The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia

Abstract Understanding the financial well-being of lower-income group is a critical concern of any government as this group struggles most to meet up with their necessities. Despite the significance, little is known about financial well-being of low-income group. This study attempts to investigate t...

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Autores principales:	Mahfuzur Rahman, Che Ruhana Isa, Muhammad Mehedi Masud, Moniruzzaman Sarker, Nazreen T. Chowdhury
Formato:	article
Lenguaje:	EN
Publicado:	SpringerOpen 2021
Materias:	Financial well-being Financial behaviour Financial literacy Financial stress Malaysian B40 income group Business HF5001-6182 Finance HG1-9999
Acceso en línea:	https://doaj.org/article/82e1f1daf424471eb5ab1ff201b5503d
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spelling	oai:doaj.org-article:82e1f1daf424471eb5ab1ff201b5503d2021-11-07T12:15:05ZThe role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia10.1186/s43093-021-00099-02314-7210https://doaj.org/article/82e1f1daf424471eb5ab1ff201b5503d2021-11-01T00:00:00Zhttps://doi.org/10.1186/s43093-021-00099-0https://doaj.org/toc/2314-7210Abstract Understanding the financial well-being of lower-income group is a critical concern of any government as this group struggles most to meet up with their necessities. Despite the significance, little is known about financial well-being of low-income group. This study attempts to investigate the relationship between financial literacy, financial behaviour, financial stress, and financial well-being of B40 group in Malaysia. A total of 412 usable responses was derived from a survey in Klang Valley and analysed the data following partial least squares structural equation modelling (PLS-SEM) techniques. The results demonstrate that financial behaviour is the key antecedent followed by financial stress and financial literacy in predicting financial well-being. Hence, balancing between income and expenditure, managing financial stress, and increasing financial literacy would be necessary to assure financial well-being of lower-income group people. Governmental and institutional interventions are essential to equip the low-income group people with employment opportunities and financial knowledge to manage their basic living standards.Mahfuzur RahmanChe Ruhana IsaMuhammad Mehedi MasudMoniruzzaman SarkerNazreen T. ChowdhurySpringerOpenarticleFinancial well-beingFinancial behaviourFinancial literacyFinancial stressMalaysian B40 income groupBusinessHF5001-6182FinanceHG1-9999ENFuture Business Journal, Vol 7, Iss 1, Pp 1-18 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Financial well-being Financial behaviour Financial literacy Financial stress Malaysian B40 income group Business HF5001-6182 Finance HG1-9999
spellingShingle	Financial well-being Financial behaviour Financial literacy Financial stress Malaysian B40 income group Business HF5001-6182 Finance HG1-9999 Mahfuzur Rahman Che Ruhana Isa Muhammad Mehedi Masud Moniruzzaman Sarker Nazreen T. Chowdhury The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia
description	Abstract Understanding the financial well-being of lower-income group is a critical concern of any government as this group struggles most to meet up with their necessities. Despite the significance, little is known about financial well-being of low-income group. This study attempts to investigate the relationship between financial literacy, financial behaviour, financial stress, and financial well-being of B40 group in Malaysia. A total of 412 usable responses was derived from a survey in Klang Valley and analysed the data following partial least squares structural equation modelling (PLS-SEM) techniques. The results demonstrate that financial behaviour is the key antecedent followed by financial stress and financial literacy in predicting financial well-being. Hence, balancing between income and expenditure, managing financial stress, and increasing financial literacy would be necessary to assure financial well-being of lower-income group people. Governmental and institutional interventions are essential to equip the low-income group people with employment opportunities and financial knowledge to manage their basic living standards.
format	article
author	Mahfuzur Rahman Che Ruhana Isa Muhammad Mehedi Masud Moniruzzaman Sarker Nazreen T. Chowdhury
author_facet	Mahfuzur Rahman Che Ruhana Isa Muhammad Mehedi Masud Moniruzzaman Sarker Nazreen T. Chowdhury
author_sort	Mahfuzur Rahman
title	The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia
title_short	The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia
title_full	The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia
title_fullStr	The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia
title_full_unstemmed	The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia
title_sort	role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of b40 group in malaysia
publisher	SpringerOpen
publishDate	2021
url	https://doaj.org/article/82e1f1daf424471eb5ab1ff201b5503d
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The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia

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