Financial Well-being in Langkawi Tourism Industry: An Exploratory Study

Mohd Faizul Hassan; Nor Asfarul lail  Azwan Haris

Mainly, this research aims to explore and empirically investigate the financial well-being (FWB) of the Langkawi tourism industry. A total of 157 respondents from the tourism industry were analyzed. Questionnaires were used as the instrument for this research. In this study, financial well-being was measured by using the Malaysian Personal Financial Well-being Scale (MPFWBS) that Garman and Jariah developed (2006), adopted by the (Prawitz et al., 2006) known as InCharge Financial Distress/ Financial Well-being (IFDFW). The measurement consists of twelve questions. This scale embraces 12 questions with ten measurement scales: scale 1 (the lowest score) and scale 10 (the highest score). The indicator describes the financial well-being scale, which is that a higher score on the scale would characterize a better financial well-being condition. The result shows higher mean score designates high financial well-being among the respondents, while lower mean scores indicate less satisfaction. The findings presented that the respondents were more able to manage personal finances. Meanwhile, it also describes those respondents who were less satisfied with today's financial situation. It can be assumed that most of the respondents can manage their finances by their monthly expenses within their income. Most of the respondents were satisfied when they were inquired about managing personal finance as it shows the highest average score (Mean=5.35). This study used primary data, and the findings of this study may aid as an input to the government, especially Langkawi Authority Development (LADA), to formulate appropriate strategies to promote a better and higher level of financial well-being among the tourism industry players.

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In-Text Citation: (Hassan & Haris, 2022)
To Cite this Article: Hassan, M. F., & Haris, N. A. L. A. (2022). Financial Well-being in Langkawi Tourism Industry: An Exploratory Study. International Journal of Academic Research in Business and Social Sciences, 12(5), 1174 – 1186.

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Financial Well-being in Langkawi Tourism Industry: An Exploratory Study

Mohd Faizul Hassan, Nor Asfarul lail Azwan Haris

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