Abstract:
Money management behaviour of undergraduates is an academically researchable area as their
decisions relating to money management not only have an impact on their life itself but also it affects
long-term financial stability of an organization, an industry and a nation. In the context of developing
countries stock of knowledge relating to money management behaviour is heavily focused on functional
financial literature, there is a significant lack of published research focused on factors beyond different
aspects of financial literacy. The purposes of this study include exploring factors beyond financial
literacy that influence money management behaviour of undergraduates, investigating how
undergraduates respond to these main influences to manage their money and to understand the level of
influences on money management behaviour of undergraduates. The study was carried out in Sri Lanka,
a developing country. It adopted both qualitative exploratory approach and quantitative survey method.
The data were collected using focus group discussions and a structured questionnaire from different
academic disciplines at a state-owned Sri Lankan university. Forty undergraduates participated in focus
group discussions and 964 questionnaires were collected. Based on the literature, economic, social and
psychological factors were identified as influencing money management behaviour. The thematic
analysis identified subthemes that emphasised how undergraduates respond to economic, social and
psychological factors. Based on comparative analysis, the study identified the deviations in money
management behaviour and selected influences of undergraduates with respect to gender and academic
discipline. Theoretical and practical implications as well as future research directions are provided.