The Influence of Social Factors and Financial Education on Financial Literacy for Financial Management among Youth of Educational Institutes

Abstract

The purpose of this study is to evaluate how parents and peers influence and financial education increase the financial literacy of the young generation. It also explored how financial literacy affected the growth of financial management. The study's population was 200 students from private and public educational institutions in Lahore, and convenience sampling was used to collect data via an e-questionnaire. The data were analyzed through partial least squares equation modeling (PLS-SEM). Findings supported the positive relationship between parental and peer influence and financial management and financial literacy, further developing a significant association with financial management. This study extends knowledge by investigating how financial education in educational institutes enhances students' financial literacy. Furthermore, adding a variable such as financial management helps the young generation make financial decisions.