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International Journal of Academic Research in Business and Social Sciences

Open Access Journal

ISSN: 2222-6990

The Influence of Financial Knowledge, Financial Socialization, Financial Behaviour, and Financial Strain on Young Adults’ Financial Well-Being

Mohamad Fazli Sabri, Mervin Anthony, Rusitha Wijekoon, Siti Shazwani Ahmad Suhaimi, Husniyah Abdul Rahim, Amira Shazana Magli, Muhammad Pisol Mat Isa

http://dx.doi.org/10.6007/IJARBSS/v11-i12/11799

Open access

Financial well-being refers to one’s overall satisfaction with their current financial condition, and it plays a significant part in young adults’ overall success as well as their ability to overcome psychological health concerns. It has become a crucial concern for individuals, households, societies, and countries in recent years, yet research on the subject is sparse and dispersed among fields. As a result, the current research assessed an empirical financial well-being model based on Malaysian young adults’ financial knowledge, financial socialization, financial behavior and financial strain. A multi stage random sampling method was performed to draw a representative sample of Malaysian young adults, and 651 duly filled responses were received through the self-administered questionnaire. As stated by the multiple regression results, 16.1% of the total variance of financial well-being was clarified by the model. All four financial well-being determinants examined (financial knowledge, financial socialization, financial behavior, financial strain) were revealed significant, and only financial strain had a negative relationship with financial well-being. Therefore, current study has both the theoretical and practical contributions, and offers experts with actionable insights regarding the determinants of young adults’ financial well-being when designing policies to uplift their financial well-being over time.

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In-Text Citation: (Sabri et al., 2021)
To Cite this Article: Sabri, M. F., Anthony, M., Wijekoon, R., Suhaimi, S. S. A., Rahim, H. A., Magli, A. S., & Isa, M. P. M. (2021). The Influence of Financial Knowledge, Financial Socialization, Financial Behaviour, and Financial Strain on Young Adults’ Financial Well-Being. International Journal of Academic Research in Business and Social Sciences, 11(12), 566-586.