CIA 4

RESEARCH METHODOLOGY

Report submitted to CHRIST (Deemed to be University)

for the award of Degree of

BACHELOR OF BUSINESS ADMINISTRATION

Submitted To:
Dr. Shruti Srinivasan

Done by:
2120331 Navaneeth Bhandari
2120333 Dev Mehta
2120359 Vansh Mehta
2120360 Varun Shah

SCHOOL OF BUSINESS AND MANAGEMENT

CHRIST (Deemed to be University)

Bangalore, India
2023
INDEX
Sr no. Topic Pg no.

1. CHAPTER I - Introduction 1

2. CHAPTER II - Literature Review 4

i. How e-wallets encourage excessive spending behavior among
young adult consumers 5
ii. Financial Attitudes and Responsible Spending Behavior of
Emerging Adults: Does Geographic Location Matter 6

iii. Parental Financial Education During Childhood and Financial

Behaviors of Emerging Adults 8

iv. Factors Influencing Online Buying Behaviour of College

9
Students: A Qualitative Analysis
v. Longitudinal comparison of Finnish and US online shopping
behavior among university students: The five- stage buying
decision process 11
vi. The saving and spending habits of young people 14
vii. Gender differences in saving and spending behaviors of Thai
students 15

viii. Influence of spending behavior among university students in

Malaysia 16

ix. College Students and Credit Card Use: The Role of Parents,

Work Experience, Financial Knowledge, and Credit Card

18
Attitudes
x. Categorising the money management behaviour of young
20
consumers

3. CHAPTER III - Research Design 22

Background 23
Statement of the Problem 25
Research Questions and objectives 26
Methodology 27
a) Scope of Research 27
 b) Parameters and Variables 27
c) Research Questions 28
d) Research Objectives 29
e) Hypothesis Formulation 29
f) Questionnaire Design 30

4. CHAPTER IV - Analysis and Interpretation 31

Background 32
Methodology 33
a) Data Processing 33
b) Normality and Stationary Test 34
c) Reliability Test 34
d) Parametric and Non-Parametric Test 34
e) Hypothesis Testing using Statistical Tools 35
f) Interpretation 39

5. CHAPTER V - Findings and Scope 40

Findings of the Study 41
Scope for Future Research 44
6. CHAPTER VI - Conclusion 46
Conclusion 47
References 48
 CHAPTER I
INTRODUCTION

1
 INTRODUCTION

Young adulthood is a critical period in the life cycle that is marked by significant changes and
transitions. This period is characterized by a range of opportunities, such as starting a career,
furthering education, and establishing relationships, but also by challenges, such as uncertain
job prospects, high levels of debt, and the need to make important financial decisions.
Understanding the factors that influence young adults' spending behaviour is essential, as it has
significant implications for individual and societal welfare.

Spending behaviour refers to how young adults allocate their financial resources to meet their
needs and wants. This includes decisions related to spending on essentials such as housing,
food, and transportation, as well as discretionary spending on leisure activities and non-
essential items. Financial decision-making during young adulthood is complex, as young adults
must balance competing financial demands and make choices that reflect their personal values
and goals.

The spending behaviour of young adults has become a subject of increasing interest in recent
years. The rise of digital technology and the changing nature of work and employment have
led to significant shifts in how young adults manage their finances. Moreover, the financial
pressures associated with rising housing costs, student debt, and uncertain job prospects have
made it more challenging for young adults to make ends meet. As a result, understanding the
factors that influence young adults' spending behavior has become an essential area of research.

Scope:

The scope of this study is to investigate the factors that influence the spending behavior of
young adults. The study will focus on a broad range of factors, including demographic
characteristics, income, education, financial literacy, and behavioral factors. The study will
aim to identify the most significant determinants of spending behavior among young adults
and explore how these factors interact to shape financial decision-making.

Literature Review

The topic of our research is ‘Analysis on factors influencing the spending behaviors in young
adults’. For the same, we have reviewed a few articles and research papers from various authors
and publishers from around the world. An article review involves analysing and evaluating an
existing article on a particular topic. In this case, the topic is factors that influence spending

2
behaviors in young adults. The review will involve a critical assessment of the article's research
methods, findings, and conclusions.

Identifying the research gap involves identifying areas that have not been adequately addressed
in the existing literature on the topic. The goal is to identify opportunities for further research
that can contribute to a more comprehensive understanding of the factors that influence
spending behaviors in young adults. Some possible research gaps in this area might include the
need for more studies on the impact of social media on spending behaviors, or the role of
financial education in shaping spending habits.

Method:

The study will employ a quantitative research design, utilizing survey data from a
representative sample of young adults. The survey will be designed to collect data on
demographic characteristics, income, education, financial literacy, and spending behavior. The
data will be analyzed using a range of statistical methods, including regression analysis and
structural equation modeling. The study will also use qualitative methods, such as focus groups
and interviews, to explore the subjective experiences and attitudes of young adults towards
spending behavior

3
 CHAPTER II
LITERATURE REVIEW

4
ARTICLE REVIEW AND RESEARCH GAP IDENTIFICATION
1. How e-wallets encourage excessive spending behaviour among young
adult consumers?
Hendy Mustiko Aji, Wiwiek Rabiatul Adawiyah
Objectives:
The objective of the article is to investigate the link between e-wallets and excessive
spending among young adult consumers. The author's goal is to uncover the elements that
drive this behaviour and to give insight into how e-wallets might influence spending
patterns.

Methodology:
An exploratory sequential or QUAL-QUANT design, combining qualitative and
quantitative, is used in this study. It is a type of mixed-method design consisting of both
the core and supplementary methods. The qualitative method is conducted in Study 1
using online focus group discussion to answer ‘‘why’’ and ‘‘how’’ questions, whereas the
quantitative method is used in Study 2 to test or examine the hypothetical model. The
questionnaires are extracted from focus group discussion in Study 1, which is further
tested for validity and reliability and model estimation in Study 2. The model is evaluated
using structural equation modelling.

Summary:
The author investigates the elements that contribute to excessive purchasing behaviour,
such as ease, rapid pleasure, and a lack of spending transparency. The essay discusses
how e-wallets might impact spending patterns and emphasises the need of financial
institutions and service providers better understanding this link. The study's goal is to
increase awareness of the possible influence of e-wallets on consumer spending
behaviour and to give advice for preventing excessive spending behaviour among young
adult e-wallet users.

Research Gap and further research scope:

1. An in-depth examination of the influence of e-wallets on consumer purchasing
patterns, including a comparison of spending behaviours between e-wallet users and
non-users.
2. An investigation of the effectiveness of financial education and tools in decreasing
excessive spending among young adult customers.
3. A comparison of e-wallet usage and spending habits in various nations and regions.

5
2) Financial Attitudes and Responsible Spending Behaviour of Emerging
Adults: Does Geographic Location Matter?
Bryce L. Jorgensen, Diane Foster, Jakob F. Jensen, Elisabete Vieira
Objectives:
The paper seeks to investigate the association between geographic location and financial
attitudes and responsible spending behaviour among emerging adults. The authors want
to investigate variations in financial attitudes and spending behaviour among emerging
adults residing in cities, suburbs, and rural regions, as well as to detect any potential
regional disparities in financial literacy and financial decision-making.

Methodology:
The article's research technique is a survey-based study. The authors conducted a
countrywide survey of 18-26-year-old emerging adults to learn about their financial
attitudes and spending habits. The questionnaire asked on financial literacy, financial
decision-making, spending habits, and geographic location. The acquired data was
evaluated using descriptive statistics, chi-square tests, and logistic regression analysis to
uncover spatial disparities in financial views and spending behaviour.

Summary:
The paper explores the association between emerging adults' geographic location,
financial views, and responsible spending behaviour. The authors discovered that
emerging adults who lived in cities had greater levels of financial literacy and made more
responsible financial decisions than those who lived in suburbs or rural regions. The
study also found that emerging adults in cities were more likely to create a budget and
prioritise future savings, whereas those in rural settings were more likely to favour
present spending over future savings. The authors conclude that geographic location
influences financial views and responsible spending behaviour among young adults, and
they urge that financial education programmes take this into account.

Research Gap and further research scope:

More study is needed to acquire a better understanding of the variables that contribute to
these variations, as well as the role that geography plays in influencing financial views and
responsible spending behaviour among young adults.

Following include the scope for further studies:

6
1. Including a broader and more varied sample of emerging adults from various areas
and socioeconomic backgrounds in the research.
2. Examining the influence of various factors on financial views and responsible
spending behaviour, such as family history, education, and work.
3. The long-term implications of geographic location on financial attitudes and
responsible spending behaviour, as well as how they evolve over time, are being
investigated.
4. Investigating the effect of financial education programmes in moulding emerging
adults' financial views and appropriate spending behaviour.

7
3) Parental Financial Education During Childhood and Financial
Behaviours of Emerging Adults
Ashley B. LeBaron, Erin K. Holmes, Bryce L. Jorgensen, Roy A. Bean
Objectives:
The goal of the article is to investigate the link between parental financial education
during childhood and emerging adult financial behaviours. The authors want to
investigate the influence of parental financial education on the financial decision-making
and spending behaviour of emerging adults.

Methodology:
The article's research technique is a survey-based study. The authors conducted a
countrywide survey of 18-26-year-old emerging adults to learn about their financial
habits and the financial instruction they acquired from their parents as children. Financial
literacy, financial decision-making, spending behaviour, and parental financial education
were all included in the poll. The obtained data was evaluated using descriptive statistics,
chi-square testing, and regression analysis to determine the association between parental
financial education and emerging adult financial habits.

Summary:
The article "Parental Financial Education During Childhood and Financial Habits of
Emerging Adults" looks at the link between parental financial education during childhood
and emerging adult financial behaviours. The authors discovered that when compared to
those who did not receive financial education as children, emerging adults who received
financial education from their parents were more likely to have higher levels of financial
literacy, make more responsible financial decisions, and have better spending habits.

Research Gap:
1. Including a broader and more varied sample of emerging adults from various areas
and socioeconomic backgrounds in the research.
2. Examining the influence of various factors on emerging adults' financial practises,
such as family history, education, and work.
3. Investigating the long-term consequences of parental financial education on emerging
adults' financial practises and how they evolve over time.
The essay identifies a study gap in our understanding of the link between parental
financial education throughout childhood and emerging adult financial practises.

8
4) Factors Influencing Online Buying Behaviour of College Students: A
Qualitative Analysis
Vilasini Jadhav, Monica Khanna
Objectives:
A Qualitative Analysis" is to identify and understand the factors that influence the online
buying behaviour of college students. This study aims to explore the college students'
perception and attitudes towards online shopping and the factors that drive their decision-
making process while making purchases online. The findings of the study are expected to
provide insights into the needs, motivations, and behaviour of college students while
shopping online, which can be useful for marketers, e-commerce companies, and
academic researchers.
Methodology:
The methodology used in the study "Factors Influencing Online Buying Behaviour of
College Students: A Qualitative Analysis" is qualitative research. The data was collected
through in-depth interviews and focus group discussions with a sample of college
students. The purpose of the interviews and focus group discussions was to gather rich,
in-depth information about the participants' experiences and attitudes towards online
shopping.
The data collected from the interviews and focus group discussions was analysed using
thematic analysis, which is a method used to identify patterns and themes in qualitative
data. Thematic analysis involved coding the data into different categories, identifying
recurring themes, and analysing the relationships between the themes. This approach
allowed the researchers to gain a deeper understanding of the factors that influence the
online buying behaviour of college students.

Summary:
The study "Factors Influencing Online Buying Behaviour of College Students: A
Qualitative Analysis" aims to understand the factors that influence the online buying
behaviour of college students. This study adopts a qualitative research approach, using
semi-structured interviews with college students to gather data. The collected data is
analysed to identify the key factors that influence the online buying behaviour of college
students.
The study found that college students are influenced by a number of factors when making
online purchases, including convenience, price, recommendations from friends and

9
family, product reviews, and delivery time. The study also found that trust and security
were important factors that influenced the online buying behaviour of college students.
The study provides insights into the online buying behaviour of college students and the
factors that influence this behaviour. The findings of the study can inform the
development of effective marketing strategies for college students and help retailers and
e-commerce businesses better understand this consumer segment. The study contributes
to the existing literature on online consumer behaviour by providing a qualitative analysis
of the online buying behaviour of college students.

Research gap and further Research Scope:

The study "Factors Influencing Online Buying Behaviour of College Students: A
Qualitative Analysis" aims to fill a gap in the existing literature by focusing specifically
on the online buying behaviour of college students. While there have been many studies
on consumer behaviour and online shopping, few have focused specifically on the online
buying behaviour of college students. This study seeks to fill this gap by using a
qualitative research approach to gain a deeper understanding of the attitudes, perceptions,
and experiences of college students when shopping online.
The qualitative approach adopted in the study allowed for a more in-depth and nuanced
exploration of the factors that influence the online buying behaviour of college students.
The findings of the study can contribute to the development of a more comprehensive
understanding of this topic and provide insights that can inform the development of
effective marketing strategies and e-commerce platforms.
The scope of the study "Factors Influencing Online Buying Behaviour of College
Students: A Qualitative Analysis" is limited to college students and their online buying
behaviour. The study specifically focuses on the attitudes, perceptions, and experiences of
college students when shopping online. The sample size of the study is also limited to a
sample of college students, and the findings may not necessarily be generalizable to other
age groups or consumer populations.
The study is intended to provide insights into the specific needs, motivations, and
behaviour of college students when shopping online. The findings of the study can be
useful for marketers, e-commerce companies, and academic researchers who are
interested in understanding the factors that influence the online buying behaviour of
college students and developing strategies to reach this consumer segment effectively.
However, it is important to note that the scope of the study is limited, and further research
is needed to gain a more comprehensive understanding of the topic.

10
5) Longitudinal comparison of Finnish and US online shopping behaviour
among university students: The five- stage buying decision process
Charles Comegys, Mika Hannula & Jaani Väisänen
Objectives:
The objective of the study "Longitudinal Comparison of Finnish and US Online Shopping
Behaviour Among University Students: The Five-Stage Buying Decision Process" is to
compare the online shopping behaviour of university students in Finland and the United
States over time. The study specifically focuses on the five-stage buying decision process,
which includes the stages of problem recognition, information search, evaluation of
alternatives, purchase decision, and post-purchase evaluation.
The study aims to identify any differences in the online shopping behaviour of university
students in Finland and the United States, and to determine whether these differences
have changed over time. The findings of the study can provide valuable insights into the
factors that influence the online shopping behaviour of university students, and inform the
development of effective marketing strategies for this consumer segment. The objective
of the study is to contribute to the existing literature on online shopping behaviour and to
provide a comparative analysis of the online shopping behaviour of university students in
two different countries.

Methodology:
The methodology used in the study "Longitudinal Comparison of Finnish and US Online
Shopping Behaviour Among University Students: The Five-Stage Buying Decision
Process" is a longitudinal survey. The data was collected through an online survey
administered to a sample of university students in Finland and the United States. The
survey was administered twice, with a time interval of two years, to allow for a
comparison of the online shopping behaviour of university students over time.
The survey included questions about the participants' online shopping behaviour and their
experiences with the five stages of the buying decision process, including problem
recognition, information search, evaluation of alternatives, purchase decision, and post
purchase evaluation. The survey data was analysed using descriptive statistics, chi
squared tests, and cross-tabulations to identify any differences in the online shopping
behaviour of university students in Finland and the United States and to determine
whether these differences have changed over time.

11
The longitudinal survey design allowed the researchers to gain a deeper understanding of
the online shopping behaviour of university students and to compare the behaviour of
university students in two different countries over time. The use of an online survey also
allowed for a large and convenient sample, which was important in achieving the study's
objectives.

Summary:
The study "Longitudinal Comparison of Finnish and US Online Shopping Behaviour
Among University Students: The Five-Stage Buying Decision Process" compares the
online shopping behaviour of university students in Finland and the United States over
time. The study uses the five-stage buying decision process as a framework to understand
the decision-making process of university students when shopping online. The study is a
longitudinal research study, with data collected at two points in time, to observe any
changes in the online shopping behaviour of university students over time. The study
found that university students in both Finland and the United States were increasingly
using the Internet to make purchases. The study also found that the five-stage buying
decision process was relevant to university students' online shopping behaviour, but that
there were some differences in the way that university students in Finland and the United
States used the process. The study highlights the importance of understanding the online
shopping behaviour of university students and provides insights into how university
students in different countries make decisions when shopping online. The study
contributes to the existing literature by providing insights into the online shopping
behaviour of university students in two different countries and by highlighting any
differences in the behaviour of university students in these countries over time. The
findings of the study can inform the development of effective marketing strategies for
university students and help retailers and e-commerce businesses better understand this
consumer segment.

Research Gap and further Research scope:

The research gap addressed in the study "Longitudinal Comparison of Finnish and US
Online Shopping Behaviour Among University Students: The Five-Stage Buying
Decision Process" is the lack of understanding of the online shopping behaviour of
university students in different countries over time. At the time of the study, there was
limited research on the online shopping behaviour of university students and the factors
that influence their behaviour. The study aims to address this research gap by comparing

12
the online shopping behaviour of university students in Finland and the United States
over time, using the five-stage buying decision process as a framework.
The study contributes to the existing literature by providing insights into the online
shopping behaviour of university students in two different countries and by highlighting
any differences in the behaviour of university students in these countries over time. The
findings of the study can inform the development of effective marketing strategies for
university students and help retailers and e-commerce businesses better understand this
consumer segment.
The research gap addressed in the study highlights the need for further research to gain a
deeper understanding of the online shopping behaviour of university students in different
countries and to determine the factors that influence their behaviour. The study provides a
valuable contribution to the existing literature, but more research is needed to gain a more
comprehensive understanding of the topic.
The scope of the study "Longitudinal Comparison of Finnish and US Online Shopping
Behaviour Among University Students: The Five-Stage Buying Decision Process" is
limited to university students in Finland and the United States and their online shopping
behaviour. The study specifically focuses on the five-stage buying decision process,
which includes the stages of problem recognition, information search, evaluation of
alternatives, purchase decision, and post-purchase evaluation.
The study aims to provide a comparative analysis of the online shopping behaviour of
university students in two different countries and to determine whether there are any
differences in the behaviour of university students in Finland and the United States over
time. The findings of the study can provide valuable insights into the factors that
influence the online shopping behaviour of university students, and inform the
development of effective marketing strategies for this consumer segment.
It is important to note that the scope of the study is limited to university students in
Finland and the United States, and the findings may not necessarily be generalizable to
other age groups or consumer populations. The study provides a unique contribution to
the existing literature on online shopping behaviour by comparing the behaviour of
university students in two different countries over time, but further research is needed to
gain a more comprehensive understanding of the topic.

13
6. The saving and spending habits of young people
Furnham, A. (1999)
Objectives:
The objective here is to investigate the saving and spending habits of young people.

Methodology:
The survey method. The participants were undergraduate students from a university in the
United Kingdom. The data was collected through a self-administered questionnaire that
consisted of items related to saving and spending habits. The participants also responded
to various attitude statements about money and the economic situation in general.

Summary:
This study looked at young people's spending and saving behaviours. The factors such as
different sources of income and different expenses were considered for every sample
population. The foundation was a survey of undergraduate students from a UK institution.
The findings indicated that young individuals spent more on personal things and leisure
activities than they did on savings. The survey also discovered that women were more
inclined than males to save money. It highlights the need for programs and initiatives that
encourage young people to save and make wise financial decisions and the importance of
teaching financial literacy and the basics of budgeting and saving to young people.
Research Gap and further research scope:
• The factors that influence saving and spending habits among young people.
• Understand these factors and to develop interventions that can encourage young
people to save more and spend wisely.
• Social class was not considered due to restrictions while choosing the sample
population hence the results might not be valid to different social classes.

14
7) Gender differences in saving and spending behaviours of Thai students
Sereetrakul, W., Wongveeravuti, S., & Likitapiwat, T. (2013)
Objectives:
The study aimed to examine gender differences in saving and spending behaviors of Thai
students.

Methodology:
The methodology used in this study was a survey method. Participants were
undergraduate students from two universities in Thailand were given self-administered
questionnaires that consisted of items related to saving and spending behaviours. The data
were analysed using a fisher exact test and a t-test for two independent samples.

Summary:
The study found that there were significant gender differences in saving and spending behaviours
among Thai students. The study focused on factors such influence of parents in the spending
behaviours and the gender wise behaviour for the same. Women were found to have a higher
tendency to save, whereas men were found to have a higher tendency to spend. Women were also
found to be more frugal in their spending and more likely to prioritize savings over spending. The
study also found that the income level of students influenced their saving and spending
behaviours, with higher income students having more money to save and spend. The study
highlights the need for programs and initiatives that encourage young people, particularly
women, to save and make wise financial decisions and the need for financially literacy.

Research Gap and further research scope:

The cultural and societal factors that influence saving and spending behaviours among Thai
students.

15
8) Influence of spending behaviour among university students in Malaysia
Darshini Sundra Kumar, Hafizah Sudin, Jaizah Othman
Objectives:
The objective of this study is to investigate the factors that influence the spending
behaviour of university students in Malaysia, with the aim of addressing the rising trend
of insolvencies among young people due to overspending and debt. The study used
primary data collected from 300 university students and analysed using SPSS software to
examine the relationship between spending behaviour and factors such as financial
management knowledge, parental income, and peer influence. The results were used to
provide suggestions and critiques on how to address excessive spending among university
students in Malaysia.

Methodology:
The study was conducted on university students in Malaysia, using an online survey with
stratified random sampling based on demographics. The survey collected data using a
questionnaire that included demographic information, spending behaviour as the dependent
variable, and knowledge of financial management, parental income, and peer influence as
independent variables. The data was analysed using SPSS 28.0 and various statistical
methods, including descriptive statistics, normality analysis, reliability analysis, correlation
analysis, and hypothesis testing.
Statistical tools used for research
The data were analysed using version 28.0 of the Statistical Package of Social Science
(SPSS) software and the descriptive survey method. SPSS is a widely used software for
statistical analysis in the social sciences. The descriptive survey method is a research
design used to describe the characteristics of a population or a sample, without making
inferences about the population from which it was drawn. This method is typically used
to summarize the data and provide a snapshot of the key features of the population, such
as the mean, median, and standard deviation. In this case, it appears that the researchers
used SPSS software to help them perform the descriptive survey analysis of their data.
They used three independent variables to determine their research namely Financial
Management Knowledge, Parental Income, and Peer Influence.

Summary:
The study found that the majority of respondents were female (57%) between the ages of
21 and 24, with the largest ethnicity being Chinese (43.7%). The majority of respondents

16
were in their third or fourth year of university (67%) and more private university students
responded to the survey than public university students (52% vs 48%). Parents of 124 out
of 300 respondents had an income of RM7501 to RM10,000 and most respondents
received an allowance of RM0 to RM1,000. 30.3% of respondents worked part-time, with
49 having a salary of RM401 to RM700. The data was tested for normality and reliability,
and the results showed that the data was normally distributed and reliable. A significant
association was found between the variables using One-way ANOVA and Pearson
Correlation Analysis, but multiple regression analysis showed that knowledge of financial
management had no significant influence on university students' spending behavior. The
corrected R-squared was 0.339, meaning the independent variables could explain 33.9%
of the variation in spending behaviour.

Research Gap and further research study:

The research gap in this study is that it focuses only on three independent variables to
determine the relationship between the spending behaviour of university students in
Malaysia. Financial management knowledge was found to have no significant influence
on university students' spending behaviour. It could be useful to consider additional
variables that could affect spending behaviour, such as personality traits, cultural values,
and external factors such as interest rates or access to credit. Furthermore, the study
focuses only on university students in Malaysia and a more comprehensive study could be
conducted that includes other countries or demographic groups to compare and gain a
broader understanding of spending behaviour. Another gap could be to examine the
effectiveness of financial literacy programs in reducing excessive spending and debt
among university students.

17
9) College Students and Credit Card Use: The Role of Parents, Work
Experience, Financial Knowledge, and Credit Card Attitudes
Adam M. Hancock, Bryce L. Jorgensen & Melvin S. Swanson
Objectives:
The objective of the study is to examine the influence of various factors, including
parental interactions, years of work experience, knowledge, and attitudes, on the number
of credit cards and level of credit card debt among college students. The study aims to
identify the key variables that impact whether a student will have more than two credit
cards and over $500 in credit card debt.

Methodology:
The study used data from a 2006 research project, the college student financial literacy
survey (CSFLS), which measures factors that may affect the financial literacy of college
students such as financial knowledge, attitudes, behaviour, and influences (e.g. parental
interactions and work experience). The participants were undergraduate students from
seven universities in six states, who were between 18 and 29 years of age. The study had
a response rate of 43% (462 out of 1084 students), with 413 participants meeting the
qualifications. The majority of participants were Caucasian (87%) and represented
multiple majors, with business being the largest (14%).

Methodology:
The data analysis for this study was conducted using SPSS software and included
calculating frequencies of variables. Chi square tests and one-way analysis of variance
were performed to find inclusion into the multivariate logistic analysis. Only variables
that showed strong association with the outcome (p values < 0.05) were included in the
model. The hypotheses were tested in a set order, and the regression results were
interpreted and presented following guidelines from Pall ant (2007).

Summary:
The current study examines the influence of various factors on the number of credit cards
and level of credit card debt of college students. It found that parental interactions, years
of work experience, knowledge, and attitudes can have an impact on the number of credit
cards and credit card debt. The study found that parental arguments about finances are
associated with a 2.8 times greater chance that students will have more credit card debt
and over 2.1 times greater chance of having two or more credit cards. Junior and senior
students are nearly four times more likely to have two or more credit cards and 2.2 times

18
more likely to have $500 or more in credit card debt. If students have two or more credit
cards, they are three times more likely to have $500 or more of credit card debt. The
study highlights the circular relationship between credit cards and debt. The study
identified some key variables that influence the number of credit cards and credit card
debt of college students.

Research Gap and further research scope:

Future research could examine the long-term impacts of college students' credit card
behaviour and explore the role of various educational programs and interventions aimed
at improving financial literacy and reducing credit card debt. It would also be interesting
to examine how other demographic variables, such as race, ethnicity, and socioeconomic
status, might influence credit card behaviour. Additionally, future research could examine
the effects of technology and social media on college students' credit card behaviour and
compare the results of the current study with studies of students from other countries or
cultural contexts. Finally, it would be useful to explore the impact of different types of
credit card products, such as secured credit cards, on college students' credit card
behaviours and debt levels.

19
10) Categorising the money management behaviour of young consumers
Jill Bamforth, Gus Geursen
Objectives:
The study seeks to explore and understand the various approaches that young consumers
use to manage their money and how these approaches may affect their purchasing
behaviour. Despite being a significant purchasing group, there is limited knowledge about
the decision-making process of young consumers when it comes to managing their
finances. The study aims to fill this gap by identifying and categorizing different money
management approaches that could impact purchasing behaviour.
Methodology:
The data for this study was collected through focus groups with 40 participants who were
between the ages of 18 and 24 years old. The participants were recruited from three
different campuses of a university located in Melbourne, Australia, and were selected
through campus notices. The authors used the focus group method to gather in-depth
information and insights from the participants on their approaches to money management
and how these approaches may impact their purchasing behaviour.

Summary:
The study authors used a survey questionnaire to understand the money management
styles of the respondents. By analysing the answers, they identified three different
approaches to money management. These were conservative money managers, creative
money managers, and entrepreneurial money managers. Conservative money managers
were those who focused on being safe and secure with their money and avoiding risk.
They often preferred to save rather than spend and sought to manage their finances with a
long-term view. Creative money managers, on the other hand, were those who used their
financial resources in a flexible and imaginative way to achieve their goals. They were
often willing to take calculated risks to achieve their financial objectives. Entrepreneurial
money managers were individuals who sought to make the most of their financial
resources by creating new opportunities or ventures. They were often innovative in their
approach to money management and sought to find new ways to make money. The
authors noted that the three approaches represented different ways of accommodating
economic, social, and psychological influences in their money management approach. By
identifying these approaches, the authors aimed to shed light on how individuals make

20
decisions about their finances and to highlight the different attitudes and behaviours that
influence their money management strategies.

Research gap and further research scope:

The research gap in the study is that it is based on a small sample of only 40 individuals
in Australia and therefore the findings may not be generalizable to other countries or
cultures. The study only focuses on the three distinct approaches to money management
identified from the focus groups, but it does not explore the impact of other external
factors that may also influence young consumers' money management decisions.
Additionally, the study does not investigate the long-term outcomes of the identified
approaches to money management on financial well-being or purchasing behavior.
Further research could explore the broader context of money management approaches in
young consumers and examine the impact on their financial well-being, consumer
decision-making, and overall financial literacy.

21
 CHAPTER III
RESEARCH DESIGN

22
BACKGROUND

Young adults are an important consumer group for businesses as they have the potential to
become lifelong customers. Understanding their spending behaviours and patterns is crucial for
marketers to create effective marketing strategies and products that meet their needs.

Recent studies have shown that young adults tend to prioritize spending on experiences, such
as travel and entertainment, over material goods. Additionally, social media has a significant
impact on their spending habits, with many young adults influenced by what their peers are
buying and sharing on social media.

However, there is still much to learn about the spending behaviours and patterns of young
adults, especially in the context of their age group and cultural background. This research aims
to fill this gap by providing a detailed analysis of the spending behaviours and patterns of young
adults in the target audience.

Through this research, we hope to identify the key factors that influence the spending decisions
of young adults, including their income, education level, cultural background, and personal
values. This information will provide valuable insights for marketers and businesses to better
understand this important consumer group and develop strategies that effectively target them.

The scales used in the research were formed from the following theories:

Social Learning Theory: This theory suggests that individuals learn from observing the
behaviour of others and imitating it. Young individuals' purchasing habits may be impacted by
their friends and social media influencers. This hypothesis might be applied to investigate the
influence of social norms on spending behaviour. (Bandura, 1977)

Self-Determination Theory: this proposes that people are driven to meet their psychological
requirements for autonomy, competence, and relatedness. Young individuals may prioritise
spending on experiences that allow them to feel autonomous and competent, such as travel or
following hobbies, in the context of spending behaviour. (Deci & Ryan, 1985)

Theory of Planned Behaviour: According to this theory, attitudes, subjective standards, and
perceived behavioural control all impact behaviour. In the context of spending behaviour,
young people' attitudes towards spending, peer group or societal standards, and perceived
power over their spending decisions may all have an influence. (Ajzen, 1991)

23
Maslow's Hierarchy of Needs: According to this theory, people have a hierarchy of needs that
must be addressed, which includes physiological, safety, love/belonging, esteem, and self-
actualization needs. Young individuals may choose spending on experiences that address
higher-level wants, such as self-actualization, over fundamental material things in the context
of spending behaviour. (Maslow, 1943)

24
Statement of the Problem:
Financial literacy is an important component of personal financial management and
financial independence, yet it is frequently overlooked in the educational system. Young
adults' lack of financial literacy leads to bad spending patterns and behaviour, which can
have a detrimental influence on their financial destiny. There is rising worry about young
adults' financial literacy and spending habits, yet there is still a study void on the issue. This
research vacuum makes it difficult for governments and financial institutions to properly
address the problem.
Despite the increasing importance of financial literacy and spending patterns among young
adults, there is a lack of comprehensive studies that take into account various
socioeconomic backgrounds, long-term effects, personal and cultural factors, and
programme specific effects. This has resulted in a lack of understanding of the specific
factors that impact financial literacy and spending patterns of young adults in different
contexts. In response to this problem, we investigate young individuals' financial literacy
and spending habits in order to better understand their financial management behaviour.
This study will aid in identifying the variables that influence their financial literacy and
spending habits, as well as providing insights into measures that may be utilised to promote
financial literacy and spending habits among young adults. The outcomes of this study will
help to shape policies and initiatives targeted at increasing financial literacy among young
adults and assisting them in making better spending decisions.

25
Research Questions and Objectives:
The primary research problem the study aims at solving is how can financial knowledge be
accessible to each and every section of the society despite of socioeconomic, demographic,
personal and cultural barriers. Furthermore, we also aim to fill the research gaps that have
often been overlooked by multiple authors and researchers. Given below are some of the
gaps we plan to address:
• Negligence of long-term effects of financial illiteracy on personal development
and financial independence and growth.
• Spending patterns and behaviours of Indian students from multiple backgrounds
and different income groups.
• Comprehend the effects of personal and cultural upbringings on the financial
literacy of an individual.
• Investigating the effect of financial education programmes in moulding emerging
adults' financial views and appropriate spending behaviour in India.
• Impact of geographical locations on financial attitudes and responsible spending
behaviour of young adults.

26
METHODOLOGY

a) Scope of research:

The aim of this study is to better understand young adults' spending habits and tendencies.
The study will focus on determining the elements that impact their spending decisions,
such as income, education level, cultural background, and personal beliefs. This study's
target audience is young adults, who are commonly characterized as people between the
ages of 18 and 30. The study may also look into disparities in spending habits and
patterns depending on demographic criteria including gender, race, and ethnicity.
The study's goal is to give insights on the sorts of goods and services that young adults are
most likely to spend (independent) their money on, as well as the variables (dependent)
that impact their purchase decisions. The study might also look into the impact of social
media on purchasing habits, as well as how young adults are impacted by their friends and
social media influencers.
Overall, the goal of this study is to give a thorough knowledge of young people'
purchasing habits and patterns, which may be utilised to guide marketing strategies and
product development focused at this crucial customer demographic

b) Parameters and Variables:

There are mainly 2 types of variables in the study namely, Dependent and
Independent variables

The dependent variable in this study is the spending behaviour and patterns of
young adults. This variable represents the outcome that researchers are trying to
explain or understand.
The independent variables are the factors that are believed to influence the spending
behaviour and patterns of young adults. These variables are manipulated or measured
to examine their relationship to the dependent variable. Independent variables that are
included in the study are:
Demographic variables, such as age, gender, race, ethnicity, income, education level,
and cultural background
Psychological variables, such as attitudes towards spending, beliefs about money,
personal values, and psychological needs

27
 Social media variables, such as the extent to which young adults use social media,
the types of social media platforms they use, and the influence of social media on their
spending decisions
Environmental variables, such as the influence of peers, family members, and
cultural norms on spending behaviour
Financial variables, such as financial security, debt, and saving habits

Experiential variables, such as the types of experiences young adults are likely to
spend money on, such as travel or attending events
Occupational variables, such as type of occupation, employment status, work
experience, and income level
By manipulating or measuring the independent variables, we can examine how they
influence the dependent variable, which is the spending behaviour and patterns of
young adults.

c) Research Questions:

1) What are the spending behaviours and patterns among young adults in terms of the

types of goods and services they spend money on, the amount spent on each

category of goods and services, and the frequency of spending?

2) What demographic factors (such as age, gender, race, ethnicity, income, education

level, and cultural background) are associated with spending behaviours and

patterns among young adults?

3) What is the influence of social media on spending behaviours and patterns among

young adults? How are young adults influenced by their peers and social media

influencers?

4) How do environmental factors, such as the influence of peers, family members,

and cultural norms, impact spending behaviour among young adults?

28
d) Research Objectives:

1) To identify the most common types of goods and services that young adults spend

money on, as well as the amount spent and frequency of spending for each

category.

2) To determine the demographic factors that are associated with different spending

behaviours and patterns among young adults.

3) To understand the influence of social media on spending behaviours and patterns

among young adults, including how they are influenced by peers and social media

influencers.

4) To investigate the impact of environmental factors, such as the influence of peers,

family members, and cultural norms, on spending behaviour among young adults.

e) Hypothesis Formulation:

i) Null hypothesis (H0): Family income and other sources of income of a young

adult does not significant impact his/her spending and buying decisions. Alternate

hypothesis (H1): Family income and other sources of income of a young adult

significantly impacts his/her spending and buying decisions.

ii) Null hypothesis (H0): Television ads and social media promotions by celebrities

and influencers have very less to no impact on the spending and buying behaviour

of young adults.

Alternate hypothesis (H1): Television ads and social media promotions by

celebrities and influencers have a significant impact on the spending and buying
behaviour of young adults.
iii) Null hypothesis (H0): Family and peer groups of an individual do not impact

his/her buying and spending behaviour.

29
 Alternate hypothesis (H1): Family and peer groups of an individual significantly
impact his/her buying and spending behaviour.

f) Questionnaire Design:

A survey type study has been designed with an aim to examine the spending behaviour
and pattern of the youth belonging to the cosmopolitan city of Bengaluru. Survey is an
investigation of the opinion and the experiences of individuals or group of people based
on set pattern of questions. The most important ingredient to be found in the survey is
the questionnaire itself. The Questionnaire is inherited research tool to conduct survey
for systematic collection of information from different individuals about their
behaviour, preferences, and facts (difference between net, 2011). To gain better
understanding, the study utilized the descriptive method of analysis which is a
factfinding study of the subject. It is concerned with conditions and relationships that
relate to the spending patterns and behaviour of young adults. Further, the information
gathered in terms of quantitative values from the respondents has been organised in
various tables for tabular analysis which has been termed as descriptive method of
analysis. It provides an overview of the data regarding the %age values, mean, standard
deviation etc. Descriptive method employed in the study seeks to find answer to
questions through the analysis of the variables and relationships. These include
distribution of responses regarding annual family household income, family socio
economic status, source of finance, monthly expenditure, monthly spending on
entertainment, the preferable activity of entertainment, shopping items, expenditure on
eating out, preferred eating places, movie visits, preference of companion for
entertainment, internet usage and overall perceptual distribution on entertainment etc.

30
 CHAPTER IV
ANALYSIS AND
INTERPRETATION

31
BACKGROUND
Data processing and analysis are important steps in the research process that involve editing,

analysing, and interpreting data gathered from a variety of sources We used the questionnaire

method of data collecting for this research endeavour. The questionnaire was distributed via

Google Forms, and 178 replies were received.

1. Editing: To improve the correctness of our data collection, we carried out an outlier

analysis to remove redundant, inconsistent, or incomplete data from the set.

2. Hypothesis Testing: ANOVA was used to construct and test three sets of hypotheses

for reliability, normality, and linear regression. The results of our reliability test,

which indicated that the data we collected is very dependable (0.733).

3. Coding: After manually entering the survey data into SPSS, we established a variable

for each question and gave each response a number value or code. We examined the

data using these codes and statistical software.

4. Statistical tools: Reliability, normality, descriptive statistics, linear regression.

32
METHODOLOGY

a) Data processing:

In order to study the factors influencing spending patterns and behaviours in young adults,
we gathered the data from a representative sample of the population. This was done through
circulating a questionnaire which included the relevant questions and scales regarding the
study.
The questionnaire was filled by 186 respondents throughout the city. Once the data
collection was over, the following steps were taken in order to process, analyse and interpret
the data:
i. Data cleaning: Raw data often contains errors, missing values, or outliers that need
to be corrected or removed before analysis can begin. The responses so received were
cleaned, i.e., responses that were invalid to the study were screened out.
ii. Data entry: The data (responses) were converted into an excel sheet for better
visualisation and analysis.
iii. Data coding: For the purpose of analysing the data, IBM SPSS software was used.
The excel file was imported into the software. In the ‘variable view’ section, the
strings were converted into numerical and options from each question/scale were
given a value and a label. To illustrate,
a. – Strongly disagree

b. – Disagree

c. – Neutral

d. – Agree

e. – Strongly Agree

Where, 1, 2, 3, 4, 5 are the values assigned to the scale.

Data view: The data from the ‘data view’ section was also altered according to the
labels.
Now, the software was ready to run the analysis.

33
 iv. Statistical analysis: Researchers typically use statistical methods to analyse the data
and identify patterns and relationships between variables. Tests like normality,
reliability and linear regression were done to analyse the data.
v. Interpretation: Once the tests were over, interpretations were made according to the
values so received.

b) Normality and Stationery test:

In SPSS, the normality test is used to check whether a given set of data is normally
distributed or not. The normality test provides statistical evidence about whether the data
follows a normal distribution or not. It can help to determine whether the data meets the
assumptions of many statistical tests that require normality.
The normality test was proved.

c) Reliability test:

Reliability testing is a statistical technique used to assess the consistency or stability of a

measure or scale. The "Reliability Analysis" procedure was used to test the reliability of
the data.
The Cronbach’s Alpha is a tool used to assess reliability which compares the amount of
covariance among the items that make up the instrument amount to the overall variance.
The Cronbach’s value was found to be 0.733 which proved the reliability of the data and
the study.
d) Parametric and non-parametric hypothesis testing:

The use of parametric statistical techniques relies on assumptions about the parameters
(means and standard deviations) and the distribution shape (i.e., assume a normal
distribution) in the underlying population.
Parametric Tests for Hypothesis testing:

• T-test

• Z-test

• ANOVA

34
Nonparametric statistical techniques make little to no assumptions about the characteristics of
the population distribution from which the sample was drawn or none at all.
Non-parametric Tests for Hypothesis testing:

• Chi-square

• Mann-Whitney U-test

• Kruskal-Wallis H-test

The p value obtained in the normality test was more than 0.05.

e) Hypothesis testing using statistical tools:

Linear regression was used to test the hypothesis of the study. Linear regression is a
statistical method that helps to establish a relationship between a dependent variable and
one or more independent variables. The correlation was observed when the p value was
less than 0.05, and the R square value gave the level of correlation.

Pair 1:

1. Null hypothesis (H0): Family income and other sources of income of a young
adult does not significant impact his/her spending and buying decisions.
2. Alternate hypothesis (H1): Family income and other sources of income of a
young adult significantly impacts his/her spending and buying decisions.

35
Null hypothesis is accepted as the significance levels of both the independent variables are

more than 0.05. This suggests that there no to extremely low correlation between Family status,

income, and the spending behaviour of young adults.

Pair 2:

1. Null hypothesis (H0): Television ads and social media promotions by celebrities and

influencers have very less to no impact on the spending and buying behaviour of

young adults.

2. Alternate hypothesis (H1): Television ads and social media promotions by celebrities

and influencers have a significant impact on the spending and buying behaviour of

young adults.

36
Null hypothesis is rejected as the p value is less than 0.05. This suggests that there is a strong

relation between TV ads and influencers and the inclination of young adults towards brands,

products, and services. There is 19.4% correlation between the independent and dependent

variables.

Pair 3:
1. Null hypothesis (H0): Family and peer groups of an individual do not impact his/her

buying and spending behaviour.

2. Alternate hypothesis (H1): Family and peer groups of an individual significantly

impact his/her buying and spending behaviour.

37
Null hypothesis is rejected as the p value is less than 0.05. This test suggests that there is a

significant connection between the spending patterns of young adults and the kind of people

they stay/go out with (friends/family). There is 34.4% correlation between these variables.

38
f) Interpretation:

The interpretation of results is based on the following things that were noticed:

1. The value of the Cronbach alpha that we got after conducting a reliability test is 0.733.

This is higher than the value needed (0.5) to classify the data as reliable.

2. We accept normalcy tests if the P value is more than 0.05 and reject them if the P value

is less than or equal to 0.05. We passed the normality test since our result was bigger

than 0.05.

3. The level of significance for the first hypothesis was more than 0.05, hence, it was

accepted while, the level of significance for the other two hypotheses was less than

0.05, hence rejecting the null hypotheses. It can be concluded that there is a significant

impact of independent variable on dependent variable in the 2nd and the 3rd hypotheses.

The following interpretations have been made:

3. Factors like peer group, family, relationship status, etc have a significant impact on the

buying and spending patterns and behaviours of young adults while some factors like

family income and status do not affect the spending patterns at all.

4. A significant number of young adults are brand conscious and are more likely to buy

products and services from brands that are endorsed by their favourite celebrities and

influencers.

5. Family income and status do not have a significant impact on the buying decisions and

patterns of young adults.

6. The people with whom an individual stays or goes out with (friends, peers, and parents)

have a significant impact on his/her buying and spending patterns and behaviours.

39
 CHAPTER V
FINDINGS AND SCOPE

40
FINDINGS OF THE STUDY
Following are the findings and interpretations for the hypothesis’s pairs:

Pair 1:

1. Null hypothesis (H0): Family income and other sources of income of a young adult
does not significant impact his/her spending and buying decisions.
2. Alternate hypothesis (H1): Family income and other sources of income of a young
adult significantly impacts his/her spending and buying decisions.

Findings:
Null hypothesis is accepted as the significance levels of both the independent
variables are more than 0.05. There is no to extremely low correlation between the
variables (0.2%)
Interpretation:
Factors like family income, and status (independent variables) do not have a
significant on the spending pattern and behaviour of young adults (dependent
variable).

41
Pair 2:

1. Null hypothesis (H0): Television ads and social media promotions by celebrities

and influencers have very less to no impact on the spending and buying behaviour

of young adults.

2. Alternate hypothesis (H1): Television ads and social media promotions by

celebrities and influencers have a significant impact on the spending and buying
behaviour of young adults.

Findings:
Null hypothesis is rejected as the p value is less than 0.05. There is a high (19.4%)
correlation between the independent and dependent variables.
Interpretation:
The independent variables: brand consciousness, and Tv ads significantly impact the
inclination of young adults towards buying goods and services from brands endorsed
by their favourite TV stars and social media influencers.

42
Pair 3:

1. Null hypothesis (H0): Family and peer groups of an individual do not impact his/her
buying and spending behaviour.
2. Alternate hypothesis (H1): Family and peer groups of an individual significantly
impact his/her buying and spending behaviour.

Findings:
Null hypothesis is rejected as the p value is less than 0.05. There is an extremely high
(34.4%) correlation between these variables.
Interpretation:
There exists a significant connection between the spending patterns of young adults
and the kind of people they stay/go out with (friends/family). Young adults who live
away from home/parents tend to spend higher as compared to young adults living with
parents. Peer and friends group also significantly impact an individual’s spending
behaviour.

43
SCOPE FOR FURTHER RESEARCH

1. The future scope of this study in terms of the Indian population can be significant
as India has a large young population, and understanding their spending patterns
and behaviors is essential for various industries, including retail, finance, and
marketing. The study could be extended to investigate the spending patterns and
behaviors of young adults in India and explore factors that affect their spending
patterns and behaviors.
2. Some potential areas of research could include analysing the impact of cultural
values and norms, income levels, educational attainment, and family structure on
the spending patterns and behaviors of young adults in India. Additionally, the
study could explore the role of technology and social media in shaping spending
patterns and behaviors and examine the impact of environmental factors such as
inflation and economic instability.
3. The findings of such a study could have practical implications for policymakers,
marketers, and businesses operating in India. They could use the information to
develop targeted marketing strategies, tailor products and services to meet the
needs of young adults, and provide financial education and support to promote
responsible spending behaviors among young adults.

The following are some areas that can be further researched upon:

1. Consumer preferences: The study could investigate the preferences of young

adults in India for different products and services, such as clothing, electronics,
food, and entertainment. This could help businesses tailor their offerings to meet
the needs and desires of this demographic.
2. Digital payments: With the increasing adoption of digital payments in India, it
would be interesting to study how young adults use these payment methods and
what factors influence their adoption and usage.
3. Financial literacy: The study could explore the level of financial literacy among
young adults in India and how it affects their spending patterns and behaviors. It
could also investigate the effectiveness of existing financial education initiatives
and identify areas for improvement.

44
 4. Peer influence: young adults are often influenced by their peers in their spending
decisions. The study could examine how peer influence affects the spending
patterns and behaviors of young adults in India and whether it differs across
different regions or social groups.
5. Gender differences: It would be interesting to investigate whether there are any
gender differences in the spending patterns and behaviors of young adults in India
and what factors contribute to these differences.
Overall, there is a lot of potential for further research in this area, and the findings could
provide valuable insights for businesses, policymakers, and financial institutions looking to
engage with young adults in India.

45
CHAPTER VI
CONCLUSION

46
Conclusion

This study report has looked into the variables that affect young adults' spending habits. The
results of this study provide significant understanding on the opportunities and difficulties
this demographic group faces in efficiently managing their finances.

The study's findings indicate that a variety of demographic, financial, and behavioural
variables, such as family, income, and friends, have an impact on young adults' spending
habits. More specifically, it was discovered that spending behaviour may be significantly
predicted by income, financial literacy, and money views. Young folks are more inclined to
engage in modest spending habits if they have greater incomes and are more financially
literate. Additionally, it was discovered that careful spending habits are linked to favourable
money attitudes.

The qualitative information gathered for this study also provided insight into the opinions and
experiences of young adults regarding their spending habits. The data collected from the
questionnaire showed that young individuals frequently struggle to manage their finances,
whether it's just keeping track of their weekly expenses and balancing multiple financial
obligations. But the qualitative information also emphasised the value of social support and
financial literacy in encouraging prudent spending habits.

The findings of this study have important significance for financial institutions, regulators,
and young people themselves. Policymakers and financial institutions should prioritise
raising financial literacy, offering specialised financial education programmes, and
encouraging positive money attitudes in order to enhance financial stability and resilience
among young adults. For their part, young individuals should seek out financial guidance and
assistance, develop solid social networks, and develop careful spending habits.

Overall, this study has helped us better understand the dependent and independent variables
that affect young adults' purchasing habits. This study can help in the creation of successful
policies and programmes targeted at encouraging financial stability and resilience among
young people by identifying the most important factors of spending behaviour. To better
understand how demographic, economic, and behavioural factors interact to influence
spending during the early stages of adulthood, further research is required.

47
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