Family financial socialization and financial behavior of different private university students in Bangladesh

Abstract

Good education is probably the most important factor for the national economic development. Demand and quality of higher education remains a big concern for decades in Bangladesh. The cost of studies in the private universities is relatively higher than the costs in the public universities. Although quality of education in some private universities is encouraging, the admission and other fees are not affordable to the country’s middle and lower-middle class families (UGC Bulletin, April-June_2011).Only rich parents can consider paying the high fees and other costs of studies for their children. In exchange for high tuition fees and other costs, the students that come from affluent families expect to receive high quality education from these private universities (Ashraf et al, 2009). Hence, customer evaluations of the quality of education should be an integral part of overall quality management in any of the organizations (Haque, 2004). I use primary types of data. I select the question for private university students such as (United International University, State University of Bangladesh, University of Liberal Arts Bangladesh (ULAB, Stamford University of Bangladesh who are actively engaged with it. I make a survey on those four university students and collect one hundred samples. I see that most of the people thinking that In tracking monthly expense the most parents are never engaged in tracing monthly expense whereas parents engaged in always tracing monthly expense are the lowest in spending within budget , most parents are sometimes engaged whereas the least parents are always engaged in paying credit card balances in full each month.the highest number of students is agreeing about that whereas the lowest numbers of students are strongly disagreeing. In terms of employment during their university life the highest number of students is employed more than 1 year as part time or tuition outside home.