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Impact of financial behaviour on financial well-being: evidence among young adults in Malaysia

The high cost of living and prolonged lockdowns due to the COVID-19 pandemic made the financial well-being of individuals vulnerable, especially young adults. This paper examines the impact of financial behaviour on financial well-being (FWB) among young Malaysians during the COVID-19 pandemic. The...

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Main Authors: Sabri, Mohamad Fazli, Anthony, Mervin, Law, Siong Hook, Abdul Rahim@Abdul Wahab, Husniyah, Burhan, Nik Ahmad Sufian, Ithnin, Muslimah
Format: Article
Language:English
Published: Palgrave Macmillan 2023
Online Access:http://psasir.upm.edu.my/id/eprint/108291/1/108291.pdf
http://psasir.upm.edu.my/id/eprint/108291/
https://link.springer.com/article/10.1057/s41264-023-00234-8?error=cookies_not_supported&code=438fb2f0-250c-4eb0-905d-0dffda9f6130
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spelling my.upm.eprints.1082912025-03-04T04:16:02Z http://psasir.upm.edu.my/id/eprint/108291/ Impact of financial behaviour on financial well-being: evidence among young adults in Malaysia Sabri, Mohamad Fazli Anthony, Mervin Law, Siong Hook Abdul Rahim@Abdul Wahab, Husniyah Burhan, Nik Ahmad Sufian Ithnin, Muslimah The high cost of living and prolonged lockdowns due to the COVID-19 pandemic made the financial well-being of individuals vulnerable, especially young adults. This paper examines the impact of financial behaviour on financial well-being (FWB) among young Malaysians during the COVID-19 pandemic. The study collected variable data on financial literacy, financial behaviour, financial socialisation, self-control, financial technology and FWB. To collect a representative sample of Malaysian young adults, a multi-stage random sampling method was used, and 360 young adults aged 18–29 years old completed the questionnaires. Structural equation modelling was adopted to investigate the factors influencing young adults' FWB. The empirical findings revealed a significant mediating effect of financial behaviour in the relationships between financial literacy, financial socialisation, self-control, financial technology, and FWB. The research concluded that the mediation analysis yields a clear and firm conclusion that financial behaviour is important in empowering young adults’ FWB. Thus, the present study adds value to the existing literature on the relationship between financial behaviour and FWB. Furthermore, the paper’s findings will assist government agencies and non-governmental organisations in developing outreach programmes for young adults per the strategies outlined in the Twelfth Malaysia Plan and the aspirations pledged in the Malaysian Youth Policy 2015–2035. Palgrave Macmillan 2023 Article PeerReviewed text en http://psasir.upm.edu.my/id/eprint/108291/1/108291.pdf Sabri, Mohamad Fazli and Anthony, Mervin and Law, Siong Hook and Abdul Rahim@Abdul Wahab, Husniyah and Burhan, Nik Ahmad Sufian and Ithnin, Muslimah (2023) Impact of financial behaviour on financial well-being: evidence among young adults in Malaysia. Journal of Financial Services Marketing, 29 (3). pp. 788-807. ISSN 1363-0539; eISSN: 1479-1846 https://link.springer.com/article/10.1057/s41264-023-00234-8?error=cookies_not_supported&code=438fb2f0-250c-4eb0-905d-0dffda9f6130 10.1057/s41264-023-00234-8
institution Universiti Putra Malaysia
building UPM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Putra Malaysia
content_source UPM Institutional Repository
url_provider http://psasir.upm.edu.my/
language English
description The high cost of living and prolonged lockdowns due to the COVID-19 pandemic made the financial well-being of individuals vulnerable, especially young adults. This paper examines the impact of financial behaviour on financial well-being (FWB) among young Malaysians during the COVID-19 pandemic. The study collected variable data on financial literacy, financial behaviour, financial socialisation, self-control, financial technology and FWB. To collect a representative sample of Malaysian young adults, a multi-stage random sampling method was used, and 360 young adults aged 18–29 years old completed the questionnaires. Structural equation modelling was adopted to investigate the factors influencing young adults' FWB. The empirical findings revealed a significant mediating effect of financial behaviour in the relationships between financial literacy, financial socialisation, self-control, financial technology, and FWB. The research concluded that the mediation analysis yields a clear and firm conclusion that financial behaviour is important in empowering young adults’ FWB. Thus, the present study adds value to the existing literature on the relationship between financial behaviour and FWB. Furthermore, the paper’s findings will assist government agencies and non-governmental organisations in developing outreach programmes for young adults per the strategies outlined in the Twelfth Malaysia Plan and the aspirations pledged in the Malaysian Youth Policy 2015–2035.
format Article
author Sabri, Mohamad Fazli
Anthony, Mervin
Law, Siong Hook
Abdul Rahim@Abdul Wahab, Husniyah
Burhan, Nik Ahmad Sufian
Ithnin, Muslimah
spellingShingle Sabri, Mohamad Fazli
Anthony, Mervin
Law, Siong Hook
Abdul Rahim@Abdul Wahab, Husniyah
Burhan, Nik Ahmad Sufian
Ithnin, Muslimah
Impact of financial behaviour on financial well-being: evidence among young adults in Malaysia
author_facet Sabri, Mohamad Fazli
Anthony, Mervin
Law, Siong Hook
Abdul Rahim@Abdul Wahab, Husniyah
Burhan, Nik Ahmad Sufian
Ithnin, Muslimah
author_sort Sabri, Mohamad Fazli
title Impact of financial behaviour on financial well-being: evidence among young adults in Malaysia
title_short Impact of financial behaviour on financial well-being: evidence among young adults in Malaysia
title_full Impact of financial behaviour on financial well-being: evidence among young adults in Malaysia
title_fullStr Impact of financial behaviour on financial well-being: evidence among young adults in Malaysia
title_full_unstemmed Impact of financial behaviour on financial well-being: evidence among young adults in Malaysia
title_sort impact of financial behaviour on financial well-being: evidence among young adults in malaysia
publisher Palgrave Macmillan
publishDate 2023
url http://psasir.upm.edu.my/id/eprint/108291/1/108291.pdf
http://psasir.upm.edu.my/id/eprint/108291/
https://link.springer.com/article/10.1057/s41264-023-00234-8?error=cookies_not_supported&code=438fb2f0-250c-4eb0-905d-0dffda9f6130
_version_ 1825810695858421760
score 13.244413

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