ISSN: 2222-6990
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Corruption in public finance erodes the public trust and confidence in the public sector. The macroeconomic costs of corruption in this sector are enormous. Failure to embrace the culture of proper management of public finance is a major obstacle for community development, particularly due to inadequate levels of accountability and transparency in the handling of public finance. The outcome has been that of social and economic instability in the country. Given this environment, in-depth knowledge of financial management is a must for leaders and policymakers in today's economic growth. Enhancing community through competitive and sustainable economy is listed as first thrust area of rural development in Malaysia. The government is seriously concern on this issue in the rural planning towards achieving sustainable village communities. The Rural Development Policy (DPLB) 2030, was formulated to create a prosperous rural community in many aspects of life. The efforts began, giving emphasis on the community rulers in the planning and management of the village economic activities and development program. It is therefore important to understand how concept of financial acumen facilitate the community rulers to create a sustainable, competitive and prosperous communities. A Holistic Financial Acumen Model is highly referred in understanding financial responsibility, yet the inclusion of awareness, knowledge, skill, attitude and behaviour relatively none. Exploratory sequential mixed method research design will be employed, which combined qualitative (interviews) and quantitative (questionnaires) to develop a Holistic Financial Acumen Model, that is expected to serve as a tool for efficient and effective financial planning for the long term economic well being of the communities. Strong financial acumen underpins sustainable decision making, which has a significant impact towards supporting Malaysia to become a developed country by 2025 and high income nation.
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In-Text Citation: (Tanggamani et al., 2020)
To Cite this Article: Tanggamani, V., Bani, H., Rahim, A., & Alias, N. A. (2020). Financial Well Being for a Sustainable Society: An Integrative Approach to Behavioural Economics. International Journal of Academic Research in Business and Social Sciences, 10(12), 859–867.
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