Factors Affecting Subjective Financial Well-Being of Emerging Adults in Malaysia

Min Wen Loo, Yoke Chin Kuah () and Feng Mei Liew ()
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Min Wen Loo: Universiti Tunku Abdul Rahman, Faculty of Business and Finance
Yoke Chin Kuah: Universiti Tunku Abdul Rahman, Faculty of Business and Finance
Feng Mei Liew: Universiti Tunku Abdul Rahman, Faculty of Business and Finance

A chapter in Proceedings of the 10th International Conference on Business, Accounting, Finance and Economics (BAFE 2022), 2023, pp 132-148 from Springer

Abstract: Abstract Many emerging adults experience financial stress which causes a low subjective financial well-being, especially in Malaysia. Many uncertainties make emerging adults feel worried about their financial conditions, especially during the Covid-19 pandemic period. This phenomenon has attracted the authors’ attention to learn the determinants of the subjective financial well-being of this group in Malaysia. In terms of data collection, questionnaires were distributed to emerging adults in Klang Valley. Then, the SPSS software is used for data analysis. The results showed that the subjective financial well-being of Malaysian emerging adults could be influenced by psychological factors such as financial stress and internal locus of control, own’s attitude towards finance as well as financial knowledge. Gender has been added as a moderating variable to examine its impact on financial knowledge and SFWB and it showed a significant result too. This research could serve as a reference for the government and stakeholders for enhancing financial well-being at the stage of emerging adulthood.

Keywords: Financial well-being; Emerging adults; Covid-19 pandemic; Financial stress; Internal locus of control; financial attitude (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-2-494069-99-2_11

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DOI: 10.2991/978-2-494069-99-2_11

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