The Mediating Effect of Financial Self-Efficacy on Financial Behavior and Financial Well-Being of College Students in Region XI


  • Brandon Nacua Obenza University of Mindanao, Davao City, Philippine
  • Nycred Bryce G. Cuaresma University of Mindanao, Davao City, Philippine
  • Yvan Gille D. Carandang University of Mindanao, Davao City, Philippine
  • Lyca Jane S. Dalugdug University of Mindanao, Davao City, Philippine
  • Kurt Sidric M. Resus University of Mindanao, Davao City, Philippine
  • Bea Cecilia A. Jumamoy University of Mindanao, Davao City, Philippine
  • Princess Ashlhie T. Mamon University of Mindanao, Davao City, Philippine
  • Ken Chester Y. Chi University of Mindanao, Davao City, Philippine



Financial Behavior, Financial Self-Efficacy, Financial Well-Being, Mediation Analysis, SmartPLS


A significant proportion of financial stress on students is often related to challenges like covering tuition fees, purchasing textbooks, and managing day-to-day expenses. This measures their ability to navigate financial difficulties and maintain sound financial well-being. Others point out that financial well-being is correlated with effective money management and the ability to handle financial challenges. This research investigated the influence of financial behavior (FB) on the financial well-being (FWB) of college students in Region XI and whether or not their financial self-efficacy (FSE) mediated such a relationship. This study utilized adapted questionnaires in the form of Likert scales and surveyed 350 college students from various universities and colleges in Region XI through Google Forms. Using tests for reliability and validity, the measurement model obtained satisfactory indices for Cronbach’s alpha, Average variance extracted (AVE), and heterotrait-monotrait ratio (HTMT). Using Smart-PLS 4.0 software, the hypothesized mediation model was assessed. It was found that significant direct effects exist in the paths between FB & FWB, FB & FSE, and FSE & FWB. Moreover, FSE was found to partially mediate the relationship between FB and FWB of college students.


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How to Cite

Obenza, B. N., Cuaresma, N. B. G., Carandang, Y. G. D., Dalugdug, L. J. S., Resus, K. S. M., Jumamoy, B. C. A., Mamon, P. A. T., & Chi, K. C. Y. (2024). The Mediating Effect of Financial Self-Efficacy on Financial Behavior and Financial Well-Being of College Students in Region XI. American Journal of Economics and Business Innovation, 3(1), 21–30.