Determinants of financial resilience: insights from an emerging economy

Fazelina Sahul Hamid (), Yiing Jia Loke () and Phaik Nie Chin ()
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Fazelina Sahul Hamid: University of the West of England
Yiing Jia Loke: Universiti Sains Malaysia
Phaik Nie Chin: Universiti Sains Malaysia

Journal of Social and Economic Development, 2023, vol. 25, issue 2, No 12, 479-499

Abstract: Abstract The Organisation for Economic Co-operation and Development Financial Literacy Survey of 2018 response is used to study the impact of financial knowledge, financial inclusion, and socio-demographic characteristics on financial resilience. The measurement of financial resilience considers elements related to keeping control of money, taking care of expenditures, having a financial cushion, handling financial shortfall or stress, and having financial planning. Using a sample of 3395 individuals across Malaysia, we find that greater financial knowledge is associated with the probability of being financially resilient. Greater financial inclusion in terms of having more bank accounts and holding more financial products is linked to the probability of being financially resilient. We also find that financial resilience varies across certain socio-demographic characteristics. Implications of the findings are discussed.

Keywords: Financial resilience; Financial inclusion; Financial literacy; Malaysia (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s40847-023-00239-y

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