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…
Abstract
Purpose
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.
Design/methodology/approach
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.
Findings
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.
Research limitations/implications
The study is based on a small sample consisting of 40 individuals in Australia.
Practical implications
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.
Social implications
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.
Originality/value
While exploratory, the current study is the first to consider how differences in money management behaviour in young generations may impact consumer decision-making.
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Jill Bamforth, Charles Jebarajakirthy and Gus Geursen
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…
Abstract
Purpose
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.
Design/methodology/approach
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.
Findings
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.
Research limitations/implications
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.
Practical implications
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.
Originality/value
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.
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Jill Bamforth, Charles Jebarajakirthy and Gus Geursen
The money management behavior of undergraduates determines their smooth transition into adulthood. Economic, social and psychological factors also affect undergraduates’ money…
Abstract
Purpose
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.
Design/methodology/approach
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.
Findings
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.
Research limitations/implications
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.
Practical implications
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.
Originality/value
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.
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Ruth Rentschler and Gus Geursen
This paper argues that the entrepreneurial leader in non‐profit Performing Arts Organisations (PAOs) has received too little attention in literature pertaining to these…
Abstract
This paper argues that the entrepreneurial leader in non‐profit Performing Arts Organisations (PAOs) has received too little attention in literature pertaining to these organisations. This criticism also applies to museums. The paper explores how leaders in non‐profit performing arts organisations balance the interests of the various funding sources and market opportunities to service their revenue requirements. It reviews a tension in non‐profit performing arts organisations: the relationship between limited funding and the subsequent need to act entrepreneurially and innovatively among the various funding sources. Using longitudinal analysis of annual reports, the paper uncovers interplay essential to entrepreneurship. Hence, strategies and tensions are highlighed that non‐profit leaders have used. Comparisons are made with non‐profit art museums which previous research has shown have the same funding tensions.
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Phillip K. Hellier, Gus M. Geursen, Rodney A. Carr and John A. Rickard
This paper develops a general service sector model of repurchase intention from the consumer theory literature. A key contribution of the structural equation model is the…
Abstract
This paper develops a general service sector model of repurchase intention from the consumer theory literature. A key contribution of the structural equation model is the incorporation of customer perceptions of equity and value and customer brand preference into an integrated repurchase intention analysis. The model describes the extent to which customer repurchase intention is influenced by seven important factors – service quality, equity and value, customer satisfaction, past loyalty, expected switching cost and brand preference. The general model is applied to customers of comprehensive car insurance and personal superannuation services. The analysis finds that although perceived quality does not directly affect customer satisfaction, it does so indirectly via customer equity and value perceptions. The study also finds that past purchase loyalty is not directly related to customer satisfaction or current brand preference and that brand preference is an intervening factor between customer satisfaction and repurchase intention. The main factor influencing brand preference was perceived value with customer satisfaction and expected switching cost having less influence.
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Juliana Juliana, Febika Fitrian Putri, Neni Sri Wulandari, Udin Saripudin and Ropi Marlina
This study aims to investigate the influence of Muslim tourist perceived value (MTPV) on Muslim millennials’ intention to revisit Bandung (Indonesia) with customer satisfaction as…
Abstract
Purpose
This study aims to investigate the influence of Muslim tourist perceived value (MTPV) on Muslim millennials’ intention to revisit Bandung (Indonesia) with customer satisfaction as an intervening variable.
Design/methodology/approach
Using quantitative methods, this study analyzed responses to a questionnaire distributed to 250 respondents from all over Indonesia. To test the hypothesis, the data were analyzed through Path Analysis using SPSS 24.I software.
Findings
The results suggest that MTPV has a significant effect on revisit intention to the city. This finding affirms that Islamic values and customer satisfaction are very important in encouraging millennial Muslims to revisit Bandung (Indonesia).
Practical implications
To increase Muslim millennials’ intention to revisit Bandung (Indonesia), tourist perceived value and satisfaction are central factors. The government's role is central in promoting halal tourism through various platforms, such as social media, seminars, workshops inter alia to increase MTPV and satisfaction rate toward the city. In addition, stakeholders in tourism sector should raise the awareness to support and encourage halal tourism through certifications of halal products and tourism services, and view halal tourism as a promising sector of tourism.
Originality/value
This study is the first to study the effects of Muslim tourists perceived value on revisit intention of millennial Muslims to Bandung (Indonesia) with customer satisfaction as an intervening variable. This study reveals the strengths and weaknesses of the perceived value of Muslim tourists in influencing millennial Muslims to revisit the city.