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Young consumers represent a significant purchasing group, but little is known about how they make money management decisions. This study aims to identify and classify different approaches to money management that may impact purchasing behaviour.

Data from focus groups with 40 respondents between 18 and 24 years were recruited via campus notices across three campuses in a university in Melbourne, Australia.

Based on how respondents accommodated economic, social and psychological influences in their money management approach, the authors identified three distinct approaches to money management: conservative money managers, creative money managers and entrepreneurial money managers.

The study is based on a small sample consisting of 40 individuals in Australia.

Young consumers share common traits as a group but have diverse attitudes and approaches to money management. The authors identify three distinct approaches to money management based on respondents’ management of factors affecting their money management. Companies must consider these differences to effectively approach millennial consumers.

The indebtedness of young consumers is a common concern in society. Analysis of their approaches to money management offers an opportunity for organisations to support responsible individual money usage amongst young consumers.

While exploratory, the current study is the first to consider how differences in money management behaviour in young generations may impact consumer decision-making.

The money management behaviour of undergraduates is a noteworthy study for many stakeholders, as these students are more likely to carry forward this behaviour into later life. The literature on student money management behaviour heavily focuses on financial literacy. However, economic, social and psychological factors also affect undergraduates’ money management behaviour. Therefore, the purpose of this study is to empirically investigate how undergraduates respond to and account for these factors in their money management behaviour.

This study was carried out in Australia. This study adopted a qualitative exploratory approach. The data were collected using six focus group discussions (FGDs) held in one Australian university, in which 40 undergraduates participated.

The key themes identified from the thematic analysis include undergraduates’ understanding of money management and managing economic, social and psychological aspects relating to undergraduates’ money management behaviour. Several subthemes were identified under each theme, which specifically showed how undergraduates manage and respond to each of these factors relating to their money management behaviour.

This study was conducted with the data collected from a relatively small sample of respondents and was limited only to undergraduates. Moreover, this study was conducted in Australia, indicating that some of the results might be specific to the Australian context.

The authors have suggested promoting multiple payment methods and internet usage to undergraduates, and providing them with stress management programmes will help them maintain prudent money management behaviour.

The extant literature on undergraduates’ money management behaviour tends to focus on financial literacy. This study extends the scope of the literature beyond financial literacy and has shown how undergraduates respond to economic, social and psychological aspects relating to money management behaviour. This study has applied a qualitative exploratory approach, in contrast to quantitative methods which have generally been applied for studies relating to undergraduates’ money management behaviour.

The money management behavior of undergraduates determines their smooth transition into adulthood. Economic, social and psychological factors also affect undergraduates’ money management behavior. Therefore, the purpose of this paper is to investigate how undergraduates manage and respond to economic, social and psychological factors affecting their money management behavior, and to examine whether this response changes as they make progress in their degree.

Adopting a qualitative exploratory approach, this study examined Australian undergraduates as they face many challenges to their money management behavior. The data were collected using six focus group discussions, held in three Australian universities, in which 47 undergraduates participated.

The findings have shown that their approach to manage spending, income, saving, peer relationships and stress changes as they make progress in their degree. However, they shared similar approaches to investment, followed parental money management advice and used technology for cost reduction, irrespective of the progress in their degree.

This study was conducted with the data collected from a relatively small sample of respondents and was limited only to undergraduates. Moreover, this study was conducted in Australia, indicating that some of the results might be specific to the Australian context.

The findings of this study can be utilized by governments, financial institutions, educational institutions and parents who are interested in inculcating prudent money management behavior in undergraduates.

This study extends the scope of the literature beyond financial literacy, and has shown how undergraduates respond to economic, social and psychological aspects relating to money management behavior and how these responses vary as they make progress in their degree. This study has applied a qualitative exploratory approach, in contrast to quantitative methods which have generally been applied for studies relating to undergraduates’ money management behavior.

SEPTEMBER sees the irrevocable passing of summer and the inevitable looking forward to autumnal plans. Such plans must be made, even in the shadows of this world situation, which as we write are as menacing as they have been since war began, and before these words appear another fourteen of the sixty days which Mr. Lyttleton warned us would be the gravest in our history will have elapsed. That leaves a formidable margin for possibilities. Librarians, as deeply involved as any people in the conflict, must nevertheless act as if the work of life will go on, even if not as in peace. Our difficulties do not lessen; more and more of our lads and girls, and some rather beyond the age these words cover, are being removed from libraries; the book situation worsens; and the demands for books increase, especially in what until recently were evacuation areas, to which many of our exiles have now returned.