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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: Nga, Joyce Koe Hwee *, Yeoh, K. K.
Format: Article
Language:English
Published: Universiti Malaysia Sarawak 2021
Subjects:
HG Finance
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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spelling my.sunway.eprints.19222021-12-03T06:06:35Z http://eprints.sunway.edu.my/1922/ Factors influencing financial planning for marriage amongst young Malaysian couples Nga, Joyce Koe Hwee * Yeoh, K. K. HG Finance 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. Universiti Malaysia Sarawak 2021 Article PeerReviewed text en cc_by_nc_4 http://eprints.sunway.edu.my/1922/1/Joyce%20Factors%20Influencing%20Financial%20Planning%20for%20Marriage%20amongst%20Young%20Malaysian%20Couples.pdf Nga, Joyce Koe Hwee * and Yeoh, K. K. (2021) Factors influencing financial planning for marriage amongst young Malaysian couples. International Journal of Business and Society, 22 (1). pp. 33-54. ISSN 1511-6670 http://www.ijbs.unimas.my/
institution Sunway University
building Sunway Campus Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Sunway University
content_source Sunway Institutional Repository
url_provider http://eprints.sunway.edu.my/
language English
topic HG Finance
spellingShingle HG Finance
Nga, Joyce Koe Hwee *
Yeoh, K. K.
Factors influencing financial planning for marriage amongst young Malaysian couples
description 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.
format Article
author Nga, Joyce Koe Hwee *
Yeoh, K. K.
author_facet Nga, Joyce Koe Hwee *
Yeoh, K. K.
author_sort Nga, Joyce Koe Hwee *
title Factors influencing financial planning for marriage amongst young Malaysian couples
title_short Factors influencing financial planning for marriage amongst young Malaysian couples
title_full Factors influencing financial planning for marriage amongst young Malaysian couples
title_fullStr Factors influencing financial planning for marriage amongst young Malaysian couples
title_full_unstemmed Factors influencing financial planning for marriage amongst young Malaysian couples
title_sort factors influencing financial planning for marriage amongst young malaysian couples
publisher Universiti Malaysia Sarawak
publishDate 2021
url 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/
_version_ 1718929292830703616
score 13.211869

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