How undergraduate students manage their money

Jointly funded research between the banking sector and academic institutions in Australian indicates the need for a deeper understanding of how students manage their money as they transition from a state of financial dependence to independence. This transitioning phase has been reported as a time of considerable stress and uncertainty for students with suggestions that coping behaviour adopted in youth may inform behaviour later in life. This research draws from students' personal experience to develop a dynamic systems model that shows the structure of student decision making highlighting a preference for focusing on present situations. This preference defines a student's living space and rationality, illustrating how they construct and reconstruct their perceptions and knowledge in light of dynamic influences to develop individualistic, strategic and opportunistic approaches that reflect their life style choices.