Enhancing Financial Literacy Among Students: Evaluating the Effectiveness of Budgeting Apps in Promoting Financial Responsibility

Enhancing Financial Literacy Among Students: Evaluating the Effectiveness of Budgeting Apps in Promoting Financial Responsibility

Kavya Dwivedi (MBA) Lovely Professional University.

Riya Sehgal (MBA) Lovely Professional University.

Vismaya C (MBA) Lovely Professional University.

Dr. Anurag Pahuja (Associate Professor) Lovely Professional University.

Abstract—Financial literacy is a critical skill that significantly influences individuals' ability to make informed financial decisions, manage expenses, and plan for the future. With the increasing reliance on digital tools, budgeting apps have become popular methods for students to track and manage their finances. This study evaluates the effectiveness of budgeting apps in enhancing financial literacy and promoting responsible financial behavior among students. Using both descriptive and inferential statistical analysis, including correlation and regression analyses, the research examines variables such as app usage frequency, financial habit changes, and user motivations. The findings reveal a moderate positive relationship between budgeting app usage and improvements in financial habits, with predictors like ease of use and motivation to continue using the app playing significant roles. The study concludes that budgeting apps are an effective tool for enhancing financial literacy, but their success is contingent upon user engagement and app usability. This research provides valuable insights for educators, app developers, and policymakers to refine financial education strategies and improve the functionality of budgeting apps for students.

Keywords- Financial literacy, budgeting apps, student finance, financial responsibility, financial management, digital financial tools, app usage, financial behavior, financial education, responsible spending.