The influence of money attitude, financial practices, self-efficacy and emotion coping on employees’ financial well-being

Abstract

Financial Stability and Payment Systems Report of the Bank Negara Malaysia reported that household debt grew by 5.4% to RM1.09 trillion from a year earlier. Notably, households merely borrow or use credit for purchasing in order to smoothen their consumption. Less secure and vulnerable current, and retirement stages would be the result among public employees in Malaysia due to high household debts. Enhancing trend of better financial management practices is essential, especially for working employees due to the increased levels of existing personal indebtedness, and increasing focus on personal responsibility for financial planning among them. Nowadays, employee's role in managing their finances is becoming complex due to experiencing with the complexity of financial commodities in the marketplace. Therefore, studying of the determinants of employees' financial well-being (FWB) among employees in Malaysia is the major objective of this research. The sample of 590 employees in the public sector from four states was selected by applying multi stage sampling technique. The data gathering was accomplished using a self-administered questionnaire. According to the regression analysis, contribution of the variables to the model was 32.3%. Money attitude, financial practices, self-efficacy, and emotion coping had conspicuous contribution to FWB, while financial practices were identified as the key performing aspect to FWB. The findings of this study are beneficial to the government, and Non-Governmental Organizations (NGOs) to create a comprehensive approach specially to advance the living standards, and enhance the FWB of the lower-household income cluster of employees. More comprehension about the determinants of FWB plays a vital role to support workers to equip with financial prudence, and in the longrun would minimize the rate of Malaysian workers with financial difficulties.

Podcast acceptance for pedagogy: the levels and significant influences

“…This section discussed the HO 1a result, which addressed the significant influence of effort expectancy on variance changes in use behaviour. For instance, the significant influence of a factor is its ability to determine variance changes in another factor ( Sabri et al, 2020 ).…”

Attitudes Toward Money and Control Strategies of Financial Behavior: A Comparison Between Overindebted and Non-overindebted Consumers

“…Money attitudes have a multifaceted nature with different dimensions (e.g., Yamauchi and Templer, 1982), which according to the tripartite model of attitudes (Rosenberg and Hovland, 1960;Chatterjee et al, 2018), may be classified in three components (or indicators): a cognitive (e.g., money as achievement), an affective (money as a source of anxiety), and a behavioral component (budget and money monitoring). However, research using different measures of money attitudes, such as Yamauchi andTempler's (1982) MAS, andFurnham's (1984) Money Beliefs and Behavior Scale, often ignore these instruments multifactorial dimensions and use a money attitude index across all (or part of the) scales items (e.g., Qamar et al, 2016;Sabri et al, 2020). In our case, the money attitude measure only tapped the behavioral component of this attitude and included only two items.…”

“…More recently, Sabri et al (2020), studied the determinants of employees' financial well-being in Malaysia and found out that money attitudes, substantially contributed to employee's fulfilment of current and ongoing financial obligations (above and beyond financial practices, self-efficacy, and emotional coping).…”

Psychological Determinants of Household Financial Sustainability: The Perspective of Employees in Manufacturing Sector of Malaysia

“…In the last five years, a few Malaysians between the ages of 18 and 44 have been declared bankrupt. According to data from the Insolvency Department, the highest number of adolescent bankruptcy cases were registered in 2014, with a total of 13,098 cases, followed by 13,036 cases in 2013 (Sabri, Wijekoon, & Rahim, 2020). This problem can be complicated by identifying potential bankrupts and the factors that go along with them.…”

“…Demographic and socioeconomic characteristics, such as age, gender, ethnicity, education, marital status, and income, are the most generally known criteria. Although certain demographic factors have been linked to FS, other variables such as financial attitude, and financial self-efficacy (Sabri et al, 2020) may also have an effect. As a result, the primary goal of this study is to investigate the factors that influence FS among employees working in manufacturing sector of Malaysia.…”