Research on financial management behavior of young people in Vietnam today

Abstract

Youth represent an important and potential demographic group in society. According to a report by UNICEF, Vietnam has about 25 million young people aged 15 to 24, accounting for 26.8% of the population. This group is in a transitional phase from education to employment, from dependence to independence, and from singlehood to family life. This stage is crucial for their careers, happiness, and future. Therefore, improving personal financial management skills within this group is both necessary and significant. However, research on personal financial management among youth in Vietnam is still limited and has not received much attention. Previous studies have often focused on specific aspects such as savings, spending, investment, debt, or narrow target groups like students, bank employees, entrepreneurs, etc. No study has yet provided a comprehensive and multi-dimensional analytical framework on the financial situation of young people in Vietnam, nor on the factors affecting their financial decisions. Therefore, this research was chosen with the aim of surveying and evaluating the level and characteristics of personal financial approaches among young people in Vietnam today, as well as the demographic, individual, and social factors influencing their financial decisions. This study aims to contribute to a deeper understanding of this issue, as well as to propose solutions and recommendations to improve financial skills, thereby enhancing financial well-being and the quality of life of young people. To conduct this research, the author employed scientific research methods, including the following steps: identifying the research problem, building the theoretical framework and research model, designing and collecting data, processing and analyzing data, and drawing conclusions and recommendations. This study utilizes a combination of quantitative and qualitative research methods, drawing from various data sources, including references from English research articles, books, and reputable websites, as well as data collected from an online survey of 200 participants from the target group. Additionally, statistical analysis methods such as frequency analysis, regression analysis, and factor analysis are used to test the research hypotheses. Theoretically, this research is of high importance as it supplements and develops previous studies on personal financial management among youth in Vietnam. The study applies a comprehensive and multi-dimensional analytical framework, encompassing the use, saving, investing, and spending of money, as well as demographic, individual, and social factors affecting financial decisions. This research also employs quantitative methods, based on online survey data from a large random sample representative of youth in Vietnam. Advanced statistical analysis techniques, such as multivariate regression analysis, exploratory factor analysis, and cluster analysis, are also applied. Thus, the research can provide a comprehensive, in-depth, and scientific overview of the financial situation of youth in Vietnam, as well as the factors influencing their financial decisions. Practically, this research can meet the needs of stakeholders such as the government, financial institutions, researchers, educators, and the youth themselves. The research findings can provide stakeholders with deeper insights into the financial circumstances and trends among youth in Vietnam, as well as the challenges and opportunities involved in improving their financial management skills. The research findings can also propose solutions and recommendations to improve financial skills, contributing to better financial well-being and quality of life for young people