Sadra Medical Journal

Current Issue

By Issue

By Author

By Subject

Author Index

Keyword Index

About Journal

Aims and Scope

Editorial Board

Publication Ethics

Indexing and Abstracting

Related Links

Peer Review Process

Determining the Role of Financial Literacy in the Academic Well-being of Medical Sciences University Students (2023-2024)

Articles in Press

Document Type : Original Article

Authors

1 Social Development and Health Promotion Research Center, Gonabad University of Medical Sciences, Gonabad, Iran

2 Department of Educational Sciences, Payame Noor University, Tehran, Iran

3 Department of Aging Health, School of Nursing, Nursing Research Center, Gonabad University of Medical Sciences, Gonabad, Iran

10.30476/smsj.2025.102796.1540

Abstract

Introduction: Given the significant role of financial literacy and a sense of well-being in students’ successful academic and professional performance, this study aimed to determine the role of financial literacy in the academic well-being of Medical Sciences University students during the 2023-2024 academic year. 
Methods: The descriptive-correlational study was conducted among all students of Gonabad University of Medical Sciences (Gonabad, Iran) in the 2024 academic year. Based on Cochran’s formula, a sample of 330 students was selected via a stratified random sampling method. Data were collected using the Financial Literacy Questionnaire (Moin-al-Din, 2013) and the Academic Well-Being Scale (Pietarinen et al., 2014). The data were analyzed using descriptive statistics (mean, standard deviation) and inferential statistical tests, including Pearson’s correlation coefficient and multiple regression analysis with SPSS software, version 20.
Results: The results showed that the mean total scores for both financial literacy and academic well-being were higher than the cut-off point. A significant positive correlation was found between financial literacy and academic well-being (r=0.230). Furthermore, multiple regression analysis revealed that the income generation and savings components of financial literacy predicted 17.7% of the variance in academic well-being.
Conclusion: Earning, savings, insurance, and retirement could explain academic well-being. Moreover, students’ academic well-being was predicted by the component of financial literacy. These results could help university authorities implement programs that improve students’ financial literacy—covering earning, saving, insurance, and retirement—to enhance their overall well-being.

Keywords

References
  1. Ebrahimian A, Ajam A, Davari S. Analysis of the relationship between LOC and academic self-efficacy among nursing students at Gonabad University of Medical Sciences (2024). J Nurs Midwifery. 2024;22(4):260-8. Persian.
  2. Tavakoli P, Yaghoobi A, Ebadollahi-Chanzanagh H, Jahandideh S. The professors of university and ideal university: phenomenology of ideal university among the professors of the University of Guilan. [Unpublished manuscript]. 2024. Persian.
  3. Torkashvand B, Aflakseir A, Imani M. The relationship of loneliness with psychological well-being and rumination in college students: investigating the mediating role of perceived stress. Clin Psychol Pers. 2024;22(2):179-92. Persian.
  4. Klapp T, Klapp A, Gustafsson J-E. Relations between students’ well-being and academic achievement: evidence from Swedish compulsory school. Eur J Psychol Educ. 2024;39(1):275-96.
  5. Izadpanah K, Ardalan Khales S, Nasiri H, Mehravar F. Psychological well-being and related factors in Golestan University of Medical Sciences. Nurs Dev Health J. 2024;14(2):62-8.
  6. Jarden A, Roache A. What is wellbeing? Basel: MDPI; 2023. p. 5006. Persian.
  7. Khosravipour Z, Toosi D, Mazaheripour F. The relationship between positive attitude towards school and students’ academic well-being with the mediating role of cognitive flexibility. J Appl Psychol Res. 2024;15(3):97-112. Persian.
  8. Shahbazian KA, Sheikhalizadeh S, Alipour F, Mohammadiyan GAA. The prediction of academic well-being based on social intelligence and social isolation in high school girl and boy students. J Educ Psychol. 2022;23(1):223-33. Persian.
  9. Mansouri F, Abedi A. Effectiveness of successful intelligence training on psychological well-being of underachievement gifted students. J Assess Res Appl Couns. 2022;4(2):6-10. Persian.
  10. Babolsalam S, Ghazanfari A, Ahmadi R. Predicting academic engagement through developmental assets mediated by academic well-being of female high school students. Stud Learn Instr. 2023;14(2):224-38.
  11. Asgahrneghad N, Masudian P, Musavyan Zadeh A. Investigating the relationship between passion for school and school culture on the academic well-being of first and second high school female students in Dehdasht City. Theory Pract Teach Educ. 2023;8(14):186-61.
  12. Obenza BN, Cuaresma NB, Carandang YG, Dalugdug LJ, Resus KS, Jumamoy BC, et al. The mediating effect of financial self-efficacy on financial behavior and financial well-being of college students in Region XI. Am J Econ Financ Manag. 2024;10(2):45-54.
  13. Chetioui H, El Bouchikhi Y, Makhtari M, Sahli M, Lebdaoui H. An investigation of the impact of financial literacy on households’ financial well-being: an emerging market study. Int J Econ Financ Issues. 2024;14(3):97-105.
  14. Kaur G, Singh M, Gupta S. Analysis of key factors influencing individual financial well-being using ISM and MICMAC approach. Qual Quant. 2023;57(2):1533-59.
  15. Ghanavizi N, Athari ZS. The manner of financial literacy education and its effect on the decrease of consumerism among primary school students in the city of Kashan. New Educ Approaches. 2023;17(2):21-40. Persian.
  16. Molapanah M, Namvar Y, Rastgoo A, Ahmadlu M, Soleimani T. Designing a financial literacy development model for Farhangian University students. Manag Educ Perspect. 2024;6(1):65-98. Persian.
  17. Riadi DSASR. The effect of financial literacy and peers on consumptive behavior in students of the economics education study program, University of Riau. Interactions. 2023;2(2):1-10.
  18. Rezaei Z, Shahrestani S, Zahmatkesh Z. Examining the relationship between financial literacy, financial threats and financial and personal well-being. J Account Manag Vis. 2023;6(87):219-36. Persian.
  19. Sehrawat K, Vij M, Talan G. Understanding the path toward financial well-being: evidence from India. Front Psychol. 2021;12:638408.
  20. Estela-Delgado B, Montenegro G, Paan J, Morales-Garcia WC, Castillo-Blanco R, Sairitupa-Sanchez L, et al. Personal well-being and financial threats in Peruvian adults: the mediating role of financial well-being. Front Psychol. 2022;13:1084731.
  21. Lone UM, Bhat SA. Impact of financial literacy on financial well-being: a mediational role of financial self-efficacy. J Financ Serv Mark. 2024;29(1):122-37.
  22. Bakhshi Khilgavani V, Aliabadi K, Nili Ahmadabadi M, Borzou’ian N, Delavar A. Investigating psychological and demographic factors related to financial literacy of teacher candidates in Gilan Province. J Psychol Sci. 2022;21(116):1503-20. Persian.
  23. Moydinovich UN, Hayitmirzaevich AA, Qizi MGM. Formation of financial literacy of students of future mathematics teachers by solving keys. World Econ Financ Bull. 2024;37:1-6.
  24. Asadollahzadeh A, Keramati MA, Haghighat Monfared J. The relationship between economic preferences, personality traits and financial literacy: an experimental study in Tehran City. J Appl Theor Econ. 2022;9(3):59-86. Persian.
  25. Yousefi AM, Dehghani Z. Relationship between teacher feedback and academic boredom and well-being: an analysis of the possible mediating role of task value. [Unpublished manuscript]. 2021.
  26. Abousaidi M, Moeinadin M, Heyrani F. Evaluation of the financial literacy of the managers of the private sector companies. Financ Account Knowl. 2021;8(2):195-219.
  27. Pietarinen J, Soini T, Pyhältö K. Students’ emotional and cognitive engagement as the determinants of well-being and achievement in school. Int J Educ Res. 2014;67:40-51.
  28. Mohanna S, Talepasand S. The relationship between environmental supports and emotional self-awareness with academic engagement: the mediating role of educational well-being. Iran J Med Educ. 2016;16:31-42. Persian.
  29. Ajam AA, Davari S. The relationship between psychological capital and academic welfare of students of nursing faculty of Gonabad University of Medical Sciences. Iran J Rehabil Res Nurs. 2018;4(4):53-8. Persian.
  30. Tes V, Heng K. Financial literacy education: what it is and how it is needed for Cambodian students. Camb J Educ Res. 2024;4(1):57-83.
  31. Hudaaka ZL, Purbasari VA. The impact of understanding financial literacy on student financial behavior. J Islam Econ. 2024;4(1):1-14.
  32. Sebastião H, Silva N, Torres P, Godinho P. Financial literacy bias: a comparison between students and nonstudents. Rev Behav Financ. 2024;16(4):620-42.
  33. Behfar M, Khanmohammadi M, Kordlouie H. Financial literacy, disordered money behavioral in the context financial therapy concepts. Int J Financ Manag Account. 2024;9(35):309-24.
  34. Susetyo B. Identifying the effects of financial literacy on student achievement in mathematics. World J Adv Res Rev. 2024;21(1):733-45.
  35. Arquero JL, Fernández-Polvillo C, Jiménez-Cardoso SM. Financial literacy in tourism and management & business administration entry-level students: a comparative view. J Hosp Leis Sport Tour Educ. 2024;34:100474.
  36. Shajirat D, Ansari Samani H, Makian SN. Investigating the effects of monetary ethics on life satisfaction. J Appl Sociol. 2021;32(4):119-40.
  37. Razen M, Huber J, Hueber L, Kirchler M, Stefan M. Financial literacy, economic preferences, and adolescents’ field behavior. Financ Res Lett. 2021;40:101728.
  38. Mohammadi Gharehghani MA, Ghaedamini Harouni G, Talebi S, Moosavi Khatat SM. Meta-analysis of social welfare studies in Iran. Soc Welf Q. 2024;23(91):9-60. Persian.
  39. Marchyta NK, Kusumawardhani A. College students financial well-being on Java Island: the role of financial literacy, financial behavior, and financial socialization. Int J Organ Behav Policy. 2024;3(1):27-38.
  40. Riitsalu L, Sulg R, Lindal H, Remmik M, Vain K. From security to freedom—the meaning of financial well-being changes with age. J Fam Econ Issues. 2023;44(3):451-64.
  41. Finke MS, Howe JS, Huston SJ. Old age and the decline in financial literacy. Manage Sci. 2017;63(1):213-30.
  42. Reid CA. Loan debt burden, student experiences, and livelihood: a study examining relationships between students’ education costs, financial viability, and life impact [PhD dissertation]. Ypsilanti: Eastern Michigan University; 2024.
  43. Moradzadeh M, Kord B, Ghasemi M, Yaghoubi N, Rigi Koteh B. The relationship between cognitive abilities and decision making behavior of exchange investors mediated by financial self-efficacy and financial literacy. J Psychol Sci. 2022;21(116):1562-79. Persian.
  44. Manalo RA, Uy C, Bayona SP. Factors affecting financial well-being of Filipino basic education teachers: a structural equation model. Rev Integr Bus Econ Res. 2024;13(2):123-41.
  45. Mohaghegh Kia N, Barmaki N, Eghdami A. Measurement of students financial literacy and its relationship with financial behavior & financial attitude (case study: students of Parandac Institute). Account Audit Res. 2021;13(51):187-98.
  46. Bashirian S, Soleimanpour Omran M, Afrasiabi R. Identify indicators affecting economic education with entrepreneurship approach in the primary education of North Khorasan province. Res Curriculum Plan. 2023;19(74):149-60. Persian.
Sadra Medical Journal

Articles in Press, Corrected Proof
Available Online from 01 October 2025
Files
Share
How to cite
Statistics