Unveiling Financial Behaviour among Adult Learners in Private Higher Education Institutions

This study investigates the significance of financial behavior among working adult learners in private higher education institutions, recognizing that effective financial management is crucial for personal and professional success. The study's primary aim was to examine the direct and indirect impacts of financial knowledge and financial literacy on financial behavior, with financial self-efficacy serving as a mediator. A quantitative research design was employed, utilizing survey questionnaires for data collection, distributed to a sample of 465 participants, ultimately resulting in 323 valid responses for analysis. The gathered data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) to test the proposed hypotheses. The results indicated that financial knowledge significantly influences financial self-efficacy, which in turn affects financial behavior, while the direct impact of financial knowledge on financial behavior was found to be non-significant. Future studies are encouraged to explore additional mediators and moderators, diverse populations, and the role of technology in financial education. The implications of this research highlight the necessity for educational institutions to strengthen financial education programs that enhance both knowledge and self-efficacy, ultimately empowering adult learners to make informed financial decisions and improve their financial behavior, thereby contributing to their overall financial well-being and stability. Through these initiatives, institutions can play a pivotal role in fostering financially responsible behaviors in their adult learner populations.