Heliyon (May 2023)
How does family economic education foster students’ economic behavior? The mediating role of economic and entrepreneurial literacy
Abstract
Understanding economic behavior will be beneficial for students to manage their economy and finances while they are living apart from their parents. This study aims to investigate the impact of family economic education on the economic behavior of students and examine the role of economic and entrepreneurial literacy. The research data were collected through an online survey from 546 university students in Indonesia, and structural equation modeling with IBM-SPSS-AMOS 28 was utilized to confirm the proposed hypothesis. The findings indicated a robust link between family economic education and the economic behavior of students. Similarly, family economic education can promote the economic and entrepreneurial literacy of students. This study also confirms the direct influence between economic literacy, entrepreneurial literacy, and the economic behavior of students. Lastly, this study notes the essential roles of economic and entrepreneurial literacy in mediating the relationship between family economic education and university students’ economic behavior in Indonesia. The results offer valuable insight for policy researchers and educational institutions regarding how to involve economic and entrepreneurial literacy to foster economic behavior among university students.
