| Concepts in handling a checking account, accurate personal bookkeeping, and proper budgeting can be difficult. Some people value money as power, success, and social status. Others perceive money as a survival tool, as physical protection, and as emotional security. These concepts could be more difficult for university students who may be having their first experience in managing personal funds.; This study investigated how Thai students managed their financial resources while pursuing undergraduate study in Thailand. The study also compared the similarities and differences on personal financial practices between two groups of students: those who borrowed and those who did not borrow money from the government student loan program.; A questionnaire survey included 772 student participants; 24 of them were also interviewed in-depth. Results were interpreted within a framework of personal finance concepts and social capital theories.; The results included student understanding of personal finances, attitudes toward risk and risk-taking behavior, financial practices, uses and sources of money, and financial adequacy. Similarities and differences between students who borrowed and those students who did not borrow were found, due to socioeconomic factors influencing a particular individual's personal finances. These students used the money not only to achieve their academic goals, but also to fulfill their personal and social life. The study found that personal finance education was important for every student, and more necessary for loan recipients in particular. These findings add knowledge of student personal finance practices to the field, and give information valuable to individual financial aid counselors advising students and offer recommendations for improving financial aid policies and practices.; Thailand, as a case study, provides an excellent model for the newly industrialized countries who have a high percentage of first generation university attendants. Providing scholarship is a critical issue, but how students manage these scholarships and personal finances is of equal importance as a country seeks to assist its students. This is the great value this study offers other countries facing a similar situation as Thailand on how best to support its population. |
