Decoding Financial Behavior: A PLS-SEM Examination of Financial Knowledge, Socialization, and Attitude in Saudi Business Students

Decoding Financial Behavior: A PLS-SEM Examination of Financial Knowledge, Socialization, and Attitude in Saudi Business Students | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Research Article Decoding Financial Behavior: A PLS-SEM Examination of Financial Knowledge, Socialization, and Attitude in Saudi Business Students Najmul Hoda This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-6407164/v1 This work is licensed under a CC BY 4.0 License Status: Posted Version 1 posted You are reading this latest preprint version Abstract Purpose – The main aim of this study is to examine the interplay of factors influencing financial behavior among undergraduate business students in Saudi Arabia. A clear understanding of these relationships will help policy makers and educational institutions promote sound financial behavior among business students leading to improved financial and societal outcomes. Design/methodology/approach – This research employs a cross-sectional design and included a sample of 438 undergraduate business students from a public university in Saudi Arabia. Partial Least Squares Structural Equation Modelling (PLS-SEM) was used to analyze the relationships among financial knowledge, financial attitude, financial socialization, and financial behavior. Findings – The results indicate that financial education significantly enhances financial knowledge, while academic performance does not. Financial socialization significantly influences both financial attitude and financial behavior but does not significantly influence financial knowledge. Practical Implications – The study emphasizes the importance of integrating financial literacy modules into university curricula and encouraging financial socialization initiatives within families. Additionally, the findings suggest that financial institutions, educational bodies, and policy makers should coordinate their efforts to improve financial behavior among young adults, aligning with the Saudi Vision 2030. Social Implications – This study has notable social implications, demonstrating the role of financial knowledge and financial socialization in shaping financial behavior. Encouraging positive financial behavior of young managers is essential for achieving broader national goals, particularly financial transformation, as envisioned in Saudi Vision 2030. Originality – The financial behavior of future managers in the Arab world remains an under-researched topic, which this study seeks to address. By empirically analyzing the relationships among academic factors, financial knowledge, financial socialization, financial attitude, and financial behavior, this research provides new insights into financial behavior studies. financial knowledge financial socialization financial attitude financial behavior Saudi Arabia financial sector development program Figures Figure 1 Figure 2 1. Introduction In recent times, the need to acquire financial knowledge has increased due to the evolution of financial markets and the development of complex financial instruments. Financial knowledge is a part of the broader concept of financial literacy that includes financial knowledge as well as financial skills. It has been referred to as, “general knowledge of personal finance, saving, loan, insurance, and investment”. (A. Lusardi, 2011 ) mentioned that the knowledge to “read and write financially” is essential for individuals across the socio-economic and demographic classes. Financial knowledge is a narrower concept within the broad scope of financial literacy (Asaad, 2015 ). (Alba & Hutchinson, 1987 ) described financial knowledge as a “specialized form of consumer expertise that pertains to effectively managing one’s financial affairs or as a type of human capital related to personal finances”. Financial knowledge plays a significant role in personal financial planning (Hong Shan et al., 2023 ). (Wise, 2013 ) studied the relationship between financial knowledge, loan repayment, and new venture failure, finding that financial knowledge positively impacts loan repayment, thereby reducing venture failures. (Chen & Volpe, 2002 ) confirmed a direct relationship between financial knowledge and interest in financial instruments. Additionally, the Jump $ tart Coalition conducts regular assessments of financial knowledge among school students. (Samy et al., 2008 ) applied a neural network for sensitivity modeling of the determinants of financial literacy and superannuation. (Hilgert et al., 2003 ) assert that financial knowledge leads to changes in financial management, attitude, and behaviors. For a long time, researchers have sought to understand the impact of financial knowledge on financial behavior (Ji & Li, 2022 ). Financial behavior is reflected in an individual’s financial actions, such as comprehending and identifying market opportunities; managing personal finances, or spending money efficiently (Li & Qian, 2020 ; a Lusardi & Mitchell, 2009 ; Stolper & Walter, 2017 ). However, the findings generally could not establish a direct link between financial knowledge and financial behavior. Several studies found a strong relationship between financial knowledge and financial attitude, as well as between financial attitude and financial behavior (Chen & Volpe, 2002 ; Jorgensen & Savla, 2010 ; Shim et al., 2010 ). Financial attitude and financial behavior are closely related constructs with the former generally preceding the latter (Chaulagain, 2021 ; Çoşkun & Dalziel, 2020 ; Nano et al., 2015 ; Rai et al., 2019 ). Financial attitude refers to the "value held by individuals when applying financial principles to decision-making, to utilize resources properly" (Anthony et al., 2011 ). On the other hand, financial behavior is defined as, “any human behavior related to money management“ (Xiao, 2008 ) and any “individual financial outcomes that are observable“ (Gudmunson & Danes, 2011 ). (Rahayu et al., 2022 ) measured financial behavior using three variables namely, “saving behavior, spending behavior, and investment behavior“. (Fan & Zhang, 2021 ) further classified financial behavior into long-term and short-term categories. Financial behavior is exhibited by individuals through various actions that may involve handling cash, utilizing credit, forming saving habits, accumulating debt, making investments, using payment methods, or adopting cashless payment (Pham & Le, 2023 ; Świecka et al., 2021 ). Empirical evidence suggests that financial outcomes have a stronger correlation with financial behavior than with financial attitude (Xiao, 2008 ). Therefore, one primary aim of this study is to investigate the relationship among financial knowledge, financial attitude, and financial behavior. Another significant dimension explored in financial behavior research is the role of financial socialization in acquiring financial knowledge and shaping financial behavior. Financial socialization is an informal source of acquiring financial knowledge (Amagir et al., 2020 ). Financial socialization is, “the process of learning and advancing values, knowledge, norms, standards, attitudes, and behaviors which promote well-being, financial viability among individuals” (Gudmunson & Danes, 2011 ). This concept is derived from the social learning theory (Bandura, 1986 ). According to (Allen, 2008 ), financial socialization process involves three steps: “modeling consumer behaviors, making rules about children’s consumer behaviors, and engaging in direct discussions about purchasing decisions, money, credit, and related topics“. Studies have consistently shown a strong and significant influence of parents on both financial knowledge and financial behavior of young adults (Hilgert et al., 2003 ). The study holds particular significance for the Kingdom of Saudi Arabia given the nation’s increasing emphasis on financial sector transformation under Vision 2030. The first research gap addressed in this study is the limited research on financial behavior within this rapidly evolving financial landscape. Second, there is a scarcity of studies on financial knowledge and financial behavior in the Arab world (Amagir et al., 2020 ; Douissa, 2020 ; Hassan Al-Tamimi & Anood Bin Kalli, 2009), with even fewer focusing on Saudi Arabia (Alshebami & Aldhyani, 2022 ; Hoda, 2022 ; Hoda & Fallatah, 2024 ). Additionally, university students represent a critical demographic as they are on the threshold of financial independence, yet their financial socialization and financial behavior remain unexplored. The third research gap addressed by this study pertains to the role of financial socialization in shaping financial behavior, a gap previously highlighted by (Gudmunson & Danes, 2011 ). By bridging these gaps, this study contributes valuable insights to the literature on financial behavior in emerging economies. 2. Theoretical Framework and Research Hypotheses 2.1 Theoretical framework (Ndou & Ngwenya, 2022) classify this type of research within the domain of “Transformative Service Research”. Several theories provide a foundational framework for understanding financial behavior. The primary theories underpinning this study include Social Cognitive Theory”, Family Financial Socialization theory, and the Theory of Planned Behavior. Additionally, supporting theories such as the Resource-Based View Theory, the Theory of Reasoned Action, and the Theory of Family Resource Management are also relevant. Together these theoretical perspectives offer a comprehensive framework for analyzing the factors influencing financial behavior. A brief description of these theories and their relevance to the study is presented below A) Main theories · Social Cognitive Theory (Bandura, 1986): This theory posits that learning occurs through observation and imitation within an individual’s environment. It emphasizes the role social influences and experiences in shaping financial behavior · Family Financial Socialization Theory (Gudmunson & Danes, 2011): According to this theory, individuals acquire financial knowledge through interactions with family members and friends. Financial attitude and behaviors are often shaped by these early social experiences. · Theory of Planned Behavior (Ajzen, 1991): This theory suggests that an individual’s behavior is determined by their attitudes, subjective norms, and perceived behavioral control. It provides a useful framework for understanding financial decision-making processes. B) Supporting theories · Resource-Based View Theory (Barney, 1991): This theory asserts that a firm’s sustained competitive advantage is derived from its resources, including human capital and financial skills. In the context of financial behavior, personal financial knowledge can serve as a valuable resource. · The Theory of Family Resource Management (Deacon & Firebaugh, 1988): This theory highlights how families acquire and manage financial resources to enhance overall well-being. It underscores the importance of financial management skills passed down through family systems. · The Theory of Reasoned Action (Ajzen & Fishbein, 1992): This theory posits that individual’s behavior is influenced by their attitudes and subjective norms. Applied to financial behavior, it helps explain how social expectations and personal belief shape financial decisions. 2.2 Research Hypotheses Several studies have explored the factors influencing financial knowledge. (Dahlia et al., 2009)found a significant relationship between degree courses and financial knowledge. (Cameron et al., 2014) reported a positive association between student ability, financial experience, and parental wealth with financial literacy. Similarly, (Amagir et al., 2020) identified five key variables affecting financial literacy: demographics, student ability, socio-economic factors, financial socialization, and financial experiences. (A. Lusardi & Mitchell, 2014) observed an "inverse U-shaped relationship" between age and financial knowledge, indicating that financial knowledge tends to increase with age up to a certain point before declining. (Aydin & Akben Selcuk, 2019) examined the influence of financial literacy, money attitudes, and time preferences among university students in Turkey. Additionally, both (Amagir et al., 2020) and (Walstad & Rebeck, 2017) confirmed a positive relationship between financial education and financial behavior. Academic factors, including GPA and class ranking, have also been studied as determinants of financial knowledge. Positive relationships were established in previous research (Aydin & Akben Selcuk, 2019; A. Lusardi et al., 2010; Mandell, 2008). Furthermore, (Amagir et al., 2020) demonstrated a significant connection between math grades, financial attitude, and financial behavior, emphasizing the role of academic performance in shaping financial knowledge. H1 The Current GPA of students is positively related to their financial knowledge. H2 Number of finance courses studied by students is positively related to their financial knowledge. The relationship between financial knowledge, financial attitude, and financial behavior has been a prominent subject in the field of behavioral finance (Delafrooz & Paim, 2011; Li & Qian, 2020). Most studies support the theory that financial knowledge influences financial attitude, which in turn affects financial behavior (Dewi et al., 2020; Norvilitis et al., 2006; Sangeeta et al., 2023; Susan & Djajadikerta, 2017). However, a few exceptional studies have reported a direct effect of financial knowledge on financial attitude (Jorgensen et al., 2017; Shim et al., 2015) and financial behavior (Hilgert et al., 2003; Li & Qian, 2020; Sabri et al., 2010; Stango & Zinman, 2009). In the Arab world, several notable studies have contributed to this discourse. (Abdallah et al., 2025) confirmed a significant relationship between financial awareness and financial behavior among bank customers in Kuwait. Similarly, a study conducted in the UAE by (Ibrahim & Alqaydi, 2013) found a strong link between financial knowledge and attitudes toward debt. Conversely, (Millen & Stacey, 2022) identified a negative relationship between financial knowledge and financial behavior among health professionals in South Africa. Furthermore, the role of financial knowledge in predicting entrepreneurial intention and ensuring the sustainability of entrepreneurship has been well-documented (Dahmen & Rodríguez, 2014; Wise, 2013; Ye & Kulathunga, 2019). These studies underscore the diverse impact of financial knowledge across different regions and professional sectors. H3 Financial knowledge is positively related to their financial attitude H4 Financial knowledge is positively related to their financial behavior H5 Financial attitude is positively related to financial behavior The role of parents in financial socialization has been widely documented in the literature (Allen, 2008; Bucciol et al., 2022; Gudmunson & Danes, 2011; Zhao & Zhang, 2020). Studies suggest that children who undergo early financial socialization tend to develop greater financial knowledge (Thomas & Subhashree, 2020) and exhibit more positive financial behavior (Fan & Chatterjee, 2019). Additionally, financial socialization has been linked to responsible borrowing habits (Ahn et al., 2018). Students with higher levels of financial socialization are generally more punctual in loan repayments and experience less anxiety about student loans (Fan & Chatterjee, 2019). Parental financial socialization, particularly through “money-related communication,” has shown a strong correlation with financial knowledge (Egesta et al., 2021; Ullah & Yusheng, 2020). Moreover, financial socialization not only enhances financial knowledge but also significantly influences students' financial attitudes and behaviors (Ammer & Aldhyani, 2022; Shim et al., 2010). These findings emphasize the importance of early parental involvement in developing responsible financial habits among young adults. H6 Financial socialization is positively related to financial attitude H7 Financial socialization is positively related to financial behavior H8 Financial socialization is positively related to financial knowledge 3. Materials and Methods 3.1 Research Design This study adopted a quantitative, cross-sectional, and explanatory research design, with business students as the unit of analysis. Data were collected through a structured survey conducted at a public university in the Kingdom of Saudi Arabia. The survey was created using Google Forms and distributed to business students at the diploma, bachelor's, and master's levels between May and December 2022. To ensure accessibility, the questionnaire was presented in both English and Arabic. Out of approximately 2,000 students who received the survey link, 438 valid responses were obtained, with a notably higher representation of male students. 3.2 Research Instruments The study measured five main constructs using various scales. Financial knowledge was assessed through a questionnaire consisting of nine items, each evaluating different dimensions of financial knowledge. Each question provided multiple-choice options, with only one correct answer. Financial socialization, financial attitude, and financial behavior were measured using three-item instruments adapted from previous studies (Amagir et al., 2020 ; Chen & Volpe, 2002 ; Jorgensen & Savla, 2010 ; van Rooij et al., 2011 ). 3.2.1 Financial Knowledge Financial knowledge was assessed using nine questions adapted from previous studies (Amagir et al., 2020 ; Jorgensen & Savla, 2010 ; van Rooij et al., 2011 ). The final instrument included questions covering various domains of financial knowledge, such as investment, inflation, risk, banking, and economics. Each question had only one correct answer. Respondents were awarded one point for each correct answer and zero points for incorrect responses. The total score, calculated as the sum of all correct answers, represented the respondent's level of financial knowledge. 3.2.2 Educational Profile The educational profile variables in this study included the Current Grade Point Average (GPA), business specialization, and the number of finance or related courses completed. The GPA was measured on a 4-point scale, and students were asked to report their current GPA in the survey form. For the number of finance or related courses taken, students chose from three options: no courses , 1–2 courses , or more than 2 courses . 3.2.3 Financial Socialization The financial socialization scale was adapted from (Amagir et al., 2020 ). Two questions were included and the respondents were asked to rate on a scale of 1 to 7 (1 = never to 7 = always). 3.2.4 Financial Attitude and Behavior This construct was measured using the scale developed by (Amagir et al., 2020 ). A seven-point Likert scale was employed, ranging from 1 (Strongly Agree) to 7 (Strongly Disagree) . 3.3 Analytical Framework The dataset was organized in MS Excel and then exported to SPSS 28.0.0 for descriptive analysis. Partial Least Squares Structural Equation Modeling (PLS-SEM) was conducted using Smart PLS 4.0. PLS-SEM offers a significant advantage when dealing with small sample sizes and a large number of constructs and items (Hair et al., 2019 ). As noted by (Wold, 1980 ), PLS-SEM, being a soft modeling tool, is particularly suitable for research that is “data-rich and theory-skeletal.” 4. Results 4.1 Descriptive Statistics The dataset was screened for fitness resulting in a total of 438 valid responses. Descriptive analysis shows that the majority of the respondents were pursuing business programs with the majority of students not receiving any financial education (See Table 1 ). The average current grade point average was calculated to be 3.50 out of 4.00. Male students were significantly more in number than female students. To measure the financial knowledge of students, a set of nine questions with multiple choices was prepared (Appendix 1). Each question had just one correct answer and one point for the correct answer. Each respondent received a score out of a total of 9. These questions belonged to different financial skills namely numeracy, time value of money, financial calculator usage, risk and return, economic growth, and banking. Results show that students possessed correct knowledge of all aspects except understanding of economics. The average score of all respondents was calculated to be 6.87 out of 9. Table 1 Summary of respondents’ profile. Item Categories Frequency Percent Gender Male 314 71.7 Female 124 28.3 Specialization Business Administration 226 51.6% Marketing 126 28.8% Hospitality/Tourism 86 19.6% Number of finance or related courses taken Less than 2 305 48.5 > 2 133 35.0 Current Grade Point Average (out of 4.00) Mean 3.50 Standard Deviation 0.590 4.2 Reliability and Validity The research model was analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM), which involves an iterative process. The first stage of this process is the assessment of the measurement model, focusing on establishing internal consistency reliability , convergent validity , and discriminant validity . Internal consistency is evaluated using Cronbach's alpha and composite reliability (CR) , both of which should exceed the recommended threshold of 0.7 . Notably, CR is often considered more appropriate for PLS-SEM (Hair et al., 2019 ). Convergent validity is assessed using factor loadings and average variance extracted (AVE) , with recommended values of > 0.7 for factor loadings and > 0.5 for AVE. The results of internal consistency and convergent validity are presented in Table 2 , demonstrating that most values exceed the recommended thresholds, indicating a reliable and valid measurement model. Table 2 Analysis of the measurement model. Outer loadings Cronbach’s Alpha Composite Reliability (rho_c) Average variance Extracted (AVE) Financial Attitude 0.832 0.714 0.832 FIN_ATT_1 0.764 FIN_ATT_3 0.918 Financial Behavior 0.765 0.623 0.765 FIN_BEH_1 0.687 FIN_BEH_2 0.880 Financial Socialization 0.861 0.755 0.861 FIN_SOC_1 0.851 FIN_SOC_2 0.887 Current GPAA 1.000 FK_Score 1.000 Fin_edu 1.000 Discriminant validity was assessed using the Heterotrait-Monotrait ratio (HTMT) and the Fornell-Larcker criterion (Henseler et al., 2015 ). The results, presented in Tables 3 and 4 , indicate that the values meet the recommended thresholds, confirming the establishment of discriminant validity. Table 3 HTMT Ratio Current_GPA FA FB FK_Score FinSoc Current_GPA FA 0.091 FB 0.036 0.376 FK_Score 0.024 0.185 0.130 FinSoc 0.065 0.208 0.429 0.068 Fin_edu_2 0.062 0.095 0.156 0.108 0.185 Table 4 Fornell-Larcker Criterion Current_GPA FA FB FK_Score FinSoc Fin_edu_2 Current_GPA 1.000 FA 0.050 0.845 FB 0.021 0.200 0.789 FK_Score 0.024 0.167 0.070 1.000 FinSoc 0.054 0.140 0.233 0.055 0.869 Fin_edu_2 0.062 0.076 0.107 0.108 0.151 1.000 Table 5 presents the Variance Inflation Factor (VIF) values, which are used to assess collinearity. A VIF value between 1 and 5 is generally considered acceptable. In this study, all items have VIF values below 5 , indicating no significant collinearity issues. Table 5 Variance Inflation factor. VIF Current_GPA 1.000 FA1 1.249 FA3 1.249 FB1 1.071 FB2 1.071 FK_Score 1.000 FinSoc1 1.356 FinSoc2 1.356 Fin_edu_2 1.000 4.5 Hypothesis Testing The second stage in the PLS-SEM procedure involves evaluating the structural model. This assessment includes examining the coefficient of determination (R²) , path coefficients (β) , and their significance (p-values) . The PLS Algorithm function in Smart PLS software is used to calculate R² , while path coefficients and significance values are determined using the bootstrapping procedure. The specific settings for the bootstrapping procedure are detailed in the table below. Parameters Setting Complexity Most important (faster) Confidence interval method Percentile bootstrap Parallel processing Yes Samples 5000 Seed Fixed seed Significance level 0.05 Test type Two-tailed Table 6 presents the results of hypothesis testing, indicating that five out of eight hypotheses are supported. The three unsupported hypotheses include the relationships between CGPA and financial knowledge (H1) , financial knowledge and financial behavior (H4) , and financial socialization and financial knowledge (H7) . Table 6 Results of Hypotheses testing Hypothesis Path β (Original) t-Value p-Value 95% Confidence Interval (Lower, Upper) f 2 Result H1 Current_GPA → FK_Score 0.016 0.305 0.760 (-0.085, 0.119) 0.000 Not Supported H2 Fin_edu_2 → FK_Score 0.220 2.101 0.036 (0.009, 0.419) 0.010 Supported H3 FK_Score → FA 0.160 3.277 0.001 (0.058, 0.251) 0.027 Supported H4 FK_Score → FB 0.031 0.628 0.530 (-0.064, 0.128) 0.001 Not Supported H5 FA-FB 0.166 3.078 0.002 (0.045, 0.258) 0.029 Supported H6 FinSoc → FA 0.132 2.629 0.009 (0.028, 0.226) 0.018 Supported H7 FinSoc → FB 0.208 4.386 < 0.001 (0.105, 0.294) 0.046 Supported H8 FinSoc → FK_Score 0.039 0.758 0.449 (-0.060, 0.135) 0.001 Not Supported Figure 2 illustrates the path coefficients and their corresponding significance values (shown in brackets) for each hypothesized relationship. Table 7 . Table 7 shows the specific indirect effects among the variables. Paths Specific indirect effects Fin_edu_2 -> FK_Score -> FA 0.089 Current_GPA -> FK_Score -> FA -> FB 0.777 Fin_edu_2 -> FK_Score -> FA -> FB 0.140 Fin_edu_2 -> FK_Score -> FB 0.582 FK_Score -> FA -> FB 0.016 FinSoc -> FK_Score -> FB 0.737 Current_GPA -> FK_Score -> FA 0.772 FinSoc -> FK_Score -> FA 0.484 FinSoc -> FK_Score -> FA -> FB 0.503 FinSoc -> FA -> FB 0.058 Current_GPA -> FK_Score -> FB 0.876 Model Fit and Predictive Power The predictive power of the model was assessed using R² and Q², with values of 0.084 and 0.047, respectively. Although these values are relatively low, they indicate a positive influence of the overall model on the dependent variable. In the context of exploratory research in an under-researched area, these findings provide valuable contributions to the existing literature. Expanding the sample size and ensuring greater diversity could further enhance the model's predictive relevance. Additionally, effect sizes (f²) are crucial in determining the practical significance of a model. According to Cohen's criteria, effect sizes are classified as small (0.02), medium (0.15), or large (0.35). In this study, the effect sizes were found to be small for the following paths: Fin_edu → FK_Score (f² = 0.01), FK_Score → FA (f² = 0.03), FA → FB (f² = 0.03), and Fin_Soc → FA (f² = 0.02). A large effect size was observed for the path Fin_Soc → FB (f² = 0.05). 5. Discussion and Conclusions The current study investigated the role of financial education, academic performance, and financial socialization on the financial knowledge and financial behavior of business students. Academic performance, measured by CGPA, was not significantly related to financial knowledge (H1), with previous research reporting mixed findings (Barboza et al., 2018 ; Egesta et al., 2021 ; Guterres et al., 2024 ). However, financial education represented by the number of finance-related courses studied, significantly influenced financial knowledge (H2), consistent with (Cole et al., 2009 ). While no significant relationship was found between financial knowledge and financial behavior (H4), similar complexities have been highlighted in previous research (Banthia & Dey, 2022 ; Çoşkun & Dalziel, 2020 ; Nave et al., 2023 ; Panjaitan et al., 2022 ). Conversely, financial knowledge was found to significantly influence financial attitude (H3), which in turn positively impacted financial behavior (H8), in line with prior findings (Egesta et al., 2021 ; Loza et al., 2024 ). Financial socialization significantly influenced both financial attitude and financial behavior (H6, H7), consistent with past studies (Shim et al., 2010 , 2015 ). However, it did not significantly affect financial knowledge (H8). This finding may be explained by the distinction between subjective and objective financial knowledge, as suggested by (Thomas & Subhashree, 2020 ). Financial socialization might have a greater influence on subjective financial knowledge, warranting further research in this area. Overall, these findings offer valuable empirical insights into financial behavior, particularly in the context of Saudi Arabia, which is undergoing financial sector reforms under Vision 2030. Strengthening financial education programs and enhancing financial socialization initiative are crucial for fostering better financial behavior among students. These results also contribute to validating existing financial behavior theories. The influence of financial education on financial knowledge and subsequent financial behavior supports the Social Cognitive Theory. Additionally, the significant relationships between financial socialization, financial attitude, and financial behavior align with the Theory of Family Financial Socialization. Given the importance of financial skills in achieving several United Nations Sustainable Development Goals (SDGs), the findings also reinforce the relevance of Human Capital Theory and Resource-based View Theory in financial education. Policymakers and educational institutions should integrate comprehensive financial literacy modules into academic curricula. Moreover, financial literacy initiatives within the Financial Sector Development Program (FSDP) could be expanded by introducing parental financial education programs and promoting collaboration between financial institutions and educational organizations. While this study offers valuable insights, it has certain limitations. The sample was drawn from a single public university, which limits the generalizability of the findings. Additionally, the self-administered nature of the financial knowledge questions may have influenced the accuracy of responses. Future research should adopt more rigorous methods to measure financial literacy, as recommended by (Schmeiser & Seligman, 2013 ). Expanding the study to include students from different academic disciplines and levels, as well as conducting longitudinal research, could provide deeper insights into the long-term impacts of financial education and socialization on financial behavior. Furthermore, examining the differences between subjective and objective financial knowledge, as suggested by (Hadar et al., 2013 ), and exploring the mediating role of financial attitude in the relationship between financial knowledge and financial behavior, as proposed by (Ammer & Aldhyani, 2022 ), would provide further theoretical and practical insights. 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Trends Issues, 1–18. http://www.dartmouth.edu/~alusardi/Papers/Financial_Literacy_March09.pdf Lusardi A (2011) Financial Literacy: An Essential Tool for Informed Consumer Choice? https://doi.org/10.2139/ssrn.1336389 . SSRN Electronic Journal Lusardi A, Mitchell OS (2014) The economic importance of financial literacy: Theory and evidence. J Econ Lit 52(1):5–44. https://doi.org/10.1257/jel.52.1.5 Lusardi A, Mitchell OS, Curto V (2010) Financial literacy among the young. J Consum Aff 44(2):358–380. https://doi.org/10.1111/j.1745-6606.2010.01173.x Mandell L (2008) Financial knowledge of high school seniors. Adv Consumer Finance Res, 257–279 Millen A, Stacey A (2022) Financial literacy in South African healthcare professionals: An unmet need in health professions education. South Afr J High Educ. https://doi.org/10.20853/36-3-4647 Nano D, Llukani T, Polo A (2015) The Impact of Family Income on Students Financial Attitude. Eur J Econ Bus Stud. https://doi.org/10.26417/ejes.v3i1.p83-88 Nave JM, Oliva L, Toscano D (2023) Financial knowledge and financial behaviour: The moderating role of home ownership. Finance Res Lett. https://doi.org/10.1016/j.frl.2023.104208 Ndou A, Ngwenya S, THE INFLUENCE OF PARENTAL FINANCIAL SOCIALIZATION ON YOUNG BLACK AFRICAN ADULTS’ FINANCIAL BEHAVIOR (2022) Eurasian J Econ Finance. https://doi.org/10.15604/ejef.2022.10.04.001 Norvilitis JM, Merwin MM, Osberg TM, Roehling PV, Young P, Kamas MM (2006) Personality factors, money attitudes, financial knowledge, and credit-card debt in college students. J Appl Soc Psychol. https://doi.org/10.1111/j.0021-9029.2006.00065.x Panjaitan HP, Renaldo N, Suyono S (2022) The Influence of Financial Knowledge on Financial Behavior and Financial Satisfaction on Pelita Indonesia Students. https://doi.org/10.25124/jmi.v22i2.3675 . Jurnal Manajemen Indonesia Pham K, Le D (2023) Nexus between Financial Education, Literacy, and Financial Behavior: Insights from Vietnamese Young Generations. Sustain (Switzerland), 15(20) Rahayu R, Ali S, Aulia A, Hidayah R (2022) The Current Digital Financial Literacy and Financial Behavior in Indonesian Millennial Generation. J Acc Invest. https://doi.org/10.18196/jai.v23i1.13205 Rai K, Dua S, Yadav M (2019) Association of Financial Attitude, Financial Behaviour and Financial Knowledge Towards Financial Literacy: A Structural Equation Modeling Approach. https://doi.org/10.1177/2319714519826651 . FIIB Business Review Sabri MF, MacDonald M, Hira TK, Masud J (2010) Childhood consumer experience and the financial literacy of college students in Malaysia. Family Consumer Sci Res J 38(4):455–467. https://doi.org/10.1111/j.1552-3934.2010.00038.x Samy M, Tawfik H, Huang R, Nagar AΚ (2008) Financial Literacy of Youth. A Sensitivity Analysis of the Determinants. Int J Economic Sci Appl Res 1(1):55–70 Sangeeta,., Panwar AKS, Aggarwal PK (2023) Association between Financial Knowledge, Financial Attitude and Financial Behaviour among Young Population in India. Rev Bus Econ Stud. https://doi.org/10.26794/2308-944x-2022-10-4-45-54 Schmeiser MD, Seligman JS (2013) Using the Right Yardstick: Assessing Financial Literacy Measures by Way of Financial Well-Being. J Consum Aff. https://doi.org/10.1111/joca.12010 Shim S, Barber BL, Card NA, Xiao JJ, Serido J (2010) Financial Socialization of First-year College Students: The Roles of Parents, Work, and Education. J Youth Adolesc 39(12):1457–1470. https://doi.org/10.1007/s10964-009-9432-x Shim S, Serido J, Tang C, Card N (2015) Socialization processes and pathways to healthy financial development for emerging young adults. J Appl Dev Psychol. https://doi.org/10.1016/j.appdev.2015.01.002 Stango V, Zinman J (2009) Exponential growth bias and household finance. J Finance. https://doi.org/10.1111/j.1540-6261.2009.01518.x Stolper OA, Walter A (2017) Financial literacy, financial advice, and financial behavior. J Bus Econ. https://doi.org/10.1007/s11573-017-0853-9 Susan M, Djajadikerta H (2017) Understanding financial knowledge, financial attitude, and financial behavior of college students in indonesia. Adv Sci Lett. https://doi.org/10.1166/asl.2017.9966 Świecka B, Terefenko P, Wiśniewski T, Xiao J (2021) Consumer financial knowledge and cashless payment behavior for sustainable development in poland. Sustain (Switzerland). https://doi.org/10.3390/su13116401 Thomas B, Subhashree P (2020) Factors that influence the financial literacy among engineering students. Procedia Comput Sci. https://doi.org/10.1016/j.procs.2020.05.161 Ullah S, Yusheng K (2020) Financial Socialization, Childhood Experiences and Financial Well-Being: The Mediating Role of Locus of Control. Front Psychol. https://doi.org/10.3389/fpsyg.2020.02162 van Rooij M, Lusardi A, Alessie R (2011) Financial literacy and stock market participation. J Financ Econ 101(2):449–472. https://doi.org/10.1016/j.jfineco.2011.03.006 Walstad WB, Rebeck K (2017) The Test of Financial Literacy: Development and measurement characteristics. J Economic Educ 48(2):113–122. https://doi.org/10.1080/00220485.2017.1285739 Wise S (2013) The Impact of Financial Literacy on New Venture Survival. Int J Bus Manage 8(23). https://doi.org/10.5539/ijbm.v8n23p30 Wold H (1980) Model Construction and Evaluation When Theoretical Knowledge Is Scarce. Theory and Application of Partial Least Squares. Evaluation of Econometric Models Xiao JJ (2008) Applying behavior theories to financial behavior. In Handbook of Consumer Finance Research. https://doi.org/10.1007/978-0-387-75734-6_5 Ye J, Kulathunga KMMCB (2019) How does financial literacy promote sustainability in SMEs? A developing country perspective. Sustain (Switzerland). https://doi.org/10.3390/su11102990 Zhao H, Zhang L (2020) Talking money at home: the value of family financial socialization. Int J Bank Mark. https://doi.org/10.1108/IJBM-04-2020-0174 Additional Declarations The authors declare no competing interests. Cite Share Download PDF Status: Posted Version 1 posted You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. We do this by developing innovative software and high quality services for the global research community. Our growing team is made up of researchers and industry professionals working together to solve the most critical problems facing scientific publishing. Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {"props":{"pageProps":{"initialData":{"identity":"rs-6407164","acceptedTermsAndConditions":true,"allowDirectSubmit":true,"archivedVersions":[],"articleType":"Research Article","associatedPublications":[],"authors":[{"id":440351214,"identity":"2f620ba8-ac42-40a6-acfe-0d3174ce2cc5","order_by":0,"name":"Najmul Hoda","email":"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAZAAAAAyAQMAAABI0h/eAAAABlBMVEX///8AAABVwtN+AAAACXBIWXMAAA7EAAAOxAGVKw4bAAAA9ElEQVRIiWNgGAWjYHCCBAaGggMMDAcYGx98AHLZ2InSYgDSwtxsOAOkhZkoi8Ba2NukeUAcQlrM2Q883cxjcEeO7/jBNmmbX9vk+ZgZGD98zMGtxbInIe02j8EzY8kzic3WuX23DduYGZglZ27D5ySwlsOJGw4kNt7O7bnNCNTCxsyLT8v5B1At5x82SFv23LYnrOUGzJYbiU3SDD9uJxKh5UHazTkGh40lbzxsNuxtuJ3cxszYjN8v53PSbrypOCzHdz794YMff27bzm9vPvjhIx4tDAw8CQg2YxuYbMCnHgjYDyBx/hBQPApGwSgYBSMSAAAV010bSDj9hAAAAABJRU5ErkJggg==","orcid":"","institution":"","correspondingAuthor":true,"prefix":"","firstName":"Najmul","middleName":"","lastName":"Hoda","suffix":""}],"badges":[],"createdAt":"2025-04-09 02:19:23","currentVersionCode":1,"declarations":{"humanSubjects":true,"vertebrateSubjects":false,"conflictsOfInterestStatement":false,"humanSubjectEthicalGuidelines":true,"humanSubjectConsent":true,"humanSubjectClinicalTrial":false,"humanSubjectCaseReport":false,"vertebrateSubjectEthicalGuidelines":false},"doi":"10.21203/rs.3.rs-6407164/v1","doiUrl":"https://doi.org/10.21203/rs.3.rs-6407164/v1","draftVersion":[],"editorialEvents":[],"editorialNote":"","failedWorkflow":false,"files":[{"id":80506442,"identity":"c8505790-ab52-4f76-bffb-38fea32dae36","added_by":"auto","created_at":"2025-04-14 05:37:00","extension":"png","order_by":1,"title":"Figure 1","display":"","copyAsset":false,"role":"figure","size":37059,"visible":true,"origin":"","legend":"\u003cp\u003eTheoretical Model.\u003c/p\u003e","description":"","filename":"floatimage1.png","url":"https://assets-eu.researchsquare.com/files/rs-6407164/v1/e2b9b36bca6147a3bcb6f9a4.png"},{"id":80506280,"identity":"6d29a787-c933-4357-a350-a661eded90cd","added_by":"auto","created_at":"2025-04-14 05:29:00","extension":"png","order_by":2,"title":"Figure 2","display":"","copyAsset":false,"role":"figure","size":42850,"visible":true,"origin":"","legend":"\u003cp\u003ePLS-SEM results.\u003c/p\u003e","description":"","filename":"floatimage2.png","url":"https://assets-eu.researchsquare.com/files/rs-6407164/v1/bdf057b6f572032eae45194a.png"},{"id":80507799,"identity":"12112e07-8ded-469b-8dd6-47a6acac17d1","added_by":"auto","created_at":"2025-04-14 06:01:01","extension":"pdf","order_by":0,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":1228532,"visible":true,"origin":"","legend":"","description":"","filename":"manuscript.pdf","url":"https://assets-eu.researchsquare.com/files/rs-6407164/v1/b5353e4d-9655-4dcc-9009-0f39b53ecc98.pdf"}],"financialInterests":"The authors declare no competing interests.","formattedTitle":"\u003cp\u003e\u003cstrong\u003eDecoding Financial Behavior: A PLS-SEM Examination of Financial Knowledge, Socialization, and Attitude in Saudi Business Students\u003c/strong\u003e\u003c/p\u003e","fulltext":[{"header":"1. Introduction","content":"\u003cp\u003e \u003cdiv class=\"BlockQuote\"\u003e \u003cp\u003eIn recent times, the need to acquire financial knowledge has increased due to the evolution of financial markets and the development of complex financial instruments. Financial knowledge is a part of the broader concept of financial literacy that includes financial knowledge as well as financial skills. It has been referred to as, \u0026ldquo;general knowledge of personal finance, saving, loan, insurance, and investment\u0026rdquo;. (A. Lusardi, \u003cspan citationid=\"CR49\" class=\"CitationRef\"\u003e2011\u003c/span\u003e) mentioned that the knowledge to \u0026ldquo;read and write financially\u0026rdquo; is essential for individuals across the socio-economic and demographic classes. Financial knowledge is a narrower concept within the broad scope of financial literacy (Asaad, \u003cspan citationid=\"CR11\" class=\"CitationRef\"\u003e2015\u003c/span\u003e). (Alba \u0026amp; Hutchinson, \u003cspan citationid=\"CR5\" class=\"CitationRef\"\u003e1987\u003c/span\u003e) described financial knowledge as a \u0026ldquo;specialized form of consumer expertise that pertains to effectively managing one\u0026rsquo;s financial affairs or as a type of human capital related to personal finances\u0026rdquo;. Financial knowledge plays a significant role in personal financial planning (Hong Shan et al., \u003cspan citationid=\"CR41\" class=\"CitationRef\"\u003e2023\u003c/span\u003e).\u003c/p\u003e \u003cp\u003e(Wise, \u003cspan citationid=\"CR76\" class=\"CitationRef\"\u003e2013\u003c/span\u003e) studied the relationship between financial knowledge, loan repayment, and new venture failure, finding that financial knowledge positively impacts loan repayment, thereby reducing venture failures. (Chen \u0026amp; Volpe, \u003cspan citationid=\"CR20\" class=\"CitationRef\"\u003e2002\u003c/span\u003e) confirmed a direct relationship between financial knowledge and interest in financial instruments. Additionally, the Jump\u003cspan\u003e$\u003c/span\u003etart Coalition conducts regular assessments of financial knowledge among school students. (Samy et al., \u003cspan citationid=\"CR63\" class=\"CitationRef\"\u003e2008\u003c/span\u003e) applied a neural network for sensitivity modeling of the determinants of financial literacy and superannuation. (Hilgert et al., \u003cspan citationid=\"CR38\" class=\"CitationRef\"\u003e2003\u003c/span\u003e) assert that financial knowledge leads to changes in financial management, attitude, and behaviors.\u003c/p\u003e \u003cp\u003eFor a long time, researchers have sought to understand the impact of financial knowledge on financial behavior (Ji \u0026amp; Li, \u003cspan citationid=\"CR43\" class=\"CitationRef\"\u003e2022\u003c/span\u003e). Financial behavior is reflected in an individual\u0026rsquo;s financial actions, such as comprehending and identifying market opportunities; managing personal finances, or spending money efficiently (Li \u0026amp; Qian, \u003cspan citationid=\"CR46\" class=\"CitationRef\"\u003e2020\u003c/span\u003e; a Lusardi \u0026amp; Mitchell, \u003cspan citationid=\"CR48\" class=\"CitationRef\"\u003e2009\u003c/span\u003e; Stolper \u0026amp; Walter, \u003cspan citationid=\"CR69\" class=\"CitationRef\"\u003e2017\u003c/span\u003e). However, the findings generally could not establish a direct link between financial knowledge and financial behavior. Several studies found a strong relationship between financial knowledge and financial attitude, as well as between financial attitude and financial behavior (Chen \u0026amp; Volpe, \u003cspan citationid=\"CR20\" class=\"CitationRef\"\u003e2002\u003c/span\u003e; Jorgensen \u0026amp; Savla, \u003cspan citationid=\"CR45\" class=\"CitationRef\"\u003e2010\u003c/span\u003e; Shim et al., \u003cspan citationid=\"CR66\" class=\"CitationRef\"\u003e2010\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eFinancial attitude and financial behavior are closely related constructs with the former generally preceding the latter (Chaulagain, \u003cspan citationid=\"CR19\" class=\"CitationRef\"\u003e2021\u003c/span\u003e; \u0026Ccedil;oşkun \u0026amp; Dalziel, \u003cspan citationid=\"CR22\" class=\"CitationRef\"\u003e2020\u003c/span\u003e; Nano et al., \u003cspan citationid=\"CR54\" class=\"CitationRef\"\u003e2015\u003c/span\u003e; Rai et al., \u003cspan citationid=\"CR61\" class=\"CitationRef\"\u003e2019\u003c/span\u003e). Financial attitude refers to the \"value held by individuals when applying financial principles to decision-making, to utilize resources properly\" (Anthony et al., \u003cspan citationid=\"CR10\" class=\"CitationRef\"\u003e2011\u003c/span\u003e). On the other hand, financial behavior is defined as, \u0026ldquo;any human behavior related to money management\u0026ldquo; (Xiao, \u003cspan citationid=\"CR78\" class=\"CitationRef\"\u003e2008\u003c/span\u003e) and any \u0026ldquo;individual financial outcomes that are observable\u0026ldquo; (Gudmunson \u0026amp; Danes, \u003cspan citationid=\"CR32\" class=\"CitationRef\"\u003e2011\u003c/span\u003e). (Rahayu et al., \u003cspan citationid=\"CR60\" class=\"CitationRef\"\u003e2022\u003c/span\u003e) measured financial behavior using three variables namely, \u0026ldquo;saving behavior, spending behavior, and investment behavior\u0026ldquo;. (Fan \u0026amp; Zhang, \u003cspan citationid=\"CR31\" class=\"CitationRef\"\u003e2021\u003c/span\u003e) further classified financial behavior into long-term and short-term categories.\u003c/p\u003e \u003cp\u003eFinancial behavior is exhibited by individuals through various actions that may involve handling cash, utilizing credit, forming saving habits, accumulating debt, making investments, using payment methods, or adopting cashless payment (Pham \u0026amp; Le, \u003cspan citationid=\"CR59\" class=\"CitationRef\"\u003e2023\u003c/span\u003e; Świecka et al., \u003cspan citationid=\"CR71\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). Empirical evidence suggests that financial outcomes have a stronger correlation with financial behavior than with financial attitude (Xiao, \u003cspan citationid=\"CR78\" class=\"CitationRef\"\u003e2008\u003c/span\u003e). Therefore, one primary aim of this study is to investigate the relationship among financial knowledge, financial attitude, and financial behavior.\u003c/p\u003e \u003cp\u003eAnother significant dimension explored in financial behavior research is the role of financial socialization in acquiring financial knowledge and shaping financial behavior. Financial socialization is an informal source of acquiring financial knowledge (Amagir et al., \u003cspan citationid=\"CR8\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). Financial socialization is, \u0026ldquo;the process of learning and advancing values, knowledge, norms, standards, attitudes, and behaviors which promote well-being, financial viability among individuals\u0026rdquo; (Gudmunson \u0026amp; Danes, \u003cspan citationid=\"CR32\" class=\"CitationRef\"\u003e2011\u003c/span\u003e). This concept is derived from the social learning theory (Bandura, \u003cspan citationid=\"CR13\" class=\"CitationRef\"\u003e1986\u003c/span\u003e). According to (Allen, \u003cspan citationid=\"CR6\" class=\"CitationRef\"\u003e2008\u003c/span\u003e), financial socialization process involves three steps: \u0026ldquo;modeling consumer behaviors, making rules about children\u0026rsquo;s consumer behaviors, and engaging in direct discussions about purchasing decisions, money, credit, and related topics\u0026ldquo;. Studies have consistently shown a strong and significant influence of parents on both financial knowledge and financial behavior of young adults (Hilgert et al., \u003cspan citationid=\"CR38\" class=\"CitationRef\"\u003e2003\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eThe study holds particular significance for the Kingdom of Saudi Arabia given the nation\u0026rsquo;s increasing emphasis on financial sector transformation under Vision 2030. The first research gap addressed in this study is the limited research on financial behavior within this rapidly evolving financial landscape. Second, there is a scarcity of studies on financial knowledge and financial behavior in the Arab world (Amagir et al., \u003cspan citationid=\"CR8\" class=\"CitationRef\"\u003e2020\u003c/span\u003e; Douissa, \u003cspan citationid=\"CR28\" class=\"CitationRef\"\u003e2020\u003c/span\u003e; Hassan Al-Tamimi \u0026amp; Anood Bin Kalli, 2009), with even fewer focusing on Saudi Arabia (Alshebami \u0026amp; Aldhyani, \u003cspan citationid=\"CR7\" class=\"CitationRef\"\u003e2022\u003c/span\u003e; Hoda, \u003cspan citationid=\"CR39\" class=\"CitationRef\"\u003e2022\u003c/span\u003e; Hoda \u0026amp; Fallatah, \u003cspan citationid=\"CR40\" class=\"CitationRef\"\u003e2024\u003c/span\u003e). Additionally, university students represent a critical demographic as they are on the threshold of financial independence, yet their financial socialization and financial behavior remain unexplored. The third research gap addressed by this study pertains to the role of financial socialization in shaping financial behavior, a gap previously highlighted by (Gudmunson \u0026amp; Danes, \u003cspan citationid=\"CR32\" class=\"CitationRef\"\u003e2011\u003c/span\u003e). By bridging these gaps, this study contributes valuable insights to the literature on financial behavior in emerging economies.\u003c/p\u003e \u003c/div\u003e "},{"header":"2. Theoretical Framework and Research Hypotheses","content":"\u003cp\u003e2.1 Theoretical framework\u003c/p\u003e\n\u003cp\u003e(Ndou \u0026amp; Ngwenya, 2022) classify this type of research within the domain of \u0026ldquo;Transformative Service Research\u0026rdquo;. Several theories provide a foundational framework for understanding financial behavior. The primary theories underpinning this study include Social Cognitive Theory\u0026rdquo;, Family Financial Socialization theory, and the Theory of Planned Behavior. Additionally, supporting theories such as the Resource-Based View Theory, the Theory of Reasoned Action, and the Theory of Family Resource Management are also relevant. Together these theoretical perspectives offer a comprehensive framework for analyzing the factors influencing financial behavior.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eA brief description of these theories and their relevance to the study is presented below\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eA) \u0026nbsp;Main theories\u003c/p\u003e\n\u003cp\u003e\u0026middot; \u003cem\u003eSocial Cognitive Theory\u003c/em\u003e (Bandura, 1986): This theory posits that learning occurs through observation and imitation within an individual\u0026rsquo;s environment. It emphasizes the role social influences and experiences in shaping financial behavior\u003c/p\u003e\n\u003cp\u003e\u0026middot; \u003cem\u003eFamily Financial Socialization Theory\u0026nbsp;\u003c/em\u003e(Gudmunson \u0026amp; Danes, 2011): \u0026nbsp;According to this theory, individuals acquire financial knowledge through interactions with family members and friends. Financial attitude and behaviors are often shaped by these early social experiences.\u003c/p\u003e\n\u003cp\u003e\u0026middot; \u003cem\u003eTheory of Planned Behavior\u003c/em\u003e (Ajzen, 1991): This theory suggests that an individual\u0026rsquo;s behavior is determined by their attitudes, subjective norms, and perceived behavioral control. It provides a useful framework for understanding financial decision-making processes.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eB) \u0026nbsp;Supporting theories\u003c/p\u003e\n\u003cp\u003e\u0026middot; \u003cem\u003eResource-Based View Theory\u0026nbsp;\u003c/em\u003e(Barney, 1991): This theory asserts that a firm\u0026rsquo;s sustained competitive advantage is derived from its resources, including human capital and financial skills. In the context of financial behavior, personal financial knowledge can serve as a valuable resource.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u0026middot; \u003cem\u003eThe Theory of Family Resource Management\u0026nbsp;\u003c/em\u003e(Deacon \u0026amp; Firebaugh, 1988): This theory highlights how families acquire and manage financial resources to enhance overall well-being. It underscores the importance of financial management skills passed down through family systems.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u0026middot; \u003cem\u003eThe Theory of Reasoned Action\u003c/em\u003e (Ajzen \u0026amp; Fishbein, 1992): This theory posits that individual\u0026rsquo;s behavior is influenced by their attitudes and subjective norms. Applied to financial behavior, it helps explain how social expectations and personal belief shape financial decisions.\u003c/p\u003e\n\u003cp\u003e2.2\u0026nbsp; \u0026nbsp; \u0026nbsp; \u0026nbsp;Research Hypotheses\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eSeveral studies have explored the factors influencing financial knowledge. (Dahlia et al., 2009)found a significant relationship between degree courses and financial knowledge. (Cameron et al., 2014) reported a positive association between student ability, financial experience, and parental wealth with financial literacy. Similarly, (Amagir et al., 2020) identified five key variables affecting financial literacy: demographics, student ability, socio-economic factors, financial socialization, and financial experiences.\u003c/p\u003e\n\u003cp\u003e(A. Lusardi \u0026amp; Mitchell, 2014) observed an \u0026quot;inverse U-shaped relationship\u0026quot; between age and financial knowledge, indicating that financial knowledge tends to increase with age up to a certain point before declining. (Aydin \u0026amp; Akben Selcuk, 2019) examined the influence of financial literacy, money attitudes, and time preferences among university students in Turkey. Additionally, both (Amagir et al., 2020) and (Walstad \u0026amp; Rebeck, 2017) confirmed a positive relationship between financial education and financial behavior.\u003c/p\u003e\n\u003cp\u003eAcademic factors, including GPA and class ranking, have also been studied as determinants of financial knowledge. Positive relationships were established in previous research (Aydin \u0026amp; Akben Selcuk, 2019; A. Lusardi et al., 2010; Mandell, 2008). Furthermore, (Amagir et al., 2020) demonstrated a significant connection between math grades, financial attitude, and financial behavior, emphasizing the role of academic performance in shaping financial knowledge.\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eH1 \u0026nbsp; \u0026nbsp; \u0026nbsp; The Current GPA of students is positively related to their financial knowledge.\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eH2 \u0026nbsp; \u0026nbsp; \u0026nbsp; Number of finance courses studied by students is positively related to their financial knowledge.\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003eThe relationship between financial knowledge, financial attitude, and financial behavior has been a prominent subject in the field of behavioral finance (Delafrooz \u0026amp; Paim, 2011; Li \u0026amp; Qian, 2020). Most studies support the theory that financial knowledge influences financial attitude, which in turn affects financial behavior \u0026nbsp;(Dewi et al., 2020; Norvilitis et al., 2006; Sangeeta et al., 2023; Susan \u0026amp; Djajadikerta, 2017). However, a few exceptional studies have reported a direct effect of financial knowledge on financial attitude (Jorgensen et al., 2017; Shim et al., 2015) and financial behavior (Hilgert et al., 2003; Li \u0026amp; Qian, 2020; Sabri et al., 2010; Stango \u0026amp; Zinman, 2009).\u003c/p\u003e\n\u003cp\u003eIn the Arab world, several notable studies have contributed to this discourse. (Abdallah et al., 2025) confirmed a significant relationship between financial awareness and financial behavior among bank customers in Kuwait. Similarly, a study conducted in the UAE by (Ibrahim \u0026amp; Alqaydi, 2013) found a strong link between financial knowledge and attitudes toward debt. Conversely, (Millen \u0026amp; Stacey, 2022) identified a negative relationship between financial knowledge and financial behavior among health professionals in South Africa.\u003c/p\u003e\n\u003cp\u003eFurthermore, the role of financial knowledge in predicting entrepreneurial intention and ensuring the sustainability of entrepreneurship has been well-documented (Dahmen \u0026amp; Rodr\u0026iacute;guez, 2014; Wise, 2013; Ye \u0026amp; Kulathunga, 2019). These studies underscore the diverse impact of financial knowledge across different regions and professional sectors.\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eH3\u0026nbsp; \u0026nbsp; \u0026nbsp; \u0026nbsp;Financial knowledge is positively related to their financial attitude\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eH4 \u0026nbsp; \u0026nbsp; \u0026nbsp; Financial knowledge is positively related to their financial behavior\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eH5 \u0026nbsp; \u0026nbsp; \u0026nbsp; Financial attitude is positively related to financial behavior\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003eThe role of parents in financial socialization has been widely documented in the literature (Allen, 2008; Bucciol et al., 2022; Gudmunson \u0026amp; Danes, 2011; Zhao \u0026amp; Zhang, 2020). Studies suggest that children who undergo early financial socialization tend to develop greater financial knowledge (Thomas \u0026amp; Subhashree, 2020) and exhibit more positive financial behavior (Fan \u0026amp; Chatterjee, 2019). Additionally, financial socialization has been linked to responsible borrowing habits (Ahn et al., 2018). Students with higher levels of financial socialization are generally more punctual in loan repayments and experience less anxiety about student loans (Fan \u0026amp; Chatterjee, 2019).\u003c/p\u003e\n\u003cp\u003eParental financial socialization, particularly through \u0026ldquo;money-related communication,\u0026rdquo; has shown a strong correlation with financial knowledge (Egesta et al., 2021; Ullah \u0026amp; Yusheng, 2020). Moreover, financial socialization not only enhances financial knowledge but also significantly influences students\u0026apos; financial attitudes and behaviors (Ammer \u0026amp; Aldhyani, 2022; Shim et al., 2010). These findings emphasize the importance of early parental involvement in developing responsible financial habits among young adults.\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eH6\u0026nbsp; \u0026nbsp; \u0026nbsp; \u0026nbsp;Financial socialization is positively related to financial attitude\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eH7\u0026nbsp; \u0026nbsp; \u0026nbsp; \u0026nbsp;Financial socialization is positively related to financial behavior\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eH8 \u0026nbsp; \u0026nbsp; \u0026nbsp; Financial socialization is positively related to financial knowledge\u003c/em\u003e\u003c/p\u003e"},{"header":"3. Materials and Methods","content":"\u003cdiv id=\"Sec6\" class=\"Section2\"\u003e \u003ch2\u003e3.1 Research Design\u003c/h2\u003e \u003cp\u003e \u003cdiv class=\"BlockQuote\"\u003e \u003cp\u003eThis study adopted a quantitative, cross-sectional, and explanatory research design, with business students as the unit of analysis. Data were collected through a structured survey conducted at a public university in the Kingdom of Saudi Arabia. The survey was created using Google Forms and distributed to business students at the diploma, bachelor's, and master's levels between May and December 2022. To ensure accessibility, the questionnaire was presented in both English and Arabic. Out of approximately 2,000 students who received the survey link, 438 valid responses were obtained, with a notably higher representation of male students.\u003c/p\u003e \u003c/div\u003e \u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec7\" class=\"Section2\"\u003e \u003ch2\u003e3.2 Research Instruments\u003c/h2\u003e \u003cp\u003e \u003cdiv class=\"BlockQuote\"\u003e \u003cp\u003eThe study measured five main constructs using various scales. Financial knowledge was assessed through a questionnaire consisting of nine items, each evaluating different dimensions of financial knowledge. Each question provided multiple-choice options, with only one correct answer. Financial socialization, financial attitude, and financial behavior were measured using three-item instruments adapted from previous studies (Amagir et al., \u003cspan citationid=\"CR8\" class=\"CitationRef\"\u003e2020\u003c/span\u003e; Chen \u0026amp; Volpe, \u003cspan citationid=\"CR20\" class=\"CitationRef\"\u003e2002\u003c/span\u003e; Jorgensen \u0026amp; Savla, \u003cspan citationid=\"CR45\" class=\"CitationRef\"\u003e2010\u003c/span\u003e; van Rooij et al., \u003cspan citationid=\"CR74\" class=\"CitationRef\"\u003e2011\u003c/span\u003e).\u003c/p\u003e \u003c/div\u003e \u003c/p\u003e \u003cdiv id=\"Sec8\" class=\"Section3\"\u003e \u003ch2\u003e3.2.1 Financial Knowledge\u003c/h2\u003e \u003cp\u003e \u003cdiv class=\"BlockQuote\"\u003e \u003cp\u003eFinancial knowledge was assessed using nine questions adapted from previous studies (Amagir et al., \u003cspan citationid=\"CR8\" class=\"CitationRef\"\u003e2020\u003c/span\u003e; Jorgensen \u0026amp; Savla, \u003cspan citationid=\"CR45\" class=\"CitationRef\"\u003e2010\u003c/span\u003e; van Rooij et al., \u003cspan citationid=\"CR74\" class=\"CitationRef\"\u003e2011\u003c/span\u003e). The final instrument included questions covering various domains of financial knowledge, such as investment, inflation, risk, banking, and economics. Each question had only one correct answer. Respondents were awarded one point for each correct answer and zero points for incorrect responses. The total score, calculated as the sum of all correct answers, represented the respondent's level of financial knowledge.\u003c/p\u003e \u003c/div\u003e \u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec9\" class=\"Section3\"\u003e \u003ch2\u003e3.2.2 Educational Profile\u003c/h2\u003e \u003cp\u003e \u003cdiv class=\"BlockQuote\"\u003e \u003cp\u003eThe educational profile variables in this study included the Current Grade Point Average (GPA), business specialization, and the number of finance or related courses completed. The GPA was measured on a 4-point scale, and students were asked to report their current GPA in the survey form. For the number of finance or related courses taken, students chose from three options: \u003cb\u003eno courses\u003c/b\u003e, \u003cb\u003e1\u0026ndash;2 courses\u003c/b\u003e, or \u003cb\u003emore than 2 courses\u003c/b\u003e.\u003c/p\u003e \u003c/div\u003e \u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec10\" class=\"Section3\"\u003e \u003ch2\u003e3.2.3 Financial Socialization\u003c/h2\u003e \u003cp\u003e \u003cdiv class=\"BlockQuote\"\u003e \u003cp\u003eThe financial socialization scale was adapted from (Amagir et al., \u003cspan citationid=\"CR8\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). Two questions were included and the respondents were asked to rate on a scale of 1 to 7 (1\u0026thinsp;=\u0026thinsp;never to 7\u0026thinsp;=\u0026thinsp;always).\u003c/p\u003e \u003c/div\u003e \u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec11\" class=\"Section3\"\u003e \u003ch2\u003e3.2.4 Financial Attitude and Behavior\u003c/h2\u003e \u003cp\u003eThis construct was measured using the scale developed by (Amagir et al., \u003cspan citationid=\"CR8\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). A seven-point Likert scale was employed, ranging from \u003cb\u003e1 (Strongly Agree)\u003c/b\u003e to \u003cb\u003e7 (Strongly Disagree)\u003c/b\u003e.\u003c/p\u003e \u003c/div\u003e \u003c/div\u003e \u003cdiv id=\"Sec12\" class=\"Section2\"\u003e \u003ch2\u003e3.3 Analytical Framework\u003c/h2\u003e \u003cp\u003e \u003cdiv class=\"BlockQuote\"\u003e \u003cp\u003eThe dataset was organized in MS Excel and then exported to SPSS 28.0.0 for descriptive analysis. Partial Least Squares Structural Equation Modeling (PLS-SEM) was conducted using Smart PLS 4.0. PLS-SEM offers a significant advantage when dealing with small sample sizes and a large number of constructs and items (Hair et al., \u003cspan citationid=\"CR35\" class=\"CitationRef\"\u003e2019\u003c/span\u003e). As noted by (Wold, \u003cspan citationid=\"CR77\" class=\"CitationRef\"\u003e1980\u003c/span\u003e), PLS-SEM, being a soft modeling tool, is particularly suitable for research that is \u0026ldquo;data-rich and theory-skeletal.\u0026rdquo;\u003c/p\u003e \u003c/div\u003e \u003c/p\u003e \u003c/div\u003e"},{"header":"4. Results","content":"\u003cdiv id=\"Sec14\" class=\"Section2\"\u003e \u003ch2\u003e4.1 Descriptive Statistics\u003c/h2\u003e \u003cp\u003e \u003cdiv class=\"BlockQuote\"\u003e \u003cp\u003eThe dataset was screened for fitness resulting in a total of 438 valid responses. Descriptive analysis shows that the majority of the respondents were pursuing business programs with the majority of students not receiving any financial education (See Table\u0026nbsp;\u003cspan refid=\"Tab1\" class=\"InternalRef\"\u003e1\u003c/span\u003e). The average current grade point average was calculated to be 3.50 out of 4.00. Male students were significantly more in number than female students.\u003c/p\u003e \u003cp\u003eTo measure the financial knowledge of students, a set of nine questions with multiple choices was prepared (Appendix 1). Each question had just one correct answer and one point for the correct answer. Each respondent received a score out of a total of 9. These questions belonged to different financial skills namely numeracy, time value of money, financial calculator usage, risk and return, economic growth, and banking. Results show that students possessed correct knowledge of all aspects except understanding of economics. The average score of all respondents was calculated to be 6.87 out of 9.\u003c/p\u003e \u003c/div\u003e \u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab1\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 1\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eSummary of respondents\u0026rsquo; profile.\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"4\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003eItem\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eCategories\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eFrequency\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e \u003cp\u003ePercent\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\" morerows=\"1\" rowspan=\"2\"\u003e \u003cp\u003eGender\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eMale\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e314\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e71.7\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eFemale\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e124\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e28.3\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\" morerows=\"2\" rowspan=\"3\"\u003e \u003cp\u003eSpecialization\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eBusiness Administration\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e226\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e51.6%\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eMarketing\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e126\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e28.8%\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eHospitality/Tourism\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e86\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e19.6%\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\" morerows=\"1\" rowspan=\"2\"\u003e \u003cp\u003eNumber of finance or related courses taken\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eLess than 2\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e305\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e48.5\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e\u0026gt;\u0026thinsp;2\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e133\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e35.0\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\" morerows=\"1\" rowspan=\"2\"\u003e \u003cp\u003eCurrent Grade Point Average (out of 4.00)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eMean\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c4\" namest=\"c3\"\u003e \u003cp\u003e3.50\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eStandard Deviation\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c4\" namest=\"c3\"\u003e \u003cp\u003e0.590\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec15\" class=\"Section2\"\u003e \u003ch2\u003e4.2 Reliability and Validity\u003c/h2\u003e \u003cp\u003eThe research model was analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM), which involves an iterative process. The first stage of this process is the assessment of the measurement model, focusing on establishing \u003cb\u003einternal consistency reliability\u003c/b\u003e, \u003cb\u003econvergent validity\u003c/b\u003e, and \u003cb\u003ediscriminant validity\u003c/b\u003e.\u003c/p\u003e \u003cp\u003eInternal consistency is evaluated using \u003cb\u003eCronbach's alpha\u003c/b\u003e and \u003cb\u003ecomposite reliability (CR)\u003c/b\u003e, both of which should exceed the recommended threshold of \u003cb\u003e0.7\u003c/b\u003e. Notably, CR is often considered more appropriate for PLS-SEM (Hair et al., \u003cspan citationid=\"CR35\" class=\"CitationRef\"\u003e2019\u003c/span\u003e). Convergent validity is assessed using \u003cb\u003efactor loadings\u003c/b\u003e and \u003cb\u003eaverage variance extracted (AVE)\u003c/b\u003e, with recommended values of \u003cb\u003e\u0026gt;\u0026thinsp;0.7\u003c/b\u003e for factor loadings and \u003cb\u003e\u0026gt;\u0026thinsp;0.5\u003c/b\u003e for AVE.\u003c/p\u003e \u003cp\u003eThe results of internal consistency and convergent validity are presented in Table\u0026nbsp;\u003cspan refid=\"Tab2\" class=\"InternalRef\"\u003e2\u003c/span\u003e, demonstrating that most values exceed the recommended thresholds, indicating a reliable and valid measurement model.\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab2\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 2\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eAnalysis of the measurement model.\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"5\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c5\" colnum=\"5\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eOuter loadings\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eCronbach\u0026rsquo;s Alpha\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e \u003cp\u003eComposite Reliability (rho_c)\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c5\"\u003e \u003cp\u003eAverage variance Extracted (AVE)\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFinancial Attitude\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.832\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e0.714\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0.832\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFIN_ATT_1\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.764\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFIN_ATT_3\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.918\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFinancial Behavior\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.765\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e0.623\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0.765\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFIN_BEH_1\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.687\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFIN_BEH_2\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.880\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFinancial Socialization\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.861\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e0.755\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0.861\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFIN_SOC_1\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.851\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFIN_SOC_2\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.887\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eCurrent GPAA\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e1.000\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFK_Score\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e1.000\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFin_edu\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e1.000\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cp\u003eDiscriminant validity was assessed using the \u003cb\u003eHeterotrait-Monotrait ratio (HTMT)\u003c/b\u003e and the \u003cb\u003eFornell-Larcker criterion\u003c/b\u003e (Henseler et al., \u003cspan citationid=\"CR37\" class=\"CitationRef\"\u003e2015\u003c/span\u003e). The results, presented in Tables\u0026nbsp;\u003cspan refid=\"Tab3\" class=\"InternalRef\"\u003e3\u003c/span\u003e and \u003cspan refid=\"Tab4\" class=\"InternalRef\"\u003e4\u003c/span\u003e, indicate that the values meet the recommended thresholds, confirming the establishment of discriminant validity.\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab3\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 3\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eHTMT Ratio\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"6\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c5\" colnum=\"5\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c6\" colnum=\"6\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eCurrent_GPA\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eFA\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e \u003cp\u003eFB\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c5\"\u003e \u003cp\u003eFK_Score\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c6\"\u003e \u003cp\u003eFinSoc\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eCurrent_GPA\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFA\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.091\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFB\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.036\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.376\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFK_Score\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.024\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.185\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e0.130\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFinSoc\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.065\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.208\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e0.429\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0.068\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFin_edu_2\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.062\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.095\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e0.156\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0.108\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003e0.185\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab4\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 4\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eFornell-Larcker Criterion\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"7\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c5\" colnum=\"5\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c6\" colnum=\"6\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c7\" colnum=\"7\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eCurrent_GPA\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eFA\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e \u003cp\u003eFB\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c5\"\u003e \u003cp\u003eFK_Score\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c6\"\u003e \u003cp\u003eFinSoc\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c7\"\u003e \u003cp\u003eFin_edu_2\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eCurrent_GPA\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e1.000\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFA\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.050\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.845\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFB\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.021\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.200\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e0.789\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFK_Score\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.024\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.167\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e0.070\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e1.000\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFinSoc\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.054\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.140\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e0.233\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0.055\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003e0.869\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFin_edu_2\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.062\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.076\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e0.107\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0.108\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003e0.151\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e \u003cp\u003e1.000\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cp\u003e \u003cdiv class=\"BlockQuote\"\u003e \u003cp\u003eTable\u0026nbsp;\u003cspan refid=\"Tab5\" class=\"InternalRef\"\u003e5\u003c/span\u003e presents the \u003cb\u003eVariance Inflation Factor (VIF)\u003c/b\u003e values, which are used to assess collinearity. A VIF value between \u003cb\u003e1 and 5\u003c/b\u003e is generally considered acceptable. In this study, all items have VIF values below \u003cb\u003e5\u003c/b\u003e, indicating no significant collinearity issues.\u003c/p\u003e \u003c/div\u003e \u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab5\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 5\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eVariance Inflation factor.\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"2\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eVIF\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eCurrent_GPA\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e1.000\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFA1\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e1.249\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFA3\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e1.249\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFB1\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e1.071\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFB2\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e1.071\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFK_Score\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e1.000\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFinSoc1\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e1.356\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFinSoc2\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e1.356\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFin_edu_2\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e1.000\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec16\" class=\"Section2\"\u003e \u003ch2\u003e4.5 Hypothesis Testing\u003c/h2\u003e \u003cp\u003e \u003cdiv class=\"BlockQuote\"\u003e \u003cp\u003eThe second stage in the \u003cb\u003ePLS-SEM\u003c/b\u003e procedure involves evaluating the structural model. This assessment includes examining the \u003cb\u003ecoefficient of determination (R\u0026sup2;)\u003c/b\u003e, \u003cb\u003epath coefficients (β)\u003c/b\u003e, and their \u003cb\u003esignificance (p-values)\u003c/b\u003e. The \u003cb\u003ePLS Algorithm\u003c/b\u003e function in \u003cb\u003eSmart PLS\u003c/b\u003e software is used to calculate \u003cb\u003eR\u0026sup2;\u003c/b\u003e, while path coefficients and significance values are determined using the \u003cb\u003ebootstrapping\u003c/b\u003e procedure. The specific settings for the bootstrapping procedure are detailed in the table below.\u003c/p\u003e \u003c/div\u003e \u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab6\" border=\"1\"\u003e \u003ccolgroup cols=\"2\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003eParameters\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eSetting\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eComplexity\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eMost important (faster)\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eConfidence interval method\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003ePercentile bootstrap\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eParallel processing\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eYes\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eSamples\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e5000\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eSeed\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eFixed seed\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eSignificance level\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.05\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eTest type\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eTwo-tailed\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e\u003cp\u003eTable 6 presents the results of hypothesis testing, indicating that \u003cstrong\u003efive out of eight hypotheses\u003c/strong\u003e are supported. The three unsupported hypotheses include the relationships between \u003cstrong\u003eCGPA and financial knowledge (H1)\u003c/strong\u003e, \u003cstrong\u003efinancial knowledge and financial behavior (H4)\u003c/strong\u003e, and \u003cstrong\u003efinancial socialization and financial knowledge (H7)\u003c/strong\u003e.\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab7\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 6\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eResults of Hypotheses testing\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"8\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c5\" colnum=\"5\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c6\" colnum=\"6\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c7\" colnum=\"7\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c8\" colnum=\"8\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003eHypothesis\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003ePath\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eβ (Original)\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e \u003cp\u003et-Value\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c5\"\u003e \u003cp\u003ep-Value\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c6\"\u003e \u003cp\u003e95% Confidence Interval (Lower, Upper)\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c7\"\u003e \u003cp\u003ef\u003csup\u003e2\u003c/sup\u003e\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c8\"\u003e \u003cp\u003eResult\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eH1\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eCurrent_GPA \u0026rarr; FK_Score\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.016\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e0.305\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0.760\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003e(-0.085, 0.119)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e \u003cp\u003e0.000\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c8\"\u003e \u003cp\u003eNot Supported\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eH2\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eFin_edu_2 \u0026rarr; FK_Score\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.220\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e2.101\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0.036\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003e(0.009, 0.419)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e \u003cp\u003e0.010\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c8\"\u003e \u003cp\u003eSupported\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eH3\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eFK_Score \u0026rarr; FA\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.160\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e3.277\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0.001\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003e(0.058, 0.251)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e \u003cp\u003e0.027\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c8\"\u003e \u003cp\u003eSupported\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eH4\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eFK_Score \u0026rarr; FB\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.031\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e0.628\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0.530\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003e(-0.064, 0.128)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e \u003cp\u003e0.001\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c8\"\u003e \u003cp\u003eNot Supported\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eH5\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eFA-FB\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.166\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e3.078\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0.002\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003e(0.045, 0.258)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e \u003cp\u003e0.029\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c8\"\u003e \u003cp\u003eSupported\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eH6\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eFinSoc \u0026rarr; FA\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.132\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e2.629\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0.009\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003e(0.028, 0.226)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e \u003cp\u003e0.018\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c8\"\u003e \u003cp\u003eSupported\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eH7\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eFinSoc \u0026rarr; FB\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.208\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e4.386\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e\u0026lt;\u0026thinsp;0.001\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003e(0.105, 0.294)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e \u003cp\u003e0.046\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c8\"\u003e \u003cp\u003eSupported\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eH8\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eFinSoc \u0026rarr; FK_Score\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.039\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e0.758\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0.449\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003e(-0.060, 0.135)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e \u003cp\u003e0.001\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c8\"\u003e \u003cp\u003eNot Supported\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cp\u003eFigure \u003cspan refid=\"Fig2\" class=\"InternalRef\"\u003e2\u003c/span\u003e illustrates the \u003cb\u003epath coefficients\u003c/b\u003e and their corresponding \u003cb\u003esignificance values\u003c/b\u003e (shown in brackets) for each hypothesized relationship.\u003c/p\u003e \u003cp\u003e \u003c/p\u003e \u003cp\u003eTable\u0026nbsp;\u003cspan refid=\"Tab8\" class=\"InternalRef\"\u003e7\u003c/span\u003e.\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab8\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 7\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eshows the specific indirect effects among the variables.\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"2\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003ePaths\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eSpecific indirect effects\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFin_edu_2 -\u0026gt; FK_Score -\u0026gt; FA\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.089\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eCurrent_GPA -\u0026gt; FK_Score -\u0026gt; FA -\u0026gt; FB\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.777\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFin_edu_2 -\u0026gt; FK_Score -\u0026gt; FA -\u0026gt; FB\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.140\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFin_edu_2 -\u0026gt; FK_Score -\u0026gt; FB\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.582\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFK_Score -\u0026gt; FA -\u0026gt; FB\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.016\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFinSoc -\u0026gt; FK_Score -\u0026gt; FB\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.737\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eCurrent_GPA -\u0026gt; FK_Score -\u0026gt; FA\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.772\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFinSoc -\u0026gt; FK_Score -\u0026gt; FA\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.484\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFinSoc -\u0026gt; FK_Score -\u0026gt; FA -\u0026gt; FB\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.503\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFinSoc -\u0026gt; FA -\u0026gt; FB\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.058\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eCurrent_GPA -\u0026gt; FK_Score -\u0026gt; FB\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.876\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cp\u003e \u003cb\u003eModel Fit and Predictive Power\u003c/b\u003e \u003cdiv class=\"BlockQuote\"\u003e \u003cp\u003eThe predictive power of the model was assessed using R\u0026sup2; and Q\u0026sup2;, with values of 0.084 and 0.047, respectively. Although these values are relatively low, they indicate a positive influence of the overall model on the dependent variable. In the context of exploratory research in an under-researched area, these findings provide valuable contributions to the existing literature. Expanding the sample size and ensuring greater diversity could further enhance the model's predictive relevance.\u003c/p\u003e \u003cp\u003eAdditionally, effect sizes (f\u0026sup2;) are crucial in determining the practical significance of a model. According to Cohen's criteria, effect sizes are classified as small (0.02), medium (0.15), or large (0.35). In this study, the effect sizes were found to be small for the following paths: Fin_edu \u0026rarr; FK_Score (f\u0026sup2; = 0.01), FK_Score \u0026rarr; FA (f\u0026sup2; = 0.03), FA \u0026rarr; FB (f\u0026sup2; = 0.03), and Fin_Soc \u0026rarr; FA (f\u0026sup2; = 0.02). A large effect size was observed for the path Fin_Soc \u0026rarr; FB (f\u0026sup2; = 0.05).\u003c/p\u003e \u003c/div\u003e \u003c/p\u003e \u003c/div\u003e"},{"header":"5. Discussion and Conclusions","content":"\u003cp\u003e \u003cdiv class=\"BlockQuote\"\u003e \u003cp\u003eThe current study investigated the role of financial education, academic performance, and financial socialization on the financial knowledge and financial behavior of business students. Academic performance, measured by CGPA, was not significantly related to financial knowledge (H1), with previous research reporting mixed findings (Barboza et al., \u003cspan citationid=\"CR15\" class=\"CitationRef\"\u003e2018\u003c/span\u003e; Egesta et al., \u003cspan citationid=\"CR29\" class=\"CitationRef\"\u003e2021\u003c/span\u003e; Guterres et al., \u003cspan citationid=\"CR33\" class=\"CitationRef\"\u003e2024\u003c/span\u003e). However, financial education represented by the number of finance-related courses studied, significantly influenced financial knowledge (H2), consistent with (Cole et al., \u003cspan citationid=\"CR21\" class=\"CitationRef\"\u003e2009\u003c/span\u003e). While no significant relationship was found between financial knowledge and financial behavior (H4), similar complexities have been highlighted in previous research (Banthia \u0026amp; Dey, \u003cspan citationid=\"CR14\" class=\"CitationRef\"\u003e2022\u003c/span\u003e; \u0026Ccedil;oşkun \u0026amp; Dalziel, \u003cspan citationid=\"CR22\" class=\"CitationRef\"\u003e2020\u003c/span\u003e; Nave et al., \u003cspan citationid=\"CR55\" class=\"CitationRef\"\u003e2023\u003c/span\u003e; Panjaitan et al., \u003cspan citationid=\"CR58\" class=\"CitationRef\"\u003e2022\u003c/span\u003e). Conversely, financial knowledge was found to significantly influence financial attitude (H3), which in turn positively impacted financial behavior (H8), in line with prior findings (Egesta et al., \u003cspan citationid=\"CR29\" class=\"CitationRef\"\u003e2021\u003c/span\u003e; Loza et al., \u003cspan citationid=\"CR47\" class=\"CitationRef\"\u003e2024\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eFinancial socialization significantly influenced both financial attitude and financial behavior (H6, H7), consistent with past studies (Shim et al., \u003cspan citationid=\"CR66\" class=\"CitationRef\"\u003e2010\u003c/span\u003e, \u003cspan citationid=\"CR67\" class=\"CitationRef\"\u003e2015\u003c/span\u003e). However, it did not significantly affect financial knowledge (H8). This finding may be explained by the distinction between subjective and objective financial knowledge, as suggested by (Thomas \u0026amp; Subhashree, \u003cspan citationid=\"CR72\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). Financial socialization might have a greater influence on subjective financial knowledge, warranting further research in this area. Overall, these findings offer valuable empirical insights into financial behavior, particularly in the context of Saudi Arabia, which is undergoing financial sector reforms under Vision 2030. Strengthening financial education programs and enhancing financial socialization initiative are crucial for fostering better financial behavior among students.\u003c/p\u003e \u003cp\u003eThese results also contribute to validating existing financial behavior theories. The influence of financial education on financial knowledge and subsequent financial behavior supports the Social Cognitive Theory. Additionally, the significant relationships between financial socialization, financial attitude, and financial behavior align with the Theory of Family Financial Socialization. Given the importance of financial skills in achieving several United Nations Sustainable Development Goals (SDGs), the findings also reinforce the relevance of Human Capital Theory and Resource-based View Theory in financial education. Policymakers and educational institutions should integrate comprehensive financial literacy modules into academic curricula. Moreover, financial literacy initiatives within the Financial Sector Development Program (FSDP) could be expanded by introducing parental financial education programs and promoting collaboration between financial institutions and educational organizations.\u003c/p\u003e \u003cp\u003eWhile this study offers valuable insights, it has certain limitations. The sample was drawn from a single public university, which limits the generalizability of the findings. Additionally, the self-administered nature of the financial knowledge questions may have influenced the accuracy of responses. Future research should adopt more rigorous methods to measure financial literacy, as recommended by (Schmeiser \u0026amp; Seligman, \u003cspan citationid=\"CR65\" class=\"CitationRef\"\u003e2013\u003c/span\u003e). Expanding the study to include students from different academic disciplines and levels, as well as conducting longitudinal research, could provide deeper insights into the long-term impacts of financial education and socialization on financial behavior. Furthermore, examining the differences between subjective and objective financial knowledge, as suggested by (Hadar et al., \u003cspan citationid=\"CR34\" class=\"CitationRef\"\u003e2013\u003c/span\u003e), and exploring the mediating role of financial attitude in the relationship between financial knowledge and financial behavior, as proposed by (Ammer \u0026amp; Aldhyani, \u003cspan citationid=\"CR9\" class=\"CitationRef\"\u003e2022\u003c/span\u003e), would provide further theoretical and practical insights.\u003c/p\u003e \u003c/div\u003e \u003c/p\u003e"},{"header":"Declarations","content":"\u003cp\u003e\u003cspan\u003eThe study was conducted in accordance with the Declaration of Helsinki, and approved by the Biomedical Research Ethics Committee of UMM AL-QURA UNIVERSITY (HAPO-02K-012-2023-03-1520)\u003c/span\u003e\u003c/p\u003e"},{"header":"References","content":"\u003col\u003e\u003cli\u003e\u003cspan\u003eAbdallah W, Tfaily F, Harraf A (2025) The impact of digital financial literacy on financial behavior: customers\u0026rsquo; perspective. 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Int J Bank Mark. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1108/IJBM-04-2020-0174\u003c/span\u003e\u003cspan address=\"10.1108/IJBM-04-2020-0174\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e\u003c/ol\u003e"}],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":true,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":true,"hideJournal":true,"highlight":"","institution":"Umm al-Qura University","isAcceptedByJournal":false,"isAuthorSuppliedPdf":false,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":false,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true},"keywords":"financial knowledge, financial socialization, financial attitude, financial behavior, Saudi Arabia, financial sector development program","lastPublishedDoi":"10.21203/rs.3.rs-6407164/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-6407164/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cul\u003e\n \u003cli\u003ePurpose – The main aim of this study is to examine the interplay of factors influencing financial behavior among undergraduate business students in Saudi Arabia. A clear understanding of these relationships will help policy makers and educational institutions promote sound financial behavior among business students leading to improved financial and societal outcomes.\u003c/li\u003e\n \u003cli\u003eDesign/methodology/approach – This research employs a cross-sectional design and included a sample of 438 undergraduate business students from a public university in Saudi Arabia. Partial Least Squares Structural Equation Modelling (PLS-SEM) was used to analyze the relationships among financial knowledge, financial attitude, financial socialization, and financial behavior.\u003c/li\u003e\n \u003cli\u003eFindings – The results indicate that financial education significantly enhances financial knowledge, while academic performance does not. Financial socialization significantly influences both financial attitude and financial behavior but does not significantly influence financial knowledge.\u003c/li\u003e\n \u003cli\u003ePractical Implications – The study emphasizes the importance of integrating financial literacy modules into university curricula and encouraging financial socialization initiatives within families. Additionally, the findings suggest that financial institutions, educational bodies, and policy makers should coordinate their efforts to improve financial behavior among young adults, aligning with the Saudi Vision 2030.\u003c/li\u003e\n \u003cli\u003eSocial Implications – This study has notable social implications, demonstrating the role of financial knowledge and financial socialization in shaping financial behavior. Encouraging positive financial behavior of young managers is essential for achieving broader national goals, particularly financial transformation, as envisioned in Saudi Vision 2030.\u003c/li\u003e\n \u003cli\u003eOriginality – The financial behavior of future managers in the Arab world remains an under-researched topic, which this study seeks to address. By empirically analyzing the relationships among academic factors, financial knowledge, financial socialization, financial attitude, and financial behavior, this research provides new insights into financial behavior studies.\u003c/li\u003e\n\u003c/ul\u003e","manuscriptTitle":"Decoding Financial Behavior: A PLS-SEM Examination of Financial Knowledge, Socialization, and Attitude in Saudi Business Students","msid":"","msnumber":"","nonDraftVersions":[{"code":1,"date":"2025-04-14 05:28:56","doi":"10.21203/rs.3.rs-6407164/v1","editorialEvents":[{"type":"communityComments","content":0}],"status":"published","journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true}}],"origin":"","ownerIdentity":"7f19164c-f277-4357-b29e-fe430d58c954","owner":[],"postedDate":"April 14th, 2025","published":true,"recentEditorialEvents":[],"rejectedJournal":[],"revision":"","amendment":"","status":"posted","subjectAreas":[],"tags":[],"updatedAt":"2025-04-14T05:28:56+00:00","versionOfRecord":[],"versionCreatedAt":"2025-04-14 05:28:56","video":"","vorDoi":"","vorDoiUrl":"","workflowStages":[]},"version":"v1","identity":"rs-6407164","journalConfig":"researchsquare"},"__N_SSP":true},"page":"/article/[identity]/[[...version]]","query":{"redirect":"/article/rs-6407164","identity":"rs-6407164","version":["v1"]},"buildId":"8U1c8b4HqxoKbykW_rLl7","isFallback":false,"isExperimentalCompile":false,"dynamicIds":[84888],"gssp":true,"scriptLoader":[]}