INFLUENCE OF DIGITAL TECHNOLOGY ON SAVINGS AND SPENDING BEHAVIOUR OF BUSINESS EDUCATION STUDENTS IN SOUTHWEST NIGERIA

Adegboyega S. Oyewole, Anu K. Toriola

Abstract


This study investigated the influence of digital technologies on the savings and spending behaviour of postgraduate business education students. The study was based on a survey ofthree hundred and eleven (311) postgraduate business education students in South West Nigeria selected using multi-stage sampling technique. The Data collected through questionnaire administration was analysedusing Descriptive statistics and regression analysis of variance. The findings reveal that digital technology and digital financial literacy have a significant positive impact on savings behaviour, with digital financial literacy exerting a stronger effect. Additionally, spending habits exhibit a negative but relatively weaker influence on savings behaviour, while spending behaviour appears to have an insignificant effect on savings behaviour. Furthermore, the analysis indicates that both digital technology and digital financial literacy significantly contribute to increased spending behaviour. Notably, spending behaviour tends to rise concurrently with increases in savings behaviour. The study recommends the need for educational institutions to prioritize digital financial literacy education, incorporating it into the business curriculum through dedicated courses or workshops that equip students with the skills needed to make informed financial decisions in the digital age.

Keywords: Digital Technology, Savings Behaviour, Spending Behaviour, Business Education


Full Text:

PDF

References


Akpanobong, U. E., & Frank, P. A. (2017). Cloud technology: A catalyst for effective entrepreneurship education in Nigeria. Nigerian Journal of Business Education (NIGJBED), 4(1).

Akudolu, C. A., & Onyeneke, E. N. (2022). Digital Skills Gap Among Business Education Graduates of Tertiary Institutions in Anambra State: Implication for Programme Re-adjustment. Nigerian Journal of Business Education, 9(1).

Amesi, J., Amaewhule, W. A., & Akoku, A. U. (2022). Digital Skills Required by Business Education Lecturers for Teaching Accounting Education Courses in Tertiary Institutions in Rivers State. Nigerian Journal of Business Education (NIGJBED), 9(2), 39-43.

Awobamise, A. O. (2018). Increased Consumerism in a Networked-Nigeria: A Study on the Effect of E-Malls and Social Media on Youth Spending. Journal of Digital Media & Interaction, 1(2), 40-55.

Bucko, J., Kakalej?k, L., & Ferencov, M. (2018). Online shopping: Factors that affect consumer purchasing behaviour. Cogent Business & Management, 5(1), 1535751. DOI: 10.1080/23311975.2018.1535751.

Chalimah, S. N., Martono, S., & Khafid, M. (2019). The Saving Behavior of Public Vocational High School Students of Business and Management Program in Semarang. Journal of Economic Education, 8(1), 22-29. Retrieved from http://journal.unnes.ac.id/sju/index.php/jeec

Chawla, K. (2021). Spending & Saving Habits of College Students in Delhi. International Journal of Humanities and Social Sciences (IJHSS), 10(2), 121128.

Chinyere, O. M., & Wagbara, S. O. (2022). Digital Skills Needed by Business Education Graduates for Global Competitiveness in Entrepreneurship in Ebonyi State. Nigerian Journal of Business Education (NIGJBED), 9(1).

Fernandez, R.N., Ignacio, A.J.C., Gedo Cruz, J.M.M., Santarina, A.L.A., Canlapan, M.B., & Simangan, R.V. (2021). Financial Literacy and Spending Habits of Bachelor of Science in Accounting Information System (BSAIS) Students. International Journal of Advanced Engineering, Management, and Science, 7(6). DOI: https://dx.doi.org/10.22161/ijaems.76.10

Gattaa, V., Marcuccia, E., Le Pirac, M., Inturric, G., Ignaccoloc, M., & Pluchinoc, A. (2020). E-groceries and urban freight: Investigating purchasing habits, peer influence and behaviour change via a discrete choice/agent-based modelling approach. Transportation Research Procedia, 46, 133140. doi:10.1016/j.trpro.2020.03.173

Haleem, A., Javaid, M., Qadri, M.A., & Suman, R. (2022). Understanding the role of digital technologies in education: A review. Sustainable Operations and Computers, 3, 275285.

Henderson, M., Finger, G., & Selwyn, N. (2016). Whats used and whats useful? Exploring digital technology use(s) among taught postgraduate students. Active Learning in Higher Education, 1-13. DOI: 10.1177/1469787416654798

Ikhlaq, A., Yousaf, M., & Ans, M. (2021). Impacts of Social Networking Sites on Apparel Purchasing Behavior of Female Consumers. Journal of Media Studies, 36(2), 83-103. Retrieved from http://journals.pu.edu.pk/journals/index.php/jms/index

Islam, M. S. (2021). Online Shopping Behaviour among International Students from Belt & Road Countries in China. European Journal of Business and Management Research, 6(1), 63-81. DOI: 10.24018/ejbmr.2021.6.1.681

Iwuoha, C.U, Ebenzar-Nwokeji, C.C.&Ikwubiela B.E (2021) Entrepreneurial skill acquisition required by business education graduates for employment generation in Imo State, Journal of Business Education (NIGJBED),8(2),

Jain, N., & Sehgal, A. (2023). Statistical Decision Making of Spending and Savings Habits among Students of Delhi NCR Region. ICASDMBW 2022, December 16-17, Delhi, India. doi: 10.4108/eai.16-12-2022.2326192

Jeevitha, P., & Kanya Priya, R. (2019). A Study on Saving and Spending Habits of College Students with Reference to Coimbatore City. International Journal of Research and Analytical Reviews, 6(1), 463-464. Retrieved from http://ijrar.com/

Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 263-291. https://doi.org/10.2307/1914185

Mathews, M. J. (2017). An analysis on spending and saving pattern of college students in Idukki district. International Journal of Management (IJM), 8(3), 199203. http://iaeme.com/Home/issue/IJM?Volume=8&Issue=3

Md Kassim, A. A., Tamsir, F., Zainal Azim, Z. A., Mohamed, J., & Meor Nordin, H. N. (2018). Determinants of saving behavior: An empirical study among private universities students in Selangor. Asia Proceedings of Social Sciences, 2(2), 8488. Readers Insight Publisher. https://readersinsight.net/APSS

Nasiri, M. A., Sultani, A., & Chandrashekhar, R. (2021). Spending and Saving Behavior of Afghan Students in Mangalore City, India. International Journal of Innovation and Research in Educational Sciences, 8(1), 20-21. ISSN (Online): 23495219.

Nimfel, T. N. (2022). Digital Technology Skills Required for Teaching and Learning of Business Education Courses in Tertiary Institutions in Plateau State. Nigerian Journal of Business Education (NIGJBED), 9(1), 159-161.

Nkrumah, A., Ping, L., Anjum, S., & Hossin, M. A. (2018). Mobile Money Transfer: The Process Model Perspective. In Proceedings of the International Conference on Information Systems and Design of Communication (pp. XX-XX). DOI: 10.1145/3271972.3271986.

Nwankwo, C. A., & Ifejiofor, A. P. (2018). Social media: A critical examination of its effect on students shopping habits. European Journal of Education Studies, 4(2), 103-107. doi: 10.5281/zenodo.1170928

Ogundijo, D.A., Tas, A.A., & Onarinde, B.A. (2021). Exploring the Impact of COVID-19 Pandemic on Eating and Purchasing Behaviours of People Living in England. Nutrients, 13, 1499. https://doi.org/10.3390/nu13051499

Oyewole, Solomon Oyelami (Ph.D). (2019). Business Education in the E-World: Essential Tool for Students' Preparation for Global Employment in Ogun State, Nigeria. Nigerian Journal of Business Education, 6(2), 283-286.

Pohane, J. (Year of Publication). A Study of Spending & Saving Habits Among the College Students in Dombivli Region. Journal Name, Vol. No.(Issue No.), 1-8..

Puspasari, E., Yanto, H., & Prihandono, D. (2018). The Saving Behavior of State Vocational High School Students in Tegal Regency. Journal of Economic Education, 7(2), 132-142. Retrieved from http://journal.unnes.ac.id/sju/index.php/jeec

Rangaswamy, E., Nawaz, N., & Changzhuang, Z. (2022). The impact of digital technology on changing consumer behaviours with special reference to the home furnishing sector in Singapore. Humanities and Social Sciences Communications, 9, Article 83. https://doi.org/10.1057/s41599-022-01102-x

Ravikumar, T., Suresha, B., Prakash, N., Vazirani, Kiran, & Krishna, T.A. (2022). Digital financial literacy among adults in India: measurement and validation. Cogent Economics & Finance, 10: 2132631. https://doi.org/10.1080/23322039.2022.2132631

Seldal, M.M.N. and Nyhus, E.K. (2022), Financial Vulnerability, Financial Literacy, and the Use of Digital Payment Technologies, Journal of Consumer Policy, No. 1, doi: 10.1007/s10603-022-09512-9.

Shinu*, & Munavver Azeem Mullappallykayamkulath. (2022). Digital Financial Literacy and its Impact on the Financial Behaviour of Millennials: An Empirical Investigation. International Journal of Financial Management, 12(3), 10-16. Retrieved from A

Sunderaraman, P., Ho, S., Chapman, S., Joyce, J. L., Colvin, L., Omollo, S., Pleshkevich, M., & Cosentino, S. (2020). Technology use in everyday financial activities: Evidence from online and offline survey data. Archives of Clinical Neuropsychology, 35(4), 385400. https://doi.org/10.1093/arclin/acaa021

Udegbunam, E. O., Odimmega, C. V., Macpherson, C. N., & Uchenu, C. A. (2018). Electronic Accounting: A Tool for Quality Management of Small and Medium Scale Enterprises in 21st Century Nigeria. Nigerian Journal of Business Education, 5(2), 87-91.

Ulaikere, S.A.O., Asikhia, O.U., Adefulu, A.D., & Ajike, E.O. (2020). Consumer Shopping Behaviour Affectors and Service Quality of Selected Online Student-Buyers in Lagos State, Nigeria. IOSR Journal of Business and Management, 22(6), 40-46. DOI: 10.9790/487X-2206024046

UNESCO (2020). Distance learning solutions. Retrieved on 18th July from https://en.unesco.org/covid19/educationresponse/solutions

Varlamova, J., Larionova, N., & Zulfakarova, L. (2020). Digital Technologies and Saving Behavior. Advances in Economics, Business and Management Research, volume 128, International Scientific Conference "Far East Con" (ISCFEC 2020). Atlantis Press SARL. Retrieved from http://creativecommons.org/licenses/by-nc/4.0/

Wali, A. F., Cyprian, J., & Nkpurukwe, O. I. (2020). Influences of Social Media Marketing Tools towards Online Purchases: Nuances from Undergraduate Students in Nigeria Public Universities. Paradigm, 115. DOI: 10.1177/0971890720959531

Yumurtaci, A., & Bagis, B. (2020). University students' preferences about savings and investments at individual and national level in the 21st century: The case of Turkey. Review of Economic Perspectives, 20(4), 485-502. doi:10.2478/revecp-2020-0024


Refbacks

  • There are currently no refbacks.