Personal Financial Management Skills Of University Students and Their Financial Experiences During The Covid-19 Pandemic

Lilian Gumbo (Midlands State University, Zimbabwe)
Mutengezanwa Margaret (Senior Lecturer, Department of Banking and Finance Bindura, University of Science Education, Zimbabwe)
Munyaradzi Chagwesha (Department of Management Sciences, Midlands State University, Zimbabwe)

International Journal of Financial, Accounting, and Management
Vol. 4 No. 2 (2022): September

Purpose: The main purpose of this study was to assess university students’ financial management skills and their financial experiences during the Covid-19 pandemic. Research methodology: The research adopted the explanatory sequential mixed methods research design where a survey of 181 students on work-related learning was conducted using questionnaires and qualitative interviews. Data were analyzed using IBM SPSS Statistic 27 Results: The study established that the majority of the students do not have a budget, run out of money before receiving the next income, have no funds set aside for uncertainties or medical expenses related to the Covid-19 pandemic, and to make ends meet most of the students borrow money from relatives and friends. The majority of students struggled financially because of the Covid-19 pandemic. Limitations: Questionnaires and interviews were only distributed/conducted online due to the Covid-19 pandemic. Contribution: Personal financial management skills are a vital human capital skill for students. Therefore the need to explore such skills and financial experiences of University students during the Covid-19 pandemic for the first time.