Student financial literacy: a consolidation model of antecedents and consequences

The relationship constructs in the literature on student financial literacy (SFL) have not been well organised and comprehensive enough to be an empirical basis and reference for the next study. This study aims to fill this gap by identifying key antecedents and consequences of student financial literacy. This study employs a bibliometric analysis of the Scopus database, initially identifying 222 records, which were subsequently narrowed down to 78 final articles for further analysis using deductive content analysis. The full-text reading of the final articles yielded a total of 190 observed codes, which were then classified into six antecedents and six consequence dimensions. The antecedents are: (1) socio-economic and demographic; (2) family background and environment; (3) financial education; (4) academic background and performance; (5) financial experience; and (6) financial personality. The consequences are: (1) financial well-being and economic development; (2) student loan decisions; (3) financial behaviour and habits; (4) financial planning and savings behaviour; (5) financial skill; and (6) financial risk and preference. Two consolidation models describing the antecedents and consequences of student financial literacy were presented. Socio-economic and demographic factors play a pivotal role in shaping student financial literacy, which, in turn, critically influences their financial behaviour and habits—arguably the most significant outcome.