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The influence of financial knowledge, financial socialization, financial behaviour and financial strain on young adults' financial well-being


Sabri, Mohamad Fazli and Anthony, Mervin and Wijekoon, Rusitha and Ahmad Suhaimi, Siti Shazwani and Abdul Rahim, Husniyah and Magli, Amira Shazana and Mat Isa, Muhammad Pisol (2021) The influence of financial knowledge, financial socialization, financial behaviour and financial strain on young adults' financial well-being. International Journal of Academic Research in Business and Social Sciences, 11 (12). 566 - 586. ISSN 2222-6990


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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Additional Metadata

Item Type: Article
Divisions: Faculty of Human Ecology
Institute for Social Science Studies
DOI Number: https://doi.org/10.6007/IJARBSS/v11-i12/11799
Publisher: Human Resource Management Academic Research Society
Keywords: Financial knowledge; Financial socialization; Financial behaviour; Financial strain; Financial well-being
Depositing User: Ms. Che Wa Zakaria
Date Deposited: 15 Sep 2022 04:05
Last Modified: 15 Sep 2022 04:05
Altmetrics: http://www.altmetric.com/details.php?domain=psasir.upm.edu.my&doi=10.6007/IJARBSS/v11-i12/1179910.17762/turcomat.v12i9.4721
URI: http://psasir.upm.edu.my/id/eprint/95490
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