Determinants of Money Management Behavior

Financial debt continues to rise, especially among college students, indicating a need for behavioral research to develop more effective money-management interventions. This study examined social psychological variables relevant to money management decision making among college students. Attitude, affect, perceived ability, and past experience were found to influence money-management behavior (i.e., maintaining a budget). We also examined an attitude model of money management and found 9 variables (e.g., normative influence, perceived barrier, perceived control) that determined attitudes toward maintaining a budget. The relevance of our findings to debt prevention is discussed.