The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia
Understanding the financial well-being of lower-income group is a critical concern of any government as this group struggles most to meet up with their necessities. Despite the significance, little is known about financial well-being of low-income group. This study attempts to investigate the relati...
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my.um.eprints.351002022-09-07T02:35:42Z http://eprints.um.edu.my/35100/ The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia Rahman, Mahfuzur Isa, Che Ruhana Masud, Muhammad Mehedi Sarker, Moniruzzaman Chowdhury, Nazreen T. HB Economic Theory Business Understanding the financial well-being of lower-income group is a critical concern of any government as this group struggles most to meet up with their necessities. Despite the significance, little is known about financial well-being of low-income group. This study attempts to investigate the relationship between financial literacy, financial behaviour, financial stress, and financial well-being of B40 group in Malaysia. A total of 412 usable responses was derived from a survey in Klang Valley and analysed the data following partial least squares structural equation modelling (PLS-SEM) techniques. The results demonstrate that financial behaviour is the key antecedent followed by financial stress and financial literacy in predicting financial well-being. Hence, balancing between income and expenditure, managing financial stress, and increasing financial literacy would be necessary to assure financial well-being of lower-income group people. Governmental and institutional interventions are essential to equip the low-income group people with employment opportunities and financial knowledge to manage their basic living standards. Springer 2021-11-01 Article PeerReviewed Rahman, Mahfuzur and Isa, Che Ruhana and Masud, Muhammad Mehedi and Sarker, Moniruzzaman and Chowdhury, Nazreen T. (2021) The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia. Future Business Journal, 7 (1). ISSN 2314-7202, DOI https://doi.org/10.1186/s43093-021-00099-0 <https://doi.org/10.1186/s43093-021-00099-0>. 10.1186/s43093-021-00099-0 |
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HB Economic Theory Business Rahman, Mahfuzur Isa, Che Ruhana Masud, Muhammad Mehedi Sarker, Moniruzzaman Chowdhury, Nazreen T. The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia |
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Understanding the financial well-being of lower-income group is a critical concern of any government as this group struggles most to meet up with their necessities. Despite the significance, little is known about financial well-being of low-income group. This study attempts to investigate the relationship between financial literacy, financial behaviour, financial stress, and financial well-being of B40 group in Malaysia. A total of 412 usable responses was derived from a survey in Klang Valley and analysed the data following partial least squares structural equation modelling (PLS-SEM) techniques. The results demonstrate that financial behaviour is the key antecedent followed by financial stress and financial literacy in predicting financial well-being. Hence, balancing between income and expenditure, managing financial stress, and increasing financial literacy would be necessary to assure financial well-being of lower-income group people. Governmental and institutional interventions are essential to equip the low-income group people with employment opportunities and financial knowledge to manage their basic living standards. |
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Article |
author |
Rahman, Mahfuzur Isa, Che Ruhana Masud, Muhammad Mehedi Sarker, Moniruzzaman Chowdhury, Nazreen T. |
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Rahman, Mahfuzur Isa, Che Ruhana Masud, Muhammad Mehedi Sarker, Moniruzzaman Chowdhury, Nazreen T. |
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Rahman, Mahfuzur |
title |
The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia |
title_short |
The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia |
title_full |
The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia |
title_fullStr |
The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia |
title_full_unstemmed |
The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia |
title_sort |
role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of b40 group in malaysia |
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Springer |
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2021 |
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http://eprints.um.edu.my/35100/ |
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1744649212561195008 |
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13.18916 |