Assessing financial management behaviour in young adults: A factor analysis approach

Managing personal finances is a common struggle for many, young adults included. Malaysia Department of Insolvency reported gradual increment of bankruptcy cases among people in the age group of 25 and below. The alarming statistics requires intervention, thus more indepth study should focus on youn...

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Bibliographic Details
Main Authors: Sapiri, Hasimah, Yusof, Zahayu Md, Misiran, Masnita, Mahat, Nor Idayu, Ashaari, Nur Najihah
Format: Conference Proceeding
Language:English
Subjects:
Adults
Bankruptcy
Factor analysis
Financial management
Young adults
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Summary:Managing personal finances is a common struggle for many, young adults included. Malaysia Department of Insolvency reported gradual increment of bankruptcy cases among people in the age group of 25 and below. The alarming statistics requires intervention, thus more indepth study should focus on young adult’s financial management behaviour. This age category should be catered since they can make better financial decision in their future. Thus, this study assesses young adult’s financial management behaviour by determining factors that influence their financial decisions. A sample of 203 data was gathered by using self-administered questionnaire distributed among young adults and analyzed by using Statistical Package for Social Science (SPSS). The findings suggest factors that have a significant influence on financial management are financial attitude, financial knowledge, financial education and financial behavior.
ISSN:0094-243X
1551-7616
DOI:10.1063/5.0177171