Impact of values on financial behavior of student youth

The purpose of the study was to identify the value orientations of contemporary university students and their connection with financial behavior practices. The study is based on data from an author-conducted survey in 2020 «Specifics of Economic Behavior of University Students», which involved 1291 students from 17 universities across Russia. Matthew’s correlation coefficients were used to establish pairwise relationships between significant values, socio-demographic characteristics, and financial behavior practices; stability of these relationships was also analyzed. The research results showed that the most significant values for students are health, a desired job, a friendly, cohesive family, and self-realization. Based on the correlation analysis, there was proposed a grouping of values including moral, communicative, and achievement-related values. The explanatory power of gender was found to be generally low. However, females tend to show a greater inclination towards communicative values and preservation of health. At the same time, males more frequently opt for a range of achievement-related values (popularity, using others for their own benefit). A negative correlation was observed in financial behavior practices between the pursuit of self-realization and preference for speculative financial instruments, as well as a negative correlation between active bank borrowing and communicative value of interacting with interesting people. The study revealed a correlation between value orientations and income-generating activities. For instance, students who earn money from creating video content tend to prioritize popularity and using others for their own purposes. Furthermore, studying consumer behavior practices showed a correlation between preferences for non-cash payments for goods and services and desire for travel, active and interesting lifestyle. The novelty of the research lies in establishing the relationship between values, professional interests, and financial behavior of contemporary students. The obtained results can be useful in managing effective financial behavior among different groups of students.