PREDICTING ECONOMIC BEHAVIOR BASED ON ECONOMICS EDUCATION IN THE FAMILY AND UNIVERSITY BY MEDIATING ECONOMIC LITERACY

Document Type : Scientific - Research

Authors

1 Department of Educational Management, Faculty of Psychology and Educational Sciences, Semnan University, Semnan, Iran

2 Associate Professor, Department of Educational Management, Faculty of Psychology and Educational Sciences, Semnan University, Semnan, Iran.

Abstract
The aim of the present study was to investigate the casual relationship between economics education in the family and university and economic behavior of engineering students by mediating economic literacy. This study was an applied research in terms of the purpose and was a type of descriptive-correlational studies based on structural modeling in terms of data collection method. The statistical population of the study consisted of all engineering students of Semnan University (1700 people) in the academic year 2023-2024 who 220 people were selected as study sample using stratified random sampling. The study instrument included economic behavior, economic literacy, economics education in the family and economics education in the university questionnaires. The collected data were analyzed by descriptive statistics (frequency, mean and standard deviation) and inferential statistics (Pearson and path analysis). The results obtained from the data indicate that economics education in the family has a significant effect on economic literacy and economic behavior of engineering students. Economics education in the university has a significant impact on economic literacy and economic behavior of engineering students. Economic literacy has a significant influence on economic behavior of engineering students. Economics education in the family has a significant positive indirect effect on economic behavior of engineering students through mediation of economic literacy. Also, economics education in the university has a significant positive indirect impact on economic behavior of engineering students through mediation of economic literacy. The results of the study show the importance of economics education in the family and university in economic literacy and consequently on the economic behavior of engineering students. 

Keywords

Subjects

Archunan, K., (2024) New education policy and its impact on higher education in india. Shanlax International Journal of Management, 11(1), 84-89. https://doi:10.34293/management. v11iiS1-Jan.7144.
Barboza, G., Bongini, P., & Rossolini, M. (2021). Financial (il)literacy vs. individual’s behavior. Evidence on credit card repayment patterns. Financial Services Review, 29(4), 247-276. https: //doi.org/10.61190/fsr.v29i4.3462.
Bohm, P., Bohmova, G., Gazdíkova, J., & Simkova, V. (2023). Determinants of financial literacy: Analysis of the impact of family and socioeconomic variables on undergraduate students in the slovak republic. Journal of Risk and Financial Management, 16(4), 252.
Bonal, X., & González, S. (2020). The impact of lockdown on the learning gap: family and school divisions in times of crisis. International Review of Education, 66(5), 635-655. https://doi.org /10.1007/s11159-020-09860-z.
Bruckner, S., F€orster, M., Zlatkin-Troitschanskaia, O., Happ, R., Walstad, W.B.,Yamaoka, M., Asano, T., (2015). Gender effects in assessment of economic knowledge and understanding: differences among undergraduate business and economics students in Germany, Japan, and the United States. Peabody Journal of Education, 90(4), 503-518. https://doi.org/10.1080/0161956X.2015. 1068079.
Buana, S., & Patrisia, D. (2021). The influence of financial literacy, financial self efficacy, and social economic status on financial management behavior on students of the faculty of economics, padang state University. Financial Management Studies, 1(2), 367-378. https://doi.org/10. 24036/JKMK.V1I2.14 .
Çangır, M., Sarıyıldız, A., Budak, C., Kamak, Z., Ayyıldız, F., Bozer, I., & Sayar, B. (2024). Investigation of teachers’ financial literacy levels. International Journal of Social and Humanities Sciences Research (JSHSR), 11(103), 142-148. doi: https://10.1080/1331677X.20 20.1820362.
Cera, G., Ajaz Khan, K., Mlouk, A., & Brabenec, T. (2021). Improving financial capability: the mediating role of financial behaviour. Economic Research-Ekonomska Istraživanja, 34(1), 1265-1282. doi: https://doi.org/10.1080/1331677X.2020.1820362.
Chernov, V. A. (2023). Financial literacy and consumer culture in behavioral economics as a condition for sustainable development. Proceedings of the Voronezh State University of Engineering Technologies, 84(3). 472-484. (In Russ). doi: https://doi.org/10.20914/2310-1202-2022-3-472-484.
Deenanath, V., Danes, S. M., & Jang, J. (2019). Purposive and unintentional family financial socialization, subjective financial knowledge, and financial behavior of high school students. Journal of Financial Counseling and Planning, 30(1), 83-96. doi: 10.1891/1052-3073.30.1.83.
Dewi, R. M. (2024). Development of learning material in behavioral economics for higher education. Pegem Journal of Education and Instruction, 14(3), 192-199. doi: 10.1080/19496591.2022 .2074796. .
Dewi, V. I., Febrian, E., Effendi, N., Anwar, M., & Nidar, S. R. (2020). Financial literacy and its variables: The evidence from Indonesia. Economics and Sociology, 13(3), 133-154. doi:10.14254/2071-789X.2020/13-3/9.
Dilek, S., Kesgingoz, H., Konak, A., Halicioglu, S., (2018). Factors affecting economic literacy. Afro Eurasian Stud, 7(1), 7-47 .doi: https://doi.org/10.33722/afes.475575.
Erwinsyah, E. (2022). Environmental knowledge, attitudes, and practices for behavior change of university students: The case of Indonesia. Journal of STEAM Education, 5(2), 177-188. doi: http://www.doi.org/10.55290/steam.1075516.
Fitri, N., Herawan, E., & Febianti, Y. N. (2022). The effects of consumer behavior and digital literacy on consumption patterns in students. Journal of Inovasi Pendidikan Ekonomi (JIPE), 12(1), 85-93. doi: https://doi.org/10.24036/011166480.
Godwin Gey, Dan’Asabe, Yahaya Yusuf, Masha S. Menhat, Tijjani Abubakar, Nnamdi J. Ogbuke, (2019), Agile capabilities as necessary conditions for maximizing sustainable supply chain performance: an empirical investigation. International Journal of Production Economics. 222, 107501. doi: https://doi.org/10.1016/j.ijpe.2019.09.022.
Greenberg, A. E., & Hershfield, H. E. (2019). On shifting consumers from high-interest to low-interest debt. Financial Planning Review, 2(1), e1035. doi: https://doi.org/10.1002/CFP2.103 5 .
Han, S. (2023). To what extent do grade levels and the requirement of an economics course in high school impact the financial literacy levels of students in the United States? Journal of Student Research, 11(3), 1-13. doi: 10.47611/jsr.v11i3.1671 .
Harsoyo, Y., Saptono, L., Purwanta, H., (2017). The level of economic literacy toward economics teacher candidates in Yogyakarta, Indonesia. International Journal of Social Sciences & Educational Studies, 3(4), 73. DOI: https://doi.org/10.1007/s10834-021-09792-2.
Hastings, J & Mitchels, Os. (2020). How financial literacy and impatience shape retirement wealth and investment behaviors. Journal of Pension Economics and Finance, 19(1), 1-20. doi:10.10  17/S1474747218000227.
Houdek, P. Koblovsky, P. (2017). Behavioural economics of organization: employees and managers, E M Ekon. Manag. 20(1), 4-15. doi: 10.15240/tul/001/2017-1-001.
Ilugbusi, B. S., & Adisa, O. (2024). Behavioral economics in US financial literacy programs: A comprehensive review-Evaluating the role of psychology-driven strategies in enhancing understanding and responsible financial behaviors among citizens. International Journal of Economics and Management, 16(3), 351-364. doi: http://doi.org/10.47836/ijeam.16.3.06.
Irfan, I., Nasyalia, C., Muhyarsyah, M., Hani, S., & Sari, M. (2023). The impact of financial literacy and financial inclusion towards the saving behavior of the students. Management Scientific Journal, 13(2), 439-453. doi: 10.22441/jurnal_mix. 2023. v13i2.012 .
Johan, I., Rowlingson, K., & Appleyard, L. (2021). The effect of personal finance education on the financial knowledge, attitudes and behaviour of university students in Indonesia. Journal of Family and Economic Issues, 42(2), 351-367. https://doi.org/10.1007/s10834-020-09721-9.
Jones, C., Fouty, J. R., Lucas, R. B., & Frye, M. A. (2019). Integrating individual student advising into financial education to optimize financial literacy in veterinary students. Journal of Veterinary Medical Education, 46(4), 562-572. doi: 10.3138/jvme.1117-156r1 .
Karimov, U. U. (2023). The importance of family education and education in the development of civil society. Gospodarka i Innowacje., 41, 580-588.
Khalisharani, H., Sabri, M. F., Johan, I. R., Burhan, N. A. S., & Yusof, A. N. M. (2022). The influence of parental financial socialisation and financial literacy on university student’s financial behaviour. International Journal of Economics & Management, 16(3), 351-364. doi: http://doi.org/10.47836/ijeam.16.3.06.
Kim, K. T., & Lee, J. M. (2021). A review of a decade of financial behavior research in the journal of family and economic issues. Journal of Family and Economic Issues, 42, 131-141. doi: https://doi.org/10.1007/s10834-020-09711-x.
Koch, A., Nafziger, J., & Nielsen, H. S. (2015). Behavioral economics of education. Journal of Economic Behavior & Organization, 115, 3-17. https://doi.org/10.1016/j.jebo.2014.09.005.
Kusumojanto, D. D., Wibowo, A., Kustiandi, J., & Narmaditya, B. S. (2021). Do entrepreneurship education and environment promote students’ entrepreneurial intention? the role of entrepreneurial attitude. Cogent Education, 8(1), 1948660. doi:https://doi.org/10. 1080/2331186X.2021.1948660.
Liu, L., & Zhang, H. (2021). Financial literacy, self-efficacy and risky credit behavior among college students: Evidence from online consumer credit. Journal of Behavioral and Experimental Finance, 32, 100569. DOI: https://doi.org/10.1016/j.jbef.2021.100569.
Lyn, S. H. M., & Sahid, S. (2021). Economic literacy and its effects on students’ financial behavior at Malaysian Public University. Sciences, 11(8), 736-750. doi:10.6007/IJARBSS/v11-i8/10551 .
Maman, D., & Rosenhek, Z. (2023). Governing individuals’ imaginaries and conduct in personal finance: The mobilization of emotions in financial education. Journal of Consumer Culture, 23(1), 188-208. doi: 10.1177/14695405211069952.
Mankiw, N. G. (2020). Principles of Economics. Cengage Learning. Boston, MA, USA.
Mawardi, M. K. (2022). Do entrepreneurship education and family entrepreneurial orientation are matter for student’s entrepreneurial intention. Journal Aplikasi Manajemen, 20(2). doi: https://doi.org/10.21776/ub.profit.2022.-16.01.4.
Mireku, K., Appiah, F., & Agana, J. A. (2023). Is there a link between financial literacy and financial behaviour?. Cogent Economics & Finance, 11(1), 2188712. https://doi.org/10.1080/ 23322039.2023.2188712.
Mohaghegh Kia, N., Barmaki, N., & Akram, A. (2021). Determining the level of financial literacy and its relationship with financial behavior and financial attitude (case study of Parandak Higher Education Institute students). Accounting and Auditing Research (Accounting Research), 13(51), 187-198. [In Persian] doi:10.22034/iaar.2021.141684.
Mokhtari, S. A. M., & Rizvani, R. (2022). Application of artificial intelligence in history education. Research in History Education, 3(4), 53-65 [In Persian]. doi: 20.1001.1.28211014.1401.3.4.5.9.
Montazer-Atai, Shamshadi, S., & Shamshadi, M. (2021). The role of teachers in improving the economic behavior of students with an action research approach. Transcendent Education Quarterly, 1(1), 60-70 [In Persian].
Mora, A. G. O., & Bawono, S. (2021). Science development of psychology and economics in business-a: english. Journal Manajemen Jayanegara, 3(1), 25-29.
Mughal, N., Wen, J., Zhang, Q., Pekergin, Z. B., Ramos-Meza, C. S., & Pelaez-Diaz, G. (2024). Economic, social, and political determinants of environmental sustainability: Panel data evidence from next eleven economies. Energy & Environment, 35(1), 64-87. https://doi.org/10.1177/0958305X221124224.
Mueller, R. O. (1997). Structural equation modeling: Back to basics. Structural Equation Modeling: A Multidisciplinary Journal, 4(4), 353-369. https://doi.org/10.1080/10705519709540081.
Narmaditya, B. S., & Sahid, S. (2023a). Financial literacy in family and economic behavior of university students: a systematic literature review. The Journal of Behavioral Science, 18(1), 114-128.
Narmaditya, B. S., Sahid, S., & Hussin, M. (2023b). How does family economic education foster students’ economic behavior? The mediating role of economic and entrepreneurial literacy. Heliyon, 9(5). https://doi.org/10.1016/j.heliyon.2023.e15608.
Nicolaescu, V. G., & Toderascu, C. (2023). Financial education as a tool for financial development. Journal of Public Administration, Finance and Law, 27, 323-331. doi: 10.47743/ jopafl-2023-27-24 .
Nurjanah, S., Ilma, R. Z., & Suparno, S. (2018). Effect of economic literacy and conformity on student consumptive behaviour. Dinamika Pendidikan, 13(2), 198-207.
Nwodoh, E. O. (2024). Revamping tertiary eduvation to meet global needs and challenges in post- pandemic era for economic growth and development. The Nigerian Journal Research and Production, 26(1), 1-10. https://acjol.org.
Nzerem, T. A. N. (2021). Nigerian education and functionality in the 21st century. Journal of Knowledge review 2(3). 641-647. doi: 10.30918/AERJ.93.19.049.
Ozhand, I., & Mahmoudpour, K. (2023). Cognitive ability, economic knowledge and financial literacy. Scientific Journal of Modern Research Approaches in Management and Accounting, 7(24), 119-130 [In Persian].
Park, C. M., Kraus, A. D., Dai, Y., Fantry, C., Block, T., Kelder, B., Howard, K. A. S., & Solberg, V. S. (2021). Empowering women in finance through developing girls’ financial literacy skills in the united states. Behavioral Sciences, 11(12), 176. doi: 10.3390/bs11120176 .
Pashaei, A., Hosni, M., Mohajeran. B., & Shahbazi, K. (2022). Investigating the causal relationship of economics education with financial literacy, decision-making skills and entrepreneurial intention of students. Iranian Engineering Education Quarterly, 25(97), 1-23 [In Persian]. https://doi. rg/10.22047/ijee.2023.361381.1938.
Patma, T. S., Wardana, L. W., Wibowo, A., Narmaditya, B. S., & Akbarina, F. (2021). The impact of social media marketing for Indonesian SMEs sustainability: Lesson from Covid-19 pandemic. Cogent Business & Management, 8(1), 1-16. https://doi.org/10.1080/23311975.202 1.1953679.
Phillips, T., & Kiracofe, C. (2023). Financial literacy programming in higher education: What’s there and what’s missing. Journal of Student Affairs Research and Practice, 60(5), 702-715. https://doi.org/10.1080/19496591.2022.2074796.
Pimdee, P. (2020). Antecedents of Thai student teacher sustainable consumption behavior. Heliyon, 6(8), 1-16. https://doi.org/10.1016/j.heliyon.2020.e04676.
Piscitelli, A., & Duggento, A. M. (2022). Do young people really engage in sustainable behaviors in their lifestyles? Social Indicators Research, 163(3), 1467-1485. https://doi.org/10. 1007/s11205-022-02955-0.
Rangga, A. E. D., Haryono, A., & Utomo, S. H. (2022). The influence of family of family economic, self-contol, and individual modernity on consumptive behavior through financial litracy in bachelor students of the faculity of economics and business, universitas Negeri Malang Calass of 2020. litracy: International Scientific Journals of Social, Education, Humanities, 1(3), 65-79. doi: https://doi.org/10.56910/literacy.v1i3.319.
Salsabilla, S. I., Tubastuvi, N., Purnadi, P., & Innayah, M. (2022). Factors affecting personal financial management. factors affecting personal financial management. Jurnal Manajemen Bisnis, 13(1), 168-184. doi: 10.18196/mb. V 13i1.13489. .
Santos, D. B., Mendes-Da-Silva, W., Norvilitis, J. M., Protin, P., & Onusic, L. (2021). Parents influence responsible credit use in young adults: Empirical evidence from the United States, France, and Brazil. Journal of Family and Economic Issues, 43(2), 368-383. https://doi.org/10.1 007/s10834-021-09792-2.
Sehrawat, K., Vij, M., & Talan, G. (2021). Understanding the path toward financial well-being: evidence from India. Frontiers in Psychology, 12, 638408. doi: 10.3389/fpsyg.2021.638408 .
Suratno, S., Narmaditya, B. S., & Wibowo, A. (2021). Family economic education, peer groups and students’ entrepreneurial intention: The mediating role of economic literacy. Heliyon, 7(4), 1-9. https://doi.org/10.1016/j.heliyon.2021.e06692.
Taiwo, T. E., & Olanipekun, L. O. P (2023). Eduvational enhancement as a veritable tool for socio-cultural political and economic effectiveness in remo north area of Ogune State. Journal of Mathematics and Computer Science, 1(1), 79-103.
Thao, N. T. P. (2023). The importance of economic education: preparing future generations for global economic challenges. Journal of Asian Multicultural Research for Economy and Management Study, 4(4), 31-35. https://doi.org/10.47616/jamrems.v4i4.464.
Thind, S. K., & Ray, A. (2023). Evaluating the impact of financial literacy programs on investment behaviours: A survey study. European Economic Letters (EEL), 13(5), 1592- 1607. https://doi.org/10.52783/eel.v13i5.941.
Trinh, N. T. H. (2023). Higher education and its role for national development. A research agenda with bibliometric analysis. Interchange, 54(2), 125-143. https://doi.org/10.1007/s10 780-023-09493-9.
Van Le, D., & Tran, T. Q. (2024). Economic growth and quality of education: Evidence from the national high school exam in Vietnam. International Journal of Educational Development, 104, 102947. https://doi.org/10.1016/j.ijedudev.2023.102947.
Wahyudi, A., Juniarsa, N., Anggoro, Y., & Waluyo, S. A. (2024). The influence of economic literacy, self-control and lifestyle on student consumption behavior (case study of stie indocakti malang students): English. Tamansiswa Accounting Journal International, 2(1), 113-124. doi:10.18860/jpips.v8i2.15260.
Wee, L. L. M., & Goy, S. C. (2022). The effects of ethnicity, gender and parental financial socialization on financial knowledge among Gen Z: The case of Sarawak, Malaysia. International Journal of Social Economics, 49(9), 1349-1367. https://doi.org/10.1108/IJSE-02-2021-0114.
Williamson, B. (2021). Psychodata: disassembling the psychological, economic, and statistical infrastructure of social-emotional learning. Journal of Education Policy, 36(1),129-154. https://doi.org/10.1080/02680939.2019.1672895.
Yao, W., Zhen, Y., & Zhang, Y. (2022). Construction of cognitive model of family education decision-making based on neural network. Occupational Therapy International, 1-14. https://doi.org/10.1155/2022/4082381.
Yıldırım, S., Yıldırım, M. M., & Vardari, L. (2024). The effect of undergraduate programs on financial literacy level: the case of kosovo. Pegem Journal of Education and Instruction, 14(3), 170-182. https://doi.org/10.47750/pegegog.14.03.16.
Zahra, D. R., & Anoraga, P. (2021). The influence of lifestyle, financial literacy, and social demographics on consumptive behavior. The Journal of Asian Finance, Economics and Business, 8(2), 1033-1041. https://doi.org/10.13106/jafeb.2021.vol8.no2.1033.

  • Receive Date 28 August 2024
  • Revise Date 06 October 2024
  • Accept Date 07 October 2024
  • First Publish Date 07 October 2024
  • Publish Date 21 June 2025