THE role of family structure on financial socialiSation techniques and behaviour of students in the Eastern Cape, South Africa

Financial socialisation techniques are known to influence students' financial behaviour in the Eastern Cape. Still, the role of family structure on financial socialisation techniques and financial behaviour is unknown in the Eastern Cape. This study investigates the role of family structure on financial socialisation techniques and students' financial behaviour in the Eastern Cape. A quantitative study was adopted, and closed-ended questionnaires were used in this study to collect primary data from 360 students in one university in the Eastern Cape. It was found that 66.11% of the students were raised in intact families, while 33.89% were raised in non-intact families. In terms of regression results, it was found that family structure significantly influences and shows differences in financial socialisation techniques and students' financial behaviour. Also, financial socialisation techniques mediate the influence of family structure on students' financial behaviour. It was recommended that financial educators should take into account the family variables such as family structure when planning for financial education programmes. Ideally, financial educators should develop a financial education programme that separately targets intact and non-intact families. Also, financial educators should encourage students to invite their parents to attend and participate in financial education workshops. This is to ensure that parents are educated on parental financial teaching and modelling as a way to improve students' financial behaviour. This study demonstrates that family structures should be considered when targeting students' financial behaviour. Also, financial socialisation techniques are important in improving students' financial behaviour in the Eastern Cape. This study contributes to personal finance literature by providing empirical data on the role of family structure in financial socialisation and the behaviour of students.