Analisys of personal finances in university students: case of public accounting

Abstract

People who pursue university studies are those who, for various reasons, decide or aim to improve their quality of life and that of their families, and to become more competitive in the job market. This entails having a grasp of personal finance concepts, which are the foundation for personal financial planning. When people are asked how they manage their financial resources, they usually say they know how to keep track of their finances, but this perception changes when we inquire among undergraduate students in UNIMINUTO's traditional distance learning program. Among them are those who are financially dependent on their parents and those who work to pay for their studies.
Thus, we observe a misguided management of both family and personal financial resources, without a clear budget for each need, debt, or investment they make. This exposes them to spending more than they earn, resorting to unnecessary bank loans, or to informal loans commonly known as "gota a gota" (loan sharking).

This research must take into account two factors: income level and age. For students whose studies are paid for, income is almost nonexistent, and planning and controlling expenses is not a priority for them. This contrasts with people who work and study, who already possess a basic but crucial understanding of managing their finances.

Given that students in the traditional distance learning public accounting program at the Villavicencio University Center of the Minuto de Dios University, Orinoquía Campus, lack the adequate knowledge to manage their personal finances, despite the academic program offering subjects such as financial administration, budgeting, and financial analysis, among others—subjects that influence economics and financial management, leading to greater growth and awareness of the profitability potential achievable through sound financial management—it is deemed necessary to conduct a comparative analysis of the personal finances of first- and second-semester public accounting students in the traditional distance learning program with those of eighth- and ninth-semester students at the Minuto de Dios University Corporation, Orinoquía Campus. This analysis will allow for the design of a personal finance model.

“How to predict your budget: How much money do you spend? How much money do you save? How much money do you invest?” These are simple questions that frequently arise; But these simple things are important for anyone interested in managing their finances effectively.

Objectives. This research analyzes and compares the personal finances of accounting students at the UNIMINUTO Orinoquía Rectorate in Villavicencio, allowing for the design of a personal finance model.
Methodology. This research is considered descriptive because it aims to understand the context of different types of situations under study, and because it does not solely consist of the management, accumulation, and processing of data. Furthermore, this work is considered quantitative because the ability to analyze quantitative data allows for meaningful and reliable comparisons, leading to conclusions drawn from the participants' responses.

The target population consisted of students in the Public Accounting program at Minuto de Dios University, specifically from semesters I, II, VIII, and IX. A significant sample of 207 students was drawn from this population with a 95% confidence level and a 5% margin of error, using a statistically recognized formula for obtaining samples from finite populations.

The data collection instrument selected was a survey. A pilot study was conducted with ninth-semester working students until the final model was developed, which then served as the basis for the results presented in the final report.

Results The main aspects observed in the population are initially related to determining the socioeconomic environment, educational level, sources of income, personal budget management, and other factors that allowed for the execution of the first chapter, which will be divided by semesters, for which the following evidence is provided:
It was evident that in the four semesters surveyed, the vast majority of students are employed, and this activity is their main source of income (I 63%, II 62%, VIII 71%, and IX 81%). The second source of income for semesters I and II corresponds to family dependency (I 17%, II 18%), while for the more advanced semesters, this family dependency