Weitere Artikel dieser Ausgabe durch Wischen aufrufen
Achieving a state of being financially satisfied is a more feasible aim than becoming debt-free, which requires well strategized economic behaviors over one’s life cycle. Furthermore, financial satisfaction can describe an individual’s perception concerning his/her current financial situation. In this study, we developed and tested a conceptual model to predict the level of financial satisfaction among Malaysian working individuals. Specifically, the model explains how financial planning (FP) directly affects financial satisfaction and mediates the effects of financial literacy (FL) and basic money management (BMM). The hypotheses were tested using survey data from 1,957 respondents who attended investment seminars across Malaysia. The results from partial least squares analyses suggest that FP is an important determinant of financial satisfaction, whereas BMM does not affect satisfaction directly. In addition, FL and attitude towards money were found to be significant antecedent variables of FP. The study also found that the current FL level in Malaysia is moderately high at 66.7 % based on tier one financial quiz questions. From the findings, with the increasingly complex financial systems, we conclude that everyone should manage and plan their financial activities well ahead because people will face many differing financial commitments at certain points in their lives.
Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten
Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:
Abreu, M., & Mendes, V. (2010). Financial literacy and portfolio diversification. Quantitative Finance, 10(5), 515–528. CrossRef
Agarwal, S., Amromin, G., Ben-David, I., Chomsisengphet, S., & Evanoff, D. D. (2011). Financial counseling, financial literacy, and household decision making. In O. S. Mitchell & A. Lusardi (Eds.), Financial Literacy: Implications for retirement security and the financial marketplace (pp. 181–205). Oxford: Oxford University Press.
Agarwal, S., Driscoll, J. C., Gabaix, X., & Laibson, D. (2006). Financial mistakes over the life cycle. Working paper, Harvard University.
ANZ. (2008). ANZ survey of adult financial literacy in Australia. Melbourne: Australia and New Zealand Banking Group Limited.
Atkinson, A., & Messy, F. A. (2011). Assessing financial literacy in 12 countries: An OECD pilot exercise. Netspar Discussion Paper, 01/2011-014.
Barki, H., & Hartwick, J. (1994). Measuring user participation, user involvement, and user attitude. MIS Quarterly, 18(1), 59–82. CrossRef
Bernheim, D., Garrett, D., & Maki, D. (2001). Education and saving: The long-term effects of high school financial curriculum mandates. Journal of Public Economics, 85(3), 435–565. CrossRef
BM. (2013). Bursa Malaysia 2012 annual report. Kuala Lumpur: Bursa Malaysia Berhad.
BNM. (2010). Appointment of research company to conduct survey on financial literacy. Retrieved January 5, 2011, from http://www.bnm.gov.my/documents/tender/2010/briefing_oecd_survey.doc.
BNM (2012). Monthly Statistical Bulletin: March 2012. Kuala Lumpur: Bank Negara Malaysia.
BNM. (2013). Annual insurance statistics 2012. Kuala Lumpur: Bank Negara Malaysia.
Boon, T. H., Yee, H. S., & Ting, H. W. (2011). Financial literacy and personal financial planning in Klang Valley, Malaysia. International Journal of Economics and Management, 5(1), 149–168.
Borden, L. M., Lee, S.-A., Serido, J., & Collins, D. (2008). Changing college students’ financial knowledge, attitudes, and behavior through seminar participation. Journal of Family Economic Issues, 29(1), 23–40. CrossRef
Burchardt, T. (2005). Are one man’s rags another man’s riches? Identifying adaptive expectations using panel data. Social Indicators Research, 74(1), 57–102. CrossRef
Campbell, A. (1981). The sense of well-being in America: Recent patterns and trends. New York: McGraw Hill.
Chin, W. W. (1998). The partial least squares approach to structural equation modeling. In G. A. Marcoulides (Ed.), Modern methods for business research (pp. 295–336). Mahwah, NJ: Lawrence Eribaum Associates.
Cohen, J. (1988). Statistical power analysis for the behavioral sciences (2nd ed.). Hillsdale, NJ: Erlbaum.
Cole, S., Sampson, T., & Zia, B. (2010). Prices or knowledge? What drives demand for financial services in emerging markets? The Journal of Finance, 66(6), 1933–1967. CrossRef
Department of Statistics Malaysia. (2013). Labour force statistics, Malaysia, December 2012. Putrajaya: Department of Statistics Malaysia.
Dhar, R., & Zhu, N. (2006). Up close and personal: Investor sophistication and the disposition effect. Management Science, 52(5), 726–740. CrossRef
Draughn, P. S., LeBoeuf, R. C., Wozniak, P. J., Lawrence, F. C., & Welch, L. R. (1994). Divorcees’ economic well-being and financial adequacy as related to interfamily grants. Journal of Divorce & Remarriage, 22(1–2), 23–35. CrossRef
FiMM. (2013). Federation of Investment Managers Malaysia 2012 annual report. Kuala Lumpur: Federation of Investment Managers Malaysia.
FPSB. (2011). Financial planning curriculum framework. Denver, CO: Financial Planning Standards Board Ltd.
Furnham, A. (1984). Many sides of the coin: The psychology of money usage. Personality and Individual Differences, 5(5), 501–509. CrossRef
Gartner, K., & Todd, R. M. (2005). Effectiveness of online ‘early intervention’ financial education for credit cardholders. Paper presented at the Federal Reserve System Community Affairs research conference, Washington , DC, April 7–8, 2005.
Godwin, D. D. (1994). Antecedents and consequences of newlyweds’ cash flow management. Financial Counseling and Planning, 5, 161–190.
Greenley, J. R., Greenberg, J. S., & Brown, R. (1997). Measuring quality of life: A new and practical survey instrument. Social Work, 42(3), 244–254. CrossRef
Hair, J. F., Black, W. C., Babin, B. J., Anderson, R. E., & Tatham, R. L. (2006). Multivariate data analysis (6th ed.). Upper Saddle River, NJ: Prentice Hall.
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2013). A primer on partial least squares structural equation modeling (PLS-SEM). Thousand Oaks: Sage.
Henseler, J., Ringle, C. M., & Sinkovics, R. R. (2009). The use of partial least squares path modelling in international marketing. In R. R. Sinkovics & P. N. Ghauri (Eds.), Advances in international marketing (pp. 227–319). Bingle: Emerald. CrossRef
Hilgert, M. A., Hogarth, J. M., & Beverly, S. G. (2003). Household financial management: The connection between knowledge and behavior. Federal Reserve Bulletin, 89(7), 309–322.
Hira, T. K., & Mugenda, O. M. (1998). Predictors of financial satisfaction: Differences between retirees and non-retirees. Financial Counseling and Planning, 9(2), 75–83.
Huston, S. J. (2010). Measuring financial literacy. The Journal of Consumer Affair, 44(2), 296–316. CrossRef
Ibrahim, D., Harun, R., & Isa, Z. M. (2009). A study on financial literacy of Malaysian degree students. Cross-cultural Communication, 5(4), 51–59.
Jarvis, C. B., MacKenzie, S. B., & Podsakoff, P. M. (2003). A critical review of construct indicators and measurement model misspecification in marketing and consumer research. Journal of Consumer Research, 30(2), 199–218. CrossRef
Joo, S.-H., & Grable, J. E. (2004). An exploratory framework of the determinants of financial satisfaction. Journal of Family and Economic Issues, 25(1), 25–50. CrossRef
Katona, G. (1975). Psychological economics. NewYork: Elsevier.
Keller, C., & Siegrist, M. (2006). Money attitude typology and stock investment. Journal of Behavioral Finance, 7(2), 88–96. CrossRef
Kempson, E. (2009). Framework for the development of financial literacy baseline surveys: A first international comparative analysis. OECD working papers on finance, insurance and private pensions, 1.
Kidwell, B., Brinberg, D., & Turrisi, R. (2003). Determinants of money management behavior. Journal of Applied Social Psychology, 33(6), 1244–1260. CrossRef
Kidwell, B., & Turrisi, R. (2004). An examination of college student money management tendencies. Journal of Economic Psychology, 25(5), 601–616. CrossRef
Lusardi, A. (2009). U.S. household savings behavior: The role of financial literacy, information and financial education programs. In C. Foote, L. Goette, & S. Meier (Eds.), Policymaking insights from behavioral economics (pp. 109–149). Boston: Federal Reserve Bank of Boston.
Lusardi, A., & Mitchell, O. S. (2007). Baby boomer retirement security: The roles of planning, financial literacy, and housing wealth. Journal of Monetary Economics, 54(1), 205–224. CrossRef
Lusardi, A., & Mitchell, O. S. (2008). Planning and financial literacy: How do women fare? American Economic Review, 98(2), 413–417. CrossRef
Lusardi, A., & Mitchell, O. S. (2011). Financial literacy and planning: Implications for retirement wellbeing. In O. S. Mitchell & A. Lusardi (Eds.), Financial literacy: Implications for retirement security and the financial marketplace (pp. 17–39). Oxford: Oxford University Press. CrossRef
Lusardi, A., & van Rooij, M. (2010). Financial literacy: Evidence and implications for consumer education. Netspar panel paper, 016.
Mandell, L., & Klein, L. S. (2009). The impact of financial literacy education on subsequent financial behaviour. Journal of Financial Counseling and Planning, 20(1), 15–24.
Monetary Authority of Singapore. (2013). Insurance statistics 2012. Singapore: Monetary Authority of Singapore.
Morgan, J. N. (1992). Health, work, economic status, and happiness. In N. E. Cutler, D. W. Gregg, & M. P. Lawton (Eds.), Aging, money, and life satisfaction: Aspects of financial gerontology (pp. 101–133). New York: Springer.
O’Neill, B., Xiao, J. J., Bristow, B., Brennan, P., & Kerbel, C. M. (2000). Successful financial goal attainment: Perceived resources and obstacles. Financial Counseling and Planning, 11(1), 1–12.
OECD/INFE. (2011). Core questionnaire in measuring financial literacy: Questionnaire and guidance notes for conducting an international comparable survey of financial literacy. Paris: Organization for Economic Co-operation and Development.
Otto, A. (2013). Saving in childhood and adolescence: Insights from developmental psychology. Economics of Education Review, 33, 8–18. CrossRef
Plagnol, A. C. (2011). Financial satisfaction over the life course: The influence of assets and liabilities. Journal of Economic Psychology, 32(1), 45–64. CrossRef
Ringle, C. M., Wende, S., & Will, S. (2005). SmartPLS 2.0 Beta. Hamburg: University of Hamburg.
Robb, C. A., & Woodyard, A. S. (2011). Financial knowledge and ‘best practice’ behavior. Journal of Financial Counseling and Planning, 22(1), 36–46.
Roberts, J. A., & Jones, E. (2001). Money attitudes, credit card use, and compulsive buying among American college students. The Journal of Consumer Affairs, 35(21), 213–240. CrossRef
Sabri, M. F., & MacDonald, M. (2010). Savings behaviour and financial problems among college students. Cross-cultural Communication, 6(3), 103–110.
Sabri, M. F., MacDonald, M., Hira, T. K., & Masud, J. (2010). Childhood consumer experience and the financial literacy of college students in Malaysia. Family & Consumer Sciences Research Journal, 38(4), 455–467. CrossRef
Santos, E., & Abreu, M. (2013). Financial literacy, financial behaviour and individuals’ over- indebtedness. Working paper, Technical University of Lisbon.
van Rooij, M. C. J., Lusardi, A., & Alesie, R. J. M. (2011). Financial literacy and retirement planning in the Netherlands. Journal of Economic Psychology, 32(4), 593–608. CrossRef
Webley, P., & Nyhus, E. K. (2006). Parents’ influence on children’s future orientation and saving. Journal of Economic Psychology, 27(1), 140–164. CrossRef
World Values Survey Association. (2009). World Values Survey 2005 official data file v. 20090901. World Values Survey Association. http://www.worldvaluessurvey.org.
Worthington, A. C. (2006). Predicting financial literacy in Australia. Financial Services Review, 15(1), 59–79.
Xiao, J. J., Chen, C., & Chen, F. (2013). Consumer financial capability and financial satisfaction. Social Indicators Research. doi: 10.1007/s11205-013-0414-8.
Xiao, J. J., Sorhaindo, B., & Garman, E. T. (2006). Financial behaviours of consumers in credit counselling. International Journal of Consumer Studies, 30(2), 108–121. CrossRef
Xiao, J. J., Tang, C., & Shim, S. (2009). Acting for happiness: Financial behavior and life satisfaction of college students. Social Indicators Research, 92(1), 53–68. CrossRef
Yamauchi, K., & Templer, D. (1982). The development of a money attitude scale. Journal of Personality Assessment, 46(5), 422–428. CrossRef
Yin-Fah, B. C., Masud, J., Hamid, T. A., & Paim, L. (2010). Financial wellbeing of older peninsular Malaysians: A gender comparison. Asian Social Science, 6(3), 58–71. CrossRef
Zimmerman, S. L. (1995). Understanding family policy: Theories and applications (2nd ed.). Thousand Oaks, CA: Sage.
- Financial Satisfaction and the Influence of Financial Literacy in Malaysia
Mohd Shaari Abd Rahman
- Springer Netherlands
Neuer Inhalt/© Stellmach, Neuer Inhalt/© BBL, Neuer Inhalt/© Maturus, Pluta Logo/© Pluta, Neuer Inhalt/© hww, So bewältigen Sie Stress im Fernstudium/© granata68 | stock.adobe.com | AdobeStock