Factors influencing financial planning for marriage amongst young Malaysian couples
Financial planning for marriage contributes to happier, more satisfying and longer-lasting unions. However, there is increasing evidence that young Malaysian couples are burdened by excessive debts and have a tendency to overspend on their wedding. Based on the Theory of Planned Behaviour, the cur...
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| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Universiti Malaysia Sarawak
2021
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| Subjects: | |
| Online Access: | http://eprints.sunway.edu.my/1922/1/Joyce%20Factors%20Influencing%20Financial%20Planning%20for%20Marriage%20amongst%20Young%20Malaysian%20Couples.pdf http://eprints.sunway.edu.my/1922/ http://www.ijbs.unimas.my/ |
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| Summary: | Financial planning for marriage contributes to happier, more satisfying and longer-lasting unions. However,
there is increasing evidence that young Malaysian couples are burdened by excessive debts and have a
tendency to overspend on their wedding. Based on the Theory of Planned Behaviour, the current study
investigates key factors — financial literacy, attitude towards money, attitude towards debt, financial goals
and social influence — that are likely to influence the degree of financial planning for marriage undertaken
by married and soon-to-be-married couples. The study also examines the mediating role of financial literacy
on the relationships between the aforementioned key factors and financial planning for marriage. The study
collected data from a sample of 201 respondents recruited via purposive sampling and used a bootstrapped
partial least squares structural equation modelling (PLS-SEM) approach for data analysis. The results
showed that (i) financial literacy positively influences financial planning for marriage; (ii) attitude towards
money, financial goals and social influence positively influence both financial literacy and financial
planning for marriage; (iii) attitude towards debt has a negative influence on financial planning for marriage
but no influence on financial literacy; and (iv) financial literacy has a mediating effect. The findings
highlight the importance of financial counselling, education as well as discipline in bringing about
successful marriages. |
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