Factors Influencing Working Adults' Awareness of Individual Financial Planning

Tan Kee Xian ()
Additional contact information
Tan Kee Xian: Faculty of Business, INTI International University, Malaysia Author-2-Name: Racheal Poh Author-2-Workplace-Name: " Inti International University, Malaysia" Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:

GATR Journals from Global Academy of Training and Research (GATR) Enterprise

Abstract: "Objective - The penetration rate of financial planning is still considered low according to a few studies done by our regulatory bodies in Malaysian and a few scholars and researchers. Therefore, the novelty of this research is ingrained in a study to explore the factors influencing working adults' awareness of individual financial planning. The possible factors included financial literacy, education level, and income level. Secondly, a critical discussion on the literature review that was done by the previous researchers regarding both the dependent variable and independent variables will be performed. Methodology/Technique - On the other hand, a quantitative study approach is employed in this study. Hence, the targeted population is working adults, with data collected through a convenient sampling approach with a minimum sample size of 120 respondents. Additionally, the questionnaire was distributed through a digital survey. Finding - Moreover, the analysis methods adopted in this study included validity tests, reliability tests, descriptive statistics, and inferential statistics. According to the findings, there is a significant relationship between financial literacy and awareness of personal financial planning among working adults in Penang. In other words, financial literacy represents a significant predictor for the dependent variable. Novelty - However, the other two independent variables are insignificant predictors of the awareness of personal financial planning among working adults in Penang. Type of Paper - Empirical"

Keywords: Financial Planning; Awareness; Financial Literacy; Education Level; Income Level. (search for similar items in EconPapers)
JEL-codes: J32 J39 (search for similar items in EconPapers)
Pages: 15
Date: 2022-09-30
New Economics Papers: this item is included in nep-fle
References: View references in EconPapers View complete reference list from CitEc
Citations:

Published in Global Journal of Business and Social Science Review, Volume 10, Issue 3.

Downloads: (external link)
http://gatrenterprise.com/GATRJournals/GJBSSR/pdf_ ... Tan%20Kee%20Xian.pdf (application/pdf)
http://gatrenterprise.com/GATRJournals/online_submission.html

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gtr:gatrjs:gjbssr621

DOI: 10.35609/gjbssr.2022.10.3(4)

Access Statistics for this paper

More papers in GATR Journals from Global Academy of Training and Research (GATR) Enterprise
Bibliographic data for series maintained by Prof. Dr. Abd Rahim Mohamad ().