Financial education and budgeting behavior among college students: extending the theory of planned behavior

Purpose This study examines the association between financial education and budgeting behavior among college students. Under the guidance of the extended theory of planned behavior, we use a comprehensive measure of budgeting behavior and explore mediating factors between financial education and budgeting behavior. Design/methodology/approach Financial education was measured by both frequency and intensity of taking courses in finance and economics in college. Data from a sample of college students across China were analyzed using structural equation modeling and serial mediation analysis to explore the mediating roles of attitudes, subjective norms, perceived control and budgeting intentions in this relationship between financial education and budgeting behavior. Findings Budgeting intentions alone did not mediate the relationship between financial education and budgeting behavior. However, the serial mediation involving attitudes, subjective norms and budgeting intentions was significant. Practical implications The findings of this study have significant implications for financial educators, universities, governments and families. Financial educators should prioritize budgeting in curricula and aim to enhance students’ budgeting attitudes and intentions. Universities should enhance their financial education offerings, while governments and families should foster supportive environments and positive norms and attitudes around budgeting. Originality/value This research contributes a nuanced measurement of budgeting, analyzes the link between financial education and budgeting behavior among college students and highlights the roles of various components of the theory of planned behavior. It extends the theory by identifying how financial attitudes, subjective norms and budgeting intentions mediate the relationship between financial education and budgeting behavior.