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Personal financial well-being in view of worker's involvement in comprehensive financial planning

Even with regular incomes, without careful financial planning, unexpected financial instability might occur. This study focused on the extent of comprehensive financial planning performed by public sector workers. The likelihood of financially well individuals and those following the financial plann...

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Main Authors: Abdul Rahim @ Abdul Wahab, Husniyah, Othman, Mohd Amim
Format: Conference or Workshop Item
Language:English
Published: Persatuan Ekonomi Pengguna dan Keluarga Malaysia (MACFEA) 2012
Online Access:http://psasir.upm.edu.my/id/eprint/76739/1/MACFEA16-2.pdf
http://psasir.upm.edu.my/id/eprint/76739/
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spelling my.upm.eprints.767392020-02-05T09:00:42Z http://psasir.upm.edu.my/id/eprint/76739/ Personal financial well-being in view of worker's involvement in comprehensive financial planning Abdul Rahim @ Abdul Wahab, Husniyah Othman, Mohd Amim Even with regular incomes, without careful financial planning, unexpected financial instability might occur. This study focused on the extent of comprehensive financial planning performed by public sector workers. The likelihood of financially well individuals and those following the financial planning steps to involve in comprehensive financial planning were determined. Eight ministries were selected randomly based on a list of ministries situated in Putra Jaya, Federal Territory. Self-administered questionnaires were distributed through liaison officers in those ministries resulting in 310 completed questionnaires. Data gathered were on socioeconomic characteristics, financial well-being, financial planning process, financial knowledge and financial planning components. Binomial logistic regression revealed that job category (exp(B)=0.280; p=0.007), marital status (exp(B)=0.352; p=0.022) and household income (exp(B)=0.401; p=0.027) predicted the likelihood to involve in comprehensive financial planning. Support staff, unmarried and those with low household income were more likely to financial planned comprehensively. Good financial well-being (exp(B)=1.027; p=0.005) predicted the likelihood to involve highly in comprehensive financial planning as opposed to doing financial planning process (exp(B)=0.295; p=0.0001). Fitness of the model was justified and the Nagelkerke R2 was 0.342 with the model being moderately correctly classified. The results suggest that performing incomprehensive financial planning may lead to financial instability. Persatuan Ekonomi Pengguna dan Keluarga Malaysia (MACFEA) 2012 Conference or Workshop Item PeerReviewed text en http://psasir.upm.edu.my/id/eprint/76739/1/MACFEA16-2.pdf Abdul Rahim @ Abdul Wahab, Husniyah and Othman, Mohd Amim (2012) Personal financial well-being in view of worker's involvement in comprehensive financial planning. In: Seminar Kebangsaan MACFEA ke 16 'Kelestarian dan Kualiti Hidup', 10-11 Jul. 2012, Palm Garden Hotel Putrajaya, Malaysia. (pp. 83-91).
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 Even with regular incomes, without careful financial planning, unexpected financial instability might occur. This study focused on the extent of comprehensive financial planning performed by public sector workers. The likelihood of financially well individuals and those following the financial planning steps to involve in comprehensive financial planning were determined. Eight ministries were selected randomly based on a list of ministries situated in Putra Jaya, Federal Territory. Self-administered questionnaires were distributed through liaison officers in those ministries resulting in 310 completed questionnaires. Data gathered were on socioeconomic characteristics, financial well-being, financial planning process, financial knowledge and financial planning components. Binomial logistic regression revealed that job category (exp(B)=0.280; p=0.007), marital status (exp(B)=0.352; p=0.022) and household income (exp(B)=0.401; p=0.027) predicted the likelihood to involve in comprehensive financial planning. Support staff, unmarried and those with low household income were more likely to financial planned comprehensively. Good financial well-being (exp(B)=1.027; p=0.005) predicted the likelihood to involve highly in comprehensive financial planning as opposed to doing financial planning process (exp(B)=0.295; p=0.0001). Fitness of the model was justified and the Nagelkerke R2 was 0.342 with the model being moderately correctly classified. The results suggest that performing incomprehensive financial planning may lead to financial instability.
format Conference or Workshop Item
author Abdul Rahim @ Abdul Wahab, Husniyah
Othman, Mohd Amim
spellingShingle Abdul Rahim @ Abdul Wahab, Husniyah
Othman, Mohd Amim
Personal financial well-being in view of worker's involvement in comprehensive financial planning
author_facet Abdul Rahim @ Abdul Wahab, Husniyah
Othman, Mohd Amim
author_sort Abdul Rahim @ Abdul Wahab, Husniyah
title Personal financial well-being in view of worker's involvement in comprehensive financial planning
title_short Personal financial well-being in view of worker's involvement in comprehensive financial planning
title_full Personal financial well-being in view of worker's involvement in comprehensive financial planning
title_fullStr Personal financial well-being in view of worker's involvement in comprehensive financial planning
title_full_unstemmed Personal financial well-being in view of worker's involvement in comprehensive financial planning
title_sort personal financial well-being in view of worker's involvement in comprehensive financial planning
publisher Persatuan Ekonomi Pengguna dan Keluarga Malaysia (MACFEA)
publishDate 2012
url http://psasir.upm.edu.my/id/eprint/76739/1/MACFEA16-2.pdf
http://psasir.upm.edu.my/id/eprint/76739/
_version_ 1662756565780791296
score 13.211869

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