Pathways to financial success: Determinants of financial literacy and financial well-being among young adults

Sabri, Mohamad Fazli

doi:10.31274/etd-180810-1956

Cited by 30 publications

(39 citation statements)

References 51 publications

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“…Religion often plays an essential role in influencing how individuals cope with financial decision. In other words, a person is actually fundamentally tied to his religious practices whenever he reacts with his own money (Sabri, 2011). This is substantiated in a study among UAE investors which established a positive relationship between religiosity and financial literacy (Al-Tamimi & Kalli,…”

Section: Responsibility Of the Organizing Committee Of The Conferencementioning

confidence: 67%

Factor Analysis of Islamic Financial Literacy and Its Determinants: A Pilot Study

Hamed¹,

Rashid²,

Rahim³

2016

European Proceedings of Social &Amp; Behavioural Sciences

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Islamic financial literacy has been recognised as an important tool to increase inclusiveness. To date however, the constructs for Islamic financial literacy has not been adequately examined even though they have been calls for such attempt in the literature. Thus, this paper aims to develop the constructs for Islamic financial literacy and its determinants. Structured questionnaires were distributed to 200 students of Universiti Utara Malaysia to determine the level of Islamic financial literacy. The data are quantitatively analyzed through an exploratory factor analysis using SPSS programme. The results show that 4 out of 11 measures failed to load reliably in Islamic financial literacy construct. Specifically, religiosity was found to exhibit the highest variance followed by hopelessness and financial satisfaction. This paper enables the community and researchers to expand the knowledge in the area of Islamic financial literacy by providing a validated constructs to assess the level of Islamic financial literacy.

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Section: Responsibility Of the Organizing Committee Of The Conferencementioning

confidence: 67%

Factor Analysis of Islamic Financial Literacy and Its Determinants: A Pilot Study

Hamed¹,

Rashid²,

Rahim³

2016

European Proceedings of Social &Amp; Behavioural Sciences

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“…Moreover, personal financial management practices as the cumulative set of behaviours which comprise strategies, determination, and decision that was related in the field of retirement, insurance, capital, credit, and finance [6]. The previous study found that the key to achieving financial well-being is financial management [5,7,8,9]. Therefore, based on the findings from previous studies, it can be assumed that an individual that practices good personal financial management practices will eventually obtain prosperous financial wellbeing.…”

Section: Literature Reviewmentioning

confidence: 99%

Gender, Educational Qualification and Ethnicity Differences in Personal Financial Management Practices among Generation Y in Malaysia

Ansar

Karim

Osman

et al. 2019

AJEBA

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This paper examines gender, educational qualification, and ethnicity differences in personal financial management practices among Generation Y in Malaysia. The issue of this study concerns the number of young generation identified as Generation Y, who has been declared bankruptcy keep on increasing year-to-year. Therefore, this study focuses on Generation Y, who was born from 1981 to 2001 and included respondents from all the states of Malaysia. The Statistical Package for the Social Sciences version 25.0 (SPSS 25.0) was used to analyse a total of 119 valid questionnaires collected using the Chi-Square test. The findings displayed that only ethnicity differences in personal financial management practices among Generation Y in Malaysia were found. The results of the study can be used as guidelines by the Malaysian government agencies and policymakers. They can also enhance their knowledge regarding financial needs and education to improve peoples’ personal financial management practices as well as being an alternative in finding the solution to control the bankruptcy problem among members of Generation Y in Malaysia.

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“…These behaviors facilitate in making informed financial decisions through better future planning and managing resources effectively. The prevailing literature advocates that a variety of socio-economic characteristics, as well as a diverse set of personal attributes, guide about these behaviors ( Gutter and Copur, 2011 ; Sabri, 2011 ; Danes and Yang, 2014 ; Strömbäck et al, 2017 ; Fan et al, 2018 ).…”

Section: Introductionmentioning

confidence: 99%

Financial Socialization, Childhood Experiences and Financial Well-Being: The Mediating Role of Locus of Control

Ullah

Kong

2020

Front. Psychol.

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The present study evaluates an empirical model of financial well-being (FWB) based on early childhood consumer experiences (ECCE) and financial socialization (FS). FWB is the overall satisfaction with one’s current financial situation, and that plays a vital role in the overall success and helps to overcome psychological health issues among adults. The results of the study suggested that ECCE has a significant direct effect on the FWB among adults. Moreover, FS agents such as peers harm the financial well-being of the adults. The results also revealed that financial locus of control (LOC) mediates the relationship between FS agents such as parents, teachers, and FWB. Surprisingly, FS agent peers and ECCE do not affect the FWB of adults when LOC works as a mediator. Possibly, when adults socialize more with parents and teachers, they often disregard the role of peers. Adults’ belief and confidence in their skills are vital in explaining the above relationships. Educationists and practitioners should focus on improving discussions with parents and teachers about the financial matters that result in improvements in financial well-being. The present study also provides theoretical and practical implications for adults, parents, and policymakers.

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Pathways to financial success: Determinants of financial literacy and financial well-being among young adults

Cited by 30 publications

References 51 publications

Factor Analysis of Islamic Financial Literacy and Its Determinants: A Pilot Study

Factor Analysis of Islamic Financial Literacy and Its Determinants: A Pilot Study

Gender, Educational Qualification and Ethnicity Differences in Personal Financial Management Practices among Generation Y in Malaysia

Financial Socialization, Childhood Experiences and Financial Well-Being: The Mediating Role of Locus of Control

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