Financial Behavior Determinants and Literacy Gaps Among Vietnamese University Students: Evidence for Early-Stage Financial Education Policy

This study investigates the determinants of financial behaviour and literacy gaps among Vietnamese university students, providing empirical evidence for early-stage financial education policy development. Through a comprehensive quantitative analysis employing structural equation modelling (SEM) and fuzzy-set qualitative comparative analysis (fsQCA), the research examines the complex relationships between financial knowledge, attitudes, behaviours, and socio-demographic factors among 487 university students across Hanoi's leading institutions. The findings reveal significant literacy gaps in investment knowledge and debt management, with financial attitudes serving as a critical mediating factor between knowledge and actual financial behaviours. The analysis demonstrates that family financial socialisation, peer influence, and institutional support collectively explain 64% of the variance in financial behaviour patterns. Supplementary fsQCA results identify three distinct pathways to optimal financial behaviour: knowledge-driven, attitude-mediated, and socially-influenced configurations. These empirical findings provide compelling evidence for implementing systematic financial education programmes at the tertiary education level, with particular emphasis on experiential learning approaches that bridge the knowledge-behaviour gap. The study contributes to the growing literature on financial socialisation theory whilst offering practical insights for Vietnamese policymakers seeking to enhance financial inclusion and economic stability among emerging adults.