Impact of Financial Attitude, Financial Knowledge, and Financial Behavior on Financial Literacy: Jiangxi Institute of Fashion Technology Case Study

Abstract

Background and Aims: With today's development of the social economy, financial literacy, as one of the essential qualities for contemporary social citizens, has been receiving more and more attention. Financial literacy not only affects the improvement of personal financial management ability but also affects the stability and sustainability of the overall economic operation of the country. This study investigates the impact of financial attitude, knowledge, and behavior on financial literacy: A case study of teachers and employees at Jiangxi Institute of Fashion Technology. Material and Method: A questionnaire was administered to 307 teachers and staff members from the Jiangxi Institute of Fashion Technology who voluntarily participated in the survey using convenience sampling. The analysis involved descriptive statistics, which is composed of frequency, percentage, mean, and standard deviation, and inferential statistics, which is composed of correlation coefficient and multiple regression analyses. Results: The results revealed significant associations among the financial attitude, financial knowledge, financial behavior, and financial literacy of teachers and employees. The total impact of financial attitude, financial knowledge, and financial behavior on the financial literacy of teachers and employees, was .412 (R2=.412, F=70.894, p≤.000). Positive attitudes were found to be correlated with increased literacy, underscoring the significance of financial attitude, financial knowledge, and financial behavior. However, all variables had a different impact on the financial literacy of teachers and employees. The financial attitude had an impact of .187 (β=.187, t=3.431, p≤.000) on the financial literacy of teachers and employees. The financial knowledge had an impact of .212 (β=.212, t=3.947, p≤.000) on the financial literacy of teachers and employees. The financial behavior had an impact of .375 (β=.375, t=6.879, p≤.000) on the financial literacy of teachers and employees. This study pioneered an examination of the intricate connections between financial literacy, attitude, knowledge, and behavior within the unique context of an academic institution in China. It has not only illuminated the current financial landscape among teachers and employees but also provided a significant opportunity for their professional development. This research also contributed actionable insights to foster positive changes in the financial behaviors of academic communities, ultimately promoting financial literacy and empowerment.