A Latent Profile Analysis of Undergraduate Students’ Financial Behavior

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Theerayuth Phiriyaarayakul
Wannee Kaemkate
Chayut Piromsombat


The purpose of this study was to analyze the latent profile of undergraduate students’ financial behavior. This study employed a survey research design. The sample consisted of 1,464 undergraduate students in 45 public and private institutions. The research instruments comprised a financial behavior level questionnaire with content validity and reliability coefficients of .793 - .819. Data analysis was performed by using descriptive statistics and multivariate analysis technique, which were the mean, standard deviation, Pearson’s correlation, confirmatory factor analysis, and latent profile analysis. The results were as follows:

The undergraduate students’ financial behavior was composed of 3 components: behavior of income and expenses, behavior of saving and being debt free, and financial planning behavior. The measurement model of the undergraduate students’ financial behavior fit the empirical data well (gif.latex?\chi2(1,464, df = 25) = 88.448, p = .000, SRMR = .034, RMSEA = .042). The latent profile analysis of the undergraduate students’ financial behavior identity classified undergraduate students into three classes: class 1 consisted of 407 undergraduate students (27.80%) whose spending was prudential, class 2 consisted of 460 undergraduate students (31.42%) who spent their money wisely, and class 3 consisted of 597 undergraduate students (40.78%) whose level of financial behavior was low. The findings of this study identify the critical class of the undergraduate students’ financial behavior, offer specific entry points for interventions by educators, and provide positive pathways to develop financial behavior of young adults.


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