Financial knowledge, attitude and behaviour of young working adults in Malaysia

Yong, Chen Chen and Yew, Siew Yong and Wee, Chu Kok (2018) Financial knowledge, attitude and behaviour of young working adults in Malaysia. Institutions and Economies, 10 (4). pp. 21-48. ISSN 2232-1640,

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A conceptual model was proposed based on the theory of planned behaviour to examine the relationship between financial knowledge, attitude, behaviour and financial literacy among young working adults in Malaysia. Perceiving financial literacy as a developmental process which includes knowledge and application dimensions, the proposed model was tested on a sample of 1915 young working adults from Klang Valley, Malaysia. Data was analysed using structural equation modelling (SEM). Results indicated financial education positively influenced financial knowledge which in turn, significantly predicted both financial attitude and behaviour. Attitude partially mediated the effect of knowledge on behaviour. Analysis revealed that in terms of financial attitude, “future and non-impulsiveness” was significant while in financial behaviour, “expenditure monitoring and saving behaviour” was critical. In terms of ethnic background, the Chinese possessed the highest financial knowledge and behaviour while Indians possessed the highest financial attitude. No gender difference was noted on any relationships. Initiatives and interventions on making financial education accessible as well as gradual change of attitude are recommended for immediate actions.

Item Type: Article
Uncontrolled Keywords: Behaviour; Financial attitude and financial literacy; Knowledge; Theory of planned behaviour
Subjects: H Social Sciences > HG Finance
Divisions: Faculty of Economics & Administration
Depositing User: Ms. Juhaida Abd Rahim
Date Deposited: 12 Feb 2019 07:11
Last Modified: 12 Feb 2019 07:11

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