Understanding the financial behavior of finance students: An analysis of demographic, financial literacy, and experiential

Abstract

While studies on financial behavior are relatively common, limited research has examined the link between financial education and its practical application among university students. This study focuses on finance majors, who are assumed to possess sufficient theoretical knowledge and internship experience. The objective is to examine students’ levels of financial literacy and behavior, as well as the factors that influence them. Offering a novel perspective, this study integrates demographic characteristics, academic performance, and internship experience, with financial literacy acting as a moderating variable in a unified model of student financial behavior. A sample of 75 finance students from Indonesian universities was analyzed using path analysis. The findings reveal that students' financial behavior falls within a high category, with an average score of 68.45. Similarly, their financial literacy level is also high, averaging 72.34. Moreover, both internship experience and financial literacy significantly influence financial behavior, as indicated by a p-value of 0.000. Notably, financial literacy serves as a key mediating factor that strengthens the relationship between internship experience and financial behavior. Enhanced internship experience directly contributes to improved financial literacy, which in turn fosters better financial behavior among students.