006). Personal finance (8th ed.). Houghton Mifflin.
Grable, J. E., Park, J., & Joo, S. (2009). Explaining financial management behavior for Koreans living in the United States. Journal of Consumer Affairs, 43(1), 80–107. https://doi.org/10.1111/j.1745-6606.2008.01128.x
Grohmann, A., Kouwenberg, R., & Menkhoff, L. (2015). Childhood roots of financial literacy. Journal of Economic Psychology, 51, 114–133. https://doi.org/10.1016/j.joep.2015.09.002
Gudmunson, C. G., & Danes, S. M. (2011). Family financial socialization: Theory and critical review. Journal of Family and Economic Issues, 32(4), 644–667. https://doi.org/10.1007/s10834-011-9275-y
Hoffman, D. L., Novak, T. P., & Schlosser, A. E. (2000). Consumer control in online environments (Working Paper). eLab, Owen Graduate School of Management, Vanderbilt University.
Hogarth, J. M., & Hilgert, M. A. (2002). Financial knowledge, experience, and learning preferences: Preliminary results from a new survey on financial literacy. Consumer Interest Annual, 48, 1–7.
Huang, J., Nam, Y., & Sherraden, M. S. (2013). Financial knowledge and child development account policy: A test of financial capability. Journal of Consumer Affairs, 47(1), 1–26. https://doi.org/10.1111/joca.12000
Huston, S. J. (2010). Measuring financial literacy. Journal of Consumer Affairs, 44(2), 296–316. https://doi.org/10.1111/j.1745-6606.2010.01170.x
Idris, F. H., Krishnan, K. S. D., & Azmi, N. (2013). Relationship between financial literacy and financial distress among youths in Malaysia: An empirical study. Malaysian Journal of Society and Space, 9(4), 106–117.
Joo, S. H. (2008). Personal financial wellness. In J. J. Xiao (Ed.), Handbook of Consumer Finance Research (pp. 21–33). Springer. https://doi.org/10.1007/978-0-387-75734-6_2
Ken Research. (2025). Vietnam FinTech lending and digital microfinance market (2019–2030). https://www.kenresearch.com/vietnam-fintech-lending-and-digital-microfinance-market
Kim, J., & Chatterjee, S. (2013). Childhood financial socialization and young adults’ financial management. Journal of Financial Counseling and Planning, 24(1), 61–79.
Lanz, M., et al. (2019). Implicit family financial socialization and emerging adults’ financial well-being: A multi-informant approach. Emerging Adulthood, 8(6), 443–452. https://doi.org/10.1177/2167696819876752
Lê Long Hậu, Lê Tấn Nghiêm, & Nguyễn Lê Trang Anh. (2019). Các nhân tố ảnh hưởng đến kỹ năng quản lý ngân quỹ cá nhân của sinh viên Trường Đại học Cần Thơ. Tạp chí Khoa học Đại học Cần Thơ, 55, 136–144. https://doi.org/10.22144/ctu.jsi.2019.088
Loan, N. T. B. (2025). Các yếu tố ảnh hưởng đến hành vi quản lý tài chính cá nhân của viên chức tại Đại học Quốc gia Thành phố Hồ Chí Minh. Tạp chí Khoa học Đại học Huế: Kinh tế và Phát triển, 134(5B), 95–117. https://doi.org/10.26459/hueunijed.v134i5B.7911
Lunt, K. P., & Livingstone, M. S. (1992). Predicting personal debt and debt repayment: Psychological, social and economic determinants. Journal of Economic Psychology, 13(1), 111–134. https://doi.org/10.1016/0167-4870(92)90055-C
Lusardi, A., & Messy, F. (2023). Financial literacy and financial behavior. Journal of Financial Literacy and Wellbeing, 1(1), 1–11. https://doi.org/10.1017/flw.2023.8
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5
Manfrè, M. (2017). Saving behavior: Financial socialization and self-control. https://siecon3-607788.c.cdn77.org/sites/siecon.org/files/media_wysiwyg/288-manfre.pdf
Mankiw, N. G. (2021). Principles of economics (9th ed.). Cengage Learning.
Mien, N. T. N., & Thao, T. P. (2015). Factors affecting personal financial management behaviors: Evidence from Vietnam. In Proceedings of the Second Asia-Pacific Conference on Global Business, Economics, Finance and Social Sciences. Danang, Vietnam.
Nguyen, K. T. C., Dao, T. H. H., Pham, V. P., & Nguyen, P. H. N. (2026). Fear of missing out and Generation Z's investment behavior in Vietnam's stock market: The moderating role of financial literacy. Edelweiss Applied Science and Technology, 10(1), 500–510. https://doi.org/10.55214/2576-8484.v10i1.11624
Nguyễn Thị Hải Yến. (2017). Evaluate financial literacy of Vietnamese students in higher education and its determinants: The need of financial education. Journal of Economics and Development, 19, 66–82.
Nguyễn Thị Mai Dung. (2018). Quản lý tài chính cá nhân. Nhà xuất bản Đại học Quốc gia Hà Nội.
Nguyễn Văn Tiến. (2018). Thu nhập cá nhân và quản lý tài chính. Nhà xuất bản Đại học Kinh tế Quốc dân.
OECD. (2015). National strategies for financial education. https://www.oecd.org/content/dam/oecd/en/publications/reports/2015/11/national-strategies-for-financial-education-oecd-infe-policy-handbook_8a22c019/a8916d0e-en.pdf
Ogilvy. (2023). The support gap: How financial services brands can win with Generation Z. https://www.ogilvy.com/ideas/support-gap-how-financial-services-brands-can-win-gen-z
Parrotta, J. L., & Johnson, P. J. (1998). The impact of financial attitudes and knowledge on financial management and satisfaction of recently married individuals. Financial Counseling and Planning, 9(2), 59–75.
Perry, V. G., & Morris, M. D. (2005). Who is in control? The role of self-perception, knowledge, and income in explaining consumer financial behavior. Journal of Consumer Affairs, 39(2), 299–313. https://doi.org/10.1111/j.1745-6606.2005.00016.x
Prihartono, M. R. D., & Asandimitra, N. (2018). Analysis of factors influencing financial management behaviour. International Journal of Academic Research in Business and Social Sciences, 8(8), 308–326. https://doi.org/10.6007/IJARBSS/v8-i8/4471
Rai, K., Dua, S., & Yadav, M. (2019). Association of financial attitude, financial behaviour and financial knowledge towards financial literacy: A structural equation modeling approach. FIIB Business Review, 8(1), 51–60. https://doi.org/10.1177/2319714519826651
Rajna, A., Ezat, W. P. S., Junid, S. A., & Moshiri, H. (2011). Financial management attitude and practice among the medical practitioners in public and private medical service in Malaysia. International Journal of Business and Management, 6(8), 105–113. https://doi.org/10.5539/ijbm.v6n8p105
Rotter, J. B. (1966). Generalized expectancies for internal versus external control of reinforcement. Psychological Monographs: General and Applied, 80(1), 1–28. https://doi.org/10.1037/h0092976
S&P Global Ratings. (2024–2026). Global Financial Literacy Survey (FinLit): Vietnam overview. Global Financial Literacy Excellence Center (GFLEC). https://gflec.org/initiatives/sp-global-finlit-survey/
Sabri, M. F., Anthony, M., Law, S. H., Rahim, H. A., Burhan, N. A. S., & Ithnin, M. (2023). Impact of financial behaviour on financial well-being: Evidence among young adults in Malaysia. Journal of Financial Services Marketing, 29(3), 788–807. https://doi.org/10.1057/s41264-023-00234-8
Seemiller, C., & Grace, M. (2016). Generation Z goes to college. Jossey-Bass.
Serido, J., & Deenanath, V. (2016). Financial parenting: Promoting financial self-reliance of young consumers. In J. J. Xiao (Ed.), Handbook of Consumer Finance Research (pp. 291–300). Springer International Publishing. https://doi.org/10.1007/978-3-319-28887-1_24
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