5.5. Conclusion
The present research extends work on models of money management that identify
factors influential to budgeting in order to shed light on the lack of college
student money management associated with financial debt. The results of this
study imply that a models of budgeting tendencies is incomplete when: (1) an
influence of multiple variables are not incorporated, (2) empirically related variables
from decision theoretic models are not included, (2) perceived control is not
incorporated as a moderated influence, and (3) the segmentation among levels of
perceived control and subjective norm/negative affect onto intention are not considered.
This study has focused on variables amenable to change in short-term interventions,
providing information about how to target appropriate individuals based on
levels of control, indicate factors that determine budgeting intention, and suggest
a means to change cognitions relevant to individuals likely to maintain a financial
budget. With this research, necessary concepts and suggestions are provided to guide
educational efforts in devising effective and appropriate strategies to stimulate budgeting behavior, in order for these individuals to avoid the negative consequences of
financial debt, often caused by a lack of money management.