Student spending behavior

his study looks into the spending behavior of students at the University of Benin, Nigeria, in order to establish the relationship between demographic factors such as gender, age, and academic level on expenditure behaviour. The purpose of the study was to gain a better understanding of how students’ money is spent in areas of food, transport, housing, academic materials, and personal expenses. A quantitative approach was used in the study where 228 questionnaires were completed and descriptive and inferential analysis were employed on the data collected. The results show that the amount of money spent by the students on food, transport, and housing is highest. The results of the statistical analysis indicate that there is no significant association between the gender of the respondent and the primary source of income, however, more males are likely to save than females. The result of the study shows that the academic level affects the spending and higher-level students spend more money on the necessities. The transport expense also depends on the age of students, the older students spend more money on transport.
The results conclude that, among students, academic level and age are important predictors of spending behaviour; the impact of gender is limited to saving behaviour. For practice, it is suggested that financial literacy be enhanced, housing and transportation be made cheaper, and financial aid be increased. Further research could be directed towards the patterns of spending at different universities, changes over time, the effect of financial aid and part-time employment on spending. This research can help to explain student financial problems and offers some practical suggestions for students, administrators and policymakers.