Investigation of Financial Literacy and Money Attitudes Among First-Year Undergraduate Accounting Students: A Rational Emotive Behavior Therapy-Based Coaching Intervention

As soon as they are admitted to a university, most students become responsible for their own finances, but because of a lack of parental supervision, they are more inclined to spend than to manage their money. A study of first-year undergraduate accounting students was conducted to examine the effects of rational emotive behavior therapy-based coaching (REBT-based coaching) intervention on their financial literacy and money attitudes. Thirty first-year undergraduates studying accounting at Nigerian public universities participated in this two-group randomized trial. About 15 first-year undergraduate accounting students participated in the online REBT-based coaching group, while 15 first-year undergraduate accounting students participated in the face-to-face control group. A repeated measures analysis of variance was performed on the study data at .05 probability level. The study found that the online REBT-based coaching intervention significantly improved the financial literacy and money attitudes of first-year undergraduate accounting students in a similar way to face-to-face REBT-based coaching intervention. The follow-up results for the online REBT-based coaching intervention 1 month later showed a similar trend of increasing students’ financial literacy and money attitude scores similar to what was observed in the face-to-face coaching group. There was no significant difference between students in the online and face-to-face modes regarding satisfaction with REBT-based coaching interventions they received. As a result of the findings, the researchers propose developing coaching approaches that can help students gain insight into their financial actions and knowledge, which will likely improve financial literacy and money attitudes in the future.


Introduction
While various studies have demonstrated the effectiveness of rational emotive behavior therapy-based coaching (REBTbased coaching) interventions in different situations (e.g., Ogbuanya et al., 2017;Onuigbo et al., 2018;Palmer & Gyllensten, 2008), there are no studies specifically linking REBT-based coaching programs to students' financial literacy and money attitudes. According to EssexWire (2020), 1 out of every 10 university students run a business in addition to their studies. In order to supplement their incomes during their studies, most first-year university students run some form of business including service-based business, productbased business, or online business (SME South Africa, 2020). Yet, many of these students lack the knowledge, skills, and attitudes necessary to succeed in such an endeavor, and they often face serious financial problems at the long-run (Draper, 2019).
As soon as they are admitted to a university, most students become responsible for their own finances, but because of a lack of parental supervision, they are more inclined to spend than to manage their money (Susilowati et al., 2020). The purchase of clothes, shoes, and other fashion accessories appears to be a common form of consumerism among these students (Susilowati et al., 2020). As a result, the ability to face financial challenges and make sensible financial decisions is an important skill for university students to learn. By engaging in a REBT-based coaching program, university students may gain financial literacy and also develop positive attitudes toward money.
University students enrolled in an undergraduate accounting program who are in their first year are referred to as firstyear undergraduate accounting students in this study. The new environment they find themselves in poses immense financial challenges that may be beyond their knowledge of finances and financial matters (Ofoegbu, et al., 2018;Ugwu et al., 2020). In Nigeria, some of them, like other students, have been observed to struggle with financial challenges with some refraining from completing their academic program (Ezenwoke, et al., 2020;Ofoegbu, et al., 2018;Okolie, 2013;Ugwu et al., 2020). Additionally, since first-year undergraduate accounting students are yet to take advanced courses related to finances and financial matters, they are expected to have differing opinions about the practical and theoretical aspects of financial management, some of which might hinder their adjustments (Ben-Caleb, et al., 2021;Ofoegbu, et al., 2018;Okafor, 2012). In order to help these students at this early stage of their academic pursuit to resolve any conflicting financial views that may negatively impact their financial behavior, it is crucial to deploy REBT-based coaching intervention. In this regard, the objective of this study was to determine whether REBT-based coaching has significant effects on financial literacy and money attitudes of first-year undergraduate accounting students at Nigerian universities. This study's hypothesis was that REBT-based coaching whether delivered online or face-to-face, will have significant effects on the improvement of financial literacy and money attitudes of firstyear undergraduate accounting students at Nigerian universities. To begin, this paper discusses the concepts of financial literacy, money attitudes, and REBT-based coaching as part of the literature review. Following this, it discusses the method adopted for this study, the study results, discussion of findings, contributions of the research, limitations of the research, strengths of the research and conclusion.

Literature Review
Financial literacy. The concept of financial literacy encompasses knowledge, skills, attitude, and the ability to make informed economic decisions and a person's overall financial well-being (Vitt et al., 2000). As a concept, financial literacy involves more than just receiving financial information and guidance; it encompasses understanding, monitoring, and effectively using financial resources to advance the welfare and economic security of individuals, families, and businesses (van Rooji et al., 2011). Financial literacy is the ability to understand and apply a wide range of financial skills (Zucchi, 2022). According to Rai et al. (2019), financial literacy refers to the "ability of individual to take considerable decisions in respect of the effective and efficient utilization of money" (p. 1). An individual who is financially literate should be able to invest wisely and manage their daily income and expenses accordingly. Studies have shown that financial literacy has become an increasingly important issue in both developed and developing countries (e.g., Cude et al., 2006;Klapper et al., 2015;Lusardi & Mitchell, 2011). There are reports showing that a growing number of students have continued to struggle with huge debts because they lack a working understanding of financial literacy and lack the tools required to make the best financial decisions (e.g., Draper, 2019;Fox, 2021). The university student population is currently a major market for financial products and services; in spite of this, students' poor financial literacy continues to prevent them from fully utilizing these products and services (Susilowati et al., 2020). Inadequate financial literacy impacts a person's ability to save for long-term goals and their day-to-day attitudes toward money (Zucchi, 2022).

Money attitudes.
Attitude is a judgment of how someone, something, or some event might make you feel or what you may do as reaction to it (Barki & Hartwick 1994;Eagly & Chaiken 1993). In other words, money attitudes are perceived judgments and perceptions about money based on feelings toward money. Various studies have pointed out that money attitudes are how people feel about money (Chatterjee et al., 2018;Engelberg & Sjoberg, 2006;Tang, 1995). The attitude people have toward money and their lack of understanding can contribute to financial difficulty and make saving and investing challenging (Chatterjee et al., 2018). Therefore, whether or not a person is financially literate has a substantial effect on how they view money (Engelberg & Sjoberg, 2006). According to de Almeida et al. (2021), people view money in different ways and have diverse goals associated with it. An individual's attitude toward money is a key factor to improving financial literacy, according to Edwards et al. (2007). Similarly, an individual's attitude toward money can influence how they approach and use financial information (Harnish et al., 2018;Shih & Ke, 2014). Earlier, Gutter et al. (2012) have noted that money attitudes play a role in financial planning and decision-making. Researchers have also found a link between money attitudes and various financial behaviors, such as purchasing, saving, and using credit cards (Aw et al., 2018;Canova et al., 2005;Roberts & Jones, 2001).
REBT-based coaching. Coaching is considered a learning process through which a coach facilitates the coachee's learning process and helps the coachee reach their goal or address their issue (Gyllensten, 2018;Kodish, 2002). By utilizing questioning techniques developed from counseling, the coach facilitates change by supporting the client in formulating realistic goals, overcoming obstacles, and adopting steps to reach those goals (Anderson, 2002;. The goal of coaching, according to Ference (2011), is to assist an individual in achieving a particular result or goal in relation to his or her career or personal development. In addition, coaching is meant to give clients psychological tools that will help individuals deal with difficult situations for the rest of their lives as well as help them with a current issue (Grant, 2014;Neenan, 2018). Coaches usually help clients improve leadership abilities, delegation skills, and team-building strategies (Criddle, 2007).
Coaching within the context of rational emotive behavior therapy (REBT), known as, REBT-based coaching, was first demonstrated by Ellis (1962). The REBT-based coaching model is thus tailored to the principles and practices of REBT Dryden, 2010Dryden, , 2011Ellis, 1962;Neenan & Dryden, 2001). REBT-based coaching emphasizes rational beliefs as a vital component of overcoming cognitive, emotional, and behavioral obstacles and achieving goals for personal or professional growth (Anderson, 2002;Kodish, 2002;Otu, 2020). An example of REBT-based coaching was used in Palmer and Gyllensten's (2008) study to examine awareness of emotional reactions and to combat procrastination. Also, Gyllensten and Palmer (2005) examined the effectiveness of REBT-based coaching and concluded that coaching participants reported less anxiety and tension than control group participants. A study by Ogbuanya et al. (2017) showed that participants in a REBT-based coaching reported a significant reduction in occupational stress and irrational beliefs, as well as improved workability scores. David et al. (2014) reported that REBT-based coaching can help students deal with anxiety and anger. It has been shown by other studies that REBT-based coaching reduces stress symptoms (e.g., Ene et al., 2021;Nwokeoma et al., 2019;Onuigbo et al., 2018;Ugwuanyi et al., 2021). Following REBT-based coaching, participants' experiences of depression decreased significantly, according to the study by Eseadi et al. (2017). Another study reported that REBT-based coaching program resulted in a substantial reduction of burnout among undergraduate students (Ezenwaji et al., 2019). These past studies have either delivered the REBT-based coaching as a face-to-face intervention or as an online intervention and compared the outcomes with a waiting list or no-treatment group. This study, however, compared the effects of both modes of REBT-based coaching on two primary outcomes.

Ethics Statement
After receiving ethical clearance from the Research Ethics Committee at our Institution, the research was conducted at selected public universities in Southeastern Nigeria as a two-group pretest-posttest randomized trial. The twogroup pretest-posttest randomized trial design is considered a true experimental approach in group-based interventions (Desveaux et al., 2016;Otu, 2020). Written informed consent was required for students to participate in this study.

Participants
A total of 30 first-year undergraduate students in selected public universities in Southeastern Nigeria participated in this study. The Gpower sample size estimator (Faul et al., 2007) assuming an effect size of 0.25 and a .05 probability level yielded a power of 78% for a minimum sample of 26 students (correlations among measures = .5). Beene (2020) and Sutton (2022) recommend having 10 to 15 participants per study group in order to conduct a group coaching intervention. Since this study employed two modes of intervention, faceto-face and online, recruitment continued until the first 30 eligible participants were recruited. Having also funded the study ourselves, we were unable to exceed the recommended group size in order to maximize available resources.

Measures
The instruments used in the collection of data for this study include: The demographic questionnaire was used to collect information about gender, ethnicity, and age (see Table 1).
Financial literacy. To assess financial literacy, the financial literacy questionnaire (FLQ) was developed using financial literacy questions from Cude et al. (2006), van Rooji et al. (2011), and Skagerlund et al. (2018, and comprised four correctly structured questions on a 4-point Likert scale ranging from 1 (strongly agree) to 4 (strongly disagree). In order to determine financial literacy, the number of questions answered correctly was summated. A value of .56 α was reported by Skagerlund et al. (2018) for their own scale. Example of item in our scale is: It is hard for me to manage my money. A low score in this study indicates low financial literacy. Test-retest reliability was .82 Pearson's r.
Money attitudes. Participants' money attitudes were assessed using the 18-item Money Attitude and Financial Behavior Scale (MAFBS; Chatterjee et al., 2018) on a 5-point Likert scale ranging from disagree strongly (1) to agree strongly (5). According to Chatterjee et al. (2018), the scale is highly reliable with a comparative fit index of 0.90. High scores indicate poor or negative money attitudes. Example of item in the scale is: I worry that I may not have enough money to deal with my future expenses. The scale had a test-rest reliability of .88 Pearson's r.
Participants' satisfaction. The participants completed a satisfaction scale (SatS) of eight items, which is a modified version of Ginsburg and Drake's (2002) scale. By using a satisfaction scale, we were able to assess satisfaction with the coaching interventions. In this measure, various factors were considered relevant to the study, such as general satisfaction with the program, the amount of knowledge provided during sessions, out-of-session assignments, coach helpfulness, being in a group, etc. The items were modified to reflect the context of financial literacy and money attitudes. Responses were scored from 1 (strongly disagree) to 5 (strongly agree). Examples of item in the scale are: "The coaches were very helpful to me" and "The coaching program has been beneficial to me and I recommend it to others." High scores indicate high satisfaction with the coaching intervention. Cronbach's alpha reliability of the scale was .79.
Experimental procedure. Before the start of the intervention program, the researchers conducted a 1-month (twicea-week) briefing for each coach. The coaches attended the briefing to learn about the study objectives, to review the REBT-based coaching guidelines, and to prepare for the delivery of the intervention. In order to discuss the study, the researchers visited all of the schools and accounting departments in the study area prior to the treatment. Students' cell phone numbers and e-mail addresses were recorded during the visitation. In order to invite them to the screening, their e-mail addresses and telephone numbers were used.
The researchers received responses from 186 first-year undergraduate accounting students and screened their eligibility. A simple randomization procedure was used by the researchers to assign the first 30 students who met the research inclusion criteria to the online REBT-based coaching (n = 15) or face-to-face control group (n = 15). Researchers created a Telegram group for use in this study in which the REBT coaching group received its intervention. The coaching program with the study participants was scheduled to take place weekly at 4 to 6 pm for an 8-week period for both groups. A follow-up meeting of 2 weeks (four sessions) was conducted 1 month after the coaching program.
The REBT-based coaching program is a specific form of cognitive-behavioral coaching that makes use of a cognitivebehavioral framework to understand the client's goals and problems and address them using cognitive, behavioral, solution-focused, and problem-solving strategies Palmer & Szymańska, 2007). The REBT-based coaching program in this study removes barriers to goal attainment by strengthening students' financial literacy and disputing their negative money attitudes. The ABC(DEF) model is a key explanatory framework for REBT-based coaching that contends that our reactions (Cs: emotional, behavioral, or physiological consequences) are driven not primarily by negative situations (As: activating events), but by our beliefs about them (Bs; Ellis, 1956Ellis, , 1962Ellis, , 1991. In addition to the model itself, Dryden (2018aDryden ( , 2018b further developed ABCDEFG, with the G step focusing on setting a Goal for change (the new adaptive C), the D step on disputing or structuring the coachee's irrational thinking, the E step on defining the rational approach, and the F step defining functional consequences or a new philosophy of life (Dryden, 2018a(Dryden, , 2018b.
The REBT-based coaching program delivered in this study is described as follows. The first week/session of the program focused on identifying and discussing barriers to financial literacy among students through motivational interviewing and group dialogue. The second week/session focused on identifying and discussing predisposing factors that contribute to students' negative money attitudes through motivational interviewing and group dialogue. The emphasis of the third session/week was on removing barriers to financial literacy and strengthening the students' financial literacy skills the use of ABCDEF and problem-solving techniques. During fourth week/session, coaches focused on modifying students' negative attitudes towards money to positive attitudes and strengthening students' positive attitudes towards money through the use of ABCDEF and problem-solving techniques. The fifth week/session of the program focused on developing effective financial decision making skills and rational strategies for gaining self-awareness of efforts towards financial literacy through the use of cognitive, behavioral and solution-focused techniques. Sixth week/session centered around rational strategies students can use to keep track of their own money attitudes and developing selfawareness of their own attitude towards money through the use of cognitive, behavioral and solution-focused techniques. The seventh week/session focused on using rational imagery to visualize one's financial literacy skills and readiness to apply them. Week/session eight concentrates on using rational imagery to visualize one's own money attitudes and being prepared to implement positive money attitudes after acquiring them.

Treatment Fidelity
To assess the treatment's integrity, we evaluated participants' completion of the intervention. Weekly attendance records were kept, detailing how many treatment sessions each participant attended and what topics were discussed. Coaching components were adhered to through following instructions and keeping track of time. Every coach was given the opportunity to score participants' performances and track their implementation of the sessions on a weekly basis. Additionally, an external rater observed the process of the intervention as it was implemented by the coaches using a treatment integrity rating scale. In addition to the aforesaid investigation, we completed a posthoc treatment fidelity checklist using treatment fidelity procedures developed by Borrelli et al. (2005).

Data Analysis Method
The study questionnaires were subjected to reliability analyses. For the main analyses, repeated measures ANOVA (rmANOVA) was carried out at a .05 level of probability using IBM Statistical Package for the Social Sciences software (SPSS, version 22). Data screening for missing items and testing for assumption violations were conducted. The main analyses included socio-demographic covariates that differed significantly between the groups. In the rmANOVA, assessment time was used as a within-subjects factor whereas study group was used as a between-subjects factor. In addition to posthoc analyses, univariate statistics were used for baseline and follow-up analyses.

Results
The results in table 1 indicate that there were no noticeable differences in baseline status among the groups. Students in the online REBT-based coaching group had a mean age of 21.87 ± 3.07 years, whereas those in the face-to-face control condition had a mean age of 22.93 ± 5.08 years. As shown in Table 2, the results revealed a significant effect of Time [F(2, 28) = 1,091.495, p < .05, η 2 p = .98] on financial literacy among first-year undergraduate accounting students. Also, there was no significant mean difference in financial literacy scores between the two groups after the intervention [F(1, 28) = 0.900, p > .05, η 2 p = .032]. There was no significant Time and Group interaction on financial literacy among first-year undergraduate accounting students [F(2, 28) = 0.035, p > .05, η 2 p = .002]. Accordingly, both the online and face-to-face modes of REBT-based coaching improved students' financial literacy significantly. Figure 1 illustrates these results clearly. Similarly, the follow-up data supported the positive results [F(1, 28) = 0.171, p > .05, η 2 p = .006, = .006].
In Table 2, it was also revealed that Time had significant effects on first-year undergraduate accounting students' money attitudes [F(1.116, 31.253) = 154.026, p > .05, η 2 p = .846]. Following the intervention, there was no significant difference in money attitudes between the two groups [F(1, 28) = 0.348, p > .05, η 2 p = .012]. The Time by Group interaction was not significant [F(1.116, 31.253) = 0.291, p > .05, η 2 p = .010] on money attitudes among undergraduate accounting students. Accordingly, both the online and face-to-face modes of this REBT-based coaching intervention significantly improved money attitudes of first-year undergraduate accounting students. This is illustrated in figure 2. Likewise, the follow-up data also confirmed the positive results [F(1, 28) = 1.559, p > .05, η 2 p = .053, = .053] (Figure 3). There was no significant difference between students in the online and face-to-face modes regarding satisfaction with REBT-based coaching interventions they received, as determined by the univariate analysis [F(1, 28) = 0.824, p > .05, η 2 p = .029, = .029].

Discussion
In this study, we examined the effects of a REBT-based coaching on financial literacy and money attitudes among first-year undergraduate accounting students at public  universities in Nigeria. This study found that both the online and face-to-face versions of REBT-based coaching program significantly improved the financial literacy and money attitudes of first-year undergraduate accounting students. According to follow-up finding, both study groups showed favorable trends in financial literacy and attitudes toward money. This research finding supports current research which suggests that REBT-based coaching can have a significant positive effect on participants' dysfunctional attitudes (Otu, 2020). Furthermore, this research validates Onuigbo et al.'s (2018) finding that REBT-based coaching can facilitate behavioral change. In addition, this research finding supports David et al. (2016) who discovered that coaching programs can improve participants' skills. This research also supports Mehrnaz (2015) who found that cognitive behavioral intervention can reduce negative affects and increase satisfaction and positive affect in participants. This research finding supports Onyishi et al.'s (2021) finding that REBT-based coaching is effective in improving rational thinking. This research finding supports David and Bernard (2018) who demonstrated that REBT-based coaching can be beneficial in lowering unhelpful behaviors among clients. According to our findings, REBT-based coaching may be a useful tool for students to improve financial literacy and challenge problematic money attitudes. Thus, the development of REBT-based coaching programs for schools would be a positive development in this regard. Teachers and students should be encouraged to develop healthy saving habits and positive attitudes toward money through these programs. The applicability of REBT-based coaching in enhancing financial literacy and challenging problematic money attitudes among students, according to our findings, is promising. In this regard, developing REBT-based coaching programs for schools would be a welcome development.
These programs should emphasize the importance of improving financial literacy and encouraging students and teachers to develop good saving habits and a positive attitude toward money. In the same vein, these programs should improve people's financial literacy in addition to making them more knowledgeable about finances.
Students need to learn about financial literacy and develop a better attitude toward money, which makes this intervention timely. The random assignment of participants to prove that REBT-based coaching can successfully boost students' financial literacy and reduce their negative money attitudes is considered a strength of this study. The fact that the researchers compared within-group differences as well as differences between the experimental and control groups is also viewed as a strength of this study. The efforts made to ensure treatment integrity is one of the study's strengths. In addition, exposing the participants to follow-up in order to assess the intervention's long-term effects is considered a strength of this study. The study's finding indicating that a REBT-based coaching intervention may improve students' financial literacy and attitudes toward money is valuable when offering financial counseling to student clients or when implementing school coaching interventions. Furthermore, knowing that REBT-based coaching improves financial literacy and money attitudes in students can influence how school coaches handle cases of students who are financially illiterate or have experienced financial trauma. Therefore, we recommend the use of REBT-based coaching to improve students' financial literacy and attitude toward money during their first year in the university.

Limitations of the Research
This research is not without its flaws, despite its merits. Initial evaluation of the effectiveness of the REBT-based coaching program on students' financial literacy and money attitudes relied mainly on quantitative data. Additionally, there is a possibility that the survey items did not cover all of the needed variables, such as emotional, social, and psychological dimensions. All measurements were self-reported, and they closely resemble subjective evaluations. There is the possibility that respondents may misinterpret questions, and their attitudes and behaviors as well. Additionally, the research was restricted to first-year undergraduate accounting students only.

Contributions of the Research
By developing a REBT-based coaching intervention and testing its effects on financial literacy and money attitudes among first-year undergraduate accounting students, this research advances the coaching psychology literature from a new direction. This research also considered the satisfaction levels of participants in both face-to-face and online modes of the REBT-based coaching. This research contributes to the understanding that, with REBT-based coaching, it is possible to improve financial literacy and money attitudes among students, whether as a face-to-face intervention or as an online intervention. Using this coaching approach, students can gain insight into their financial actions and knowledge which will enable them to better understand their money attitudes and financial literacy. Also, students' satisfaction with the REBT-based coaching interventions they received was established, and the mode of delivery did not affect how satisfied they were.

Conclusion
The REBT-based coaching program delivered through online and face-to-face modes demonstrated promising results for improving financial literacy and money attitudes among undergraduate accounting students. The REBT-based coaching program also showed possible long-term effects. For this reason, REBT-based coaches are encouraged to use REBTbased coaching to improve financial literacy and alter negative attitudes toward money among undergraduates. As a result of the findings, the researchers propose developing coaching approaches that can help college students gain insight into their financial actions and knowledge, which will likely improve financial literacy and money attitudes in the future. Qualitative and quantitative data should be collected in future studies to gain further insight. In the future, studies may focus on merging objective and subjective data. A future research study could compare REBT-based coaching models with other psychological coaching models to gain a better understanding of how financial literacy, money attitudes, and financial planning differ, and how these differences might affect people's financial well-being. Psychological coaching programs that target particular student groups have not been widely appreciated in Nigerian universities, possibly because they are not widely available to students. There is still much to be done to ensure that all students, regardless of academic or career goals, can benefit from financial literacy programs such as REBT-based coaching. University entrepreneurship instruction must therefore be reevaluated frequently as a matter of policy.

Declaration of Conflicting Interests
The author(s) declared no potential conflicts of interest with respect to the research, authorship, and/or publication of this article.

Funding
The author(s) received no financial support for the research, authorship, and/or publication of this article.

Ethical Approval
All procedures performed in this study were in accordance with the ethical standards of the institutional and/or national research committee and with the 1964 Helsinki Declaration and its later amendments or comparable ethical standards.

Informed Consent
Informed consent was obtained from all individual participants involved in the study.