The influence of financial knowledge, financial socialization, financial behaviour and financial strain on young adults' financial well-being
Financial well-being refers to one’s overall satisfaction with their current financial condition, and it plays a significant part in young adults’ overall success as well as their ability to overcome psychological health concerns. It has become a crucial concern for individuals, households, socie...
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| Main Authors: | , , , , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Human Resource Management Academic Research Society
2021
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| Online Access: | http://psasir.upm.edu.my/id/eprint/95490/1/The%20Influence%20of%20Financial%20Knowledge.pdf http://psasir.upm.edu.my/id/eprint/95490/ https://hrmars.com/papers_submitted/11799/the-influence-of-financial-knowledge-financial-socialization-financial-behaviour-and-financial-strain-on-young-adults-financial-well-being.pdf |
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| Summary: | Financial well-being refers to one’s overall satisfaction with their current financial condition,
and it plays a significant part in young adults’ overall success as well as their ability to
overcome psychological health concerns. It has become a crucial concern for individuals,
households, societies, and countries in recent years, yet research on the subject is sparse and
dispersed among fields. As a result, the current research assessed an empirical financial wellbeing model based on Malaysian young adults’ financial knowledge, financial socialization,
financial behavior and financial strain. A multi stage random sampling method was performed
to draw a representative sample of Malaysian young adults, and 651 duly filled responses
were received through the self-administered questionnaire. As stated by the multiple
regression results, 16.1% of the total variance of financial well-being was clarified by the
model. All four financial well-being determinants examined (financial knowledge, financial
socialization, financial behavior, financial strain) were revealed significant, and only financial
strain had a negative relationship with financial well-being. Therefore, current study has both
the theoretical and practical contributions, and offers experts with actionable insights
regarding the determinants of young adults’ financial well-being when designing policies to
uplift their financial well-being over time. |
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