Financial Planning Determinants Among Working Adults During Covid 19 Pandemic

Shaharuddin, N. S., Zain, Z. M., & Ahmad, S. F. S. (2021). Financial Planning Determinants Among Working Adults During Covid 19 Pandemic. International Journal of Academic Research in Accounting Finance and Management Sciences, 11(1), 1-.
Adzis, A, Bakar, A. J & Kadir S. H. (2017). Factors influencing young adults' debt in Malaysia. Journal of Business and Retail Management Research, 12, 76-85.
Agarwalla, S. K., Barua, S. K., Jacob, J., & Varma, J. R. (2013). Financial literacy among working young in urban India. Indian Institute of Management Ahmedabad, 10(2).
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50, 179–211.
AKPK. (2018). Financial Behavior and State of Financial Well-being of Malaysian Working Adults. Agensi Kaunseling dan Pengurusan Kredit.
Ali, A., Rahman, M. S. A., & Bakar, A. (2014). Financial Satisfaction and the Influence of Financial Literacy in Malaysia. Social Indicators Research, 120(1), 137–156.
Amagir, A., Groot, W., van den Brink, Henriette, M., & Wilschut, A. (2020). Financial literacy of high school students in the Netherlands: knowledge, attitudes, self-efficacy, and behavior. International Review of Economics Education, Elsevier, 34(C).
Annabi, A., Gonzalez, R. J., & Muller, F. (2018). What Determines Financial Knowledge among College Students?. Journal of Financial Education, 44(2), 344-366.
Arifin, A. Z. (2018). Influence factors toward financial satisfaction with financial behavior as intervening variable on Jakarta area workforce. European Research Studies Journal, 21(1), 90-103.
Atkinson, A., & Messy, F. (2012). Measuring financial literacy: results of the OECD/ International network on financial education (infe) pilot study. OECD Working Papers on Finance, Insurance and Private Pensions, 15.
Awanis, S. (2013). Youth Vulnerability and Susceptibility to Credit Card Misuse and Indebtedness: A Cross-Country Exploration. Doctoral dissertation, The University of Manchester (United Kingdom).
Bank Negara Malaysia. (2015). Financial Stability Report. Retrieved from https://www.bnm.gov.my/files/publication/fsps/en/2015/fs2015_ book.pdf
Bank Negara Malaysia. (2018). Indebted to Debt: An Assessment of Debt Levels and Financial Buffers of Households. Financial Surveillance Department.
Bapat, D. (2019). Exploring Antecedents to Financial Management Behavior for Young Adults. Journal of Financial Counseling and Planning, 30(1), 44–55.
Been, J., Suari-Andreu, E., Knoef, M., & Alessie, R. (2020). Consumption responses to unemployment shocks. Netspar Academic Series.
Behrman, J., Mitchell, O., Soo, C., & Bravo, D. (2010). Financial Literacy, Schooling, and Wealth Accumulation. PARC Working Paper Series, WPS 10-06.
Berggren, J., & Romualdo, G. (2010). Gender difference in financial decision making: A quantitative study of risk aversion and overconfidence between the genders. (Dissertation).
Bhushan, P., & Medury, Y. (2014). An empirical analysis of inter linkages between financial attitudes, financial behavior and financial knowledge of salaried individuals. Indian Journal of Commerce and Management Studies, 5(3), 58.
Blustein, D. L., Duffy, R., Ferreira, J. A., Cohen-Scali, V., Cinamon, R. G., & Allan, B. A. (2020). Unemployment in the time of COVID-19: A research agenda. Journal of vocational behavior, 119, 103436.
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), pp. 149-168.
Charles Schwab Financial Literacy Survey. (2020). Charles Schwab Corporation.
Chong, V., & Lam, J. (2012). An Empirical Study of Malaysian Young Adults’ Attitudes towards Credit Card Debt: Influence of the Personal and Bank Factors.
Citi. (2008). Citibank Introduces Citi Fin-Q to Malaysians. Citigroup.com.
Cox, J. (2020). Coronavirus job losses could total 47 million, unemployment rate may hit 32%, Fed estimates. CNBC.
Daud, N., Norwani, N. M., & Yusof, R. (2018). Students Financial Problems in Higher Education Institutions. International Journal of Academic Research in Business and Social Sciences, 8(10), 1558–1565.
David, S., & Yetmar, S. (2010). Personal financial planning attitudes: a preliminary study of graduate students. Management Research Review, 3(8), 811 – 817.
Department of Statistic Malaysia. (2020). Laporan Analisis Survei Khas Kesan COVID-19 Kepada Ekonomi dan Individu.
Department of Statistics Malaysia. (2016). Household Income & Basic Amenities Survey Report 2016.
Drozdeck, S. (2005). Tips from the top. Advisor Today, 100(5), 44-50.
Eagly, A., & Chaiken, S. (1993). The psychology of Attitudes. Toronto: Harcourt Brace Jovanovich College.
Falahati, L., Paim, L., Ismail, M., Haron, S. A., & Masud, J. (2011). Assessment of university student’s financial management skills and educational needs. African Journal of Business Management, 5(15), 6085-6091.
Farrar, S., Moizer, J., Lean, J., & Hyde, M. (2018). Gender, financial literacy, and preretirement planning in the UK. Journal of Women and Aging.
Glass, J. C., & Kilpatrick, B. B. (1998). Financial planning for retirement: An imperative for baby boomer women. Educational Gerontology, 24, 595-617.
Godwin, D. (1994). Antecedent’s and consequences of newlyweds’ cash flow management. Financial counseling and planning, 5.
Gomes, V. (2020). Financial Planning: What to do if you lose your job or have to take a pay cut. The Edge Markets.
Gumede, W. (2020). The impact of coronavirus could compare to the Great Depression.
Han, J. J., & Jang, W. (2013). Information asymmetry and the financial consumer protection policy. Asian Journal of Political Science, 21(3), 213-223.
Herawati, N. T., Candiasa, I. M., Yadnyana, I. K., & Suharsono, N. (2018). Factors that influence financial behavior among accounting students in Bali. International Journal of Business Administration, 9(3), 30-38.
Huston, S. J. (2010). Measuring Financial Literacy. The Journal of Consumer Affairs, 44, 296-316.
Ibrahim, D., Harun, R., & Isa, Z. M. (2009). A study on financial literacy of Malaysian Degree students. Cross-Cultural Communication, 5(4):51-59.
Jain, D. & Mandot, N. (2012). Impact of Demographic Factors on Investment Decision of Investors in Rajasthan. Journal of Arts, Science and Commerce, 2(3), 81-92.
Jamal, A. A., Ramlan, W. K., Karim, M. R. A., Mohidin, R., & Osman, Z. (2015). The Effects of Social Influence and Financial Literacy on Savings Behavior: A Study on Student of Higher Learning Institutions in Kota Kinabalu, Sabah. International Journal of Business and Social Science, 6, 11(1).
Jay, B. N. (2017, October 13). Young Malaysians lacking in financial knowledge, need to start investing. New Straits Times.
Jawaheer, B. M., & Manual, V. S. (2016). Gender Differences in Investment Decision Making Among Working Class of Mauritius. Imperial Journal of Interdisciplinary research.
Johan, I., Rowlingson, K., & Appleyard, L. (2020). The Effect of Personal Finance Education on the Financial Knowledge, Attitudes and Behavior of University Students in Indonesia. Journal of Family and Economic Issues.
Jorgensen, B. L. (2007). Financial Literacy of College Students: Parental and Peer Influences.
Kalekye, P., & Memba, F. (2015). The role of financial literacy on the profitability of women owned enterprises in Kitui Town, Kitui Country, Kenya. International Journal of Science & Research, 4(6), 2360–2365
Khurram, M. & Malik, Q. A. (2019, July). Financial Attitude and Investment Decision Making Moderating Role of Financial Literacy. International Journal of Business & Management, 14(1).
Lai, M. M. & Tan, W. K. (2009). An Empirical Analysis of Personal Financial Planning in Emerging Economy. European Journal of Economics, Finance and Administrative Sciences, 16, 99-111.
Lee, D., Arumugam, D., & Arifin, N. B. (2019). A study of factors influencing personal financial planning among young working adults in Kuala Lumpur, Malaysia. International Journal of Recent Technology and Engineering, 7(5), 114– 119.
Lim, J. (2020). #Adulting: How millennials and Gen Z are coping financially during the outbreak. The Edge Malaysia.
Lim, L. (2020). The socioeconomic impacts of COVID-19 in Malaysia: Policy review and guidance for protecting the most vulnerable and supporting enterprises. International Labor Organization.3(2).
Loke, Y. (2015). Financial Knowledge and Behavior of Working Adults in Malaysia. Margin: The Journal of Applied Economic Research, 9, 18-38.
Malaysia Financial Planning Council. (2004). RFP Module 1- Fundamentals of Financial Planning, 3rd ed., MFPC, Kuala Lumpur.
Mazlifah, M. (2011). A Study of Personal Financial Planning Among Young Adults. Master’s thesis, Universiti Utara Malaysia.
Mien, N. T. N., & Thao, T. P. (2015). Factors Affecting Personal Financial Management Behaviors: Evidence from Vietnam. Proceedings of the Second Asia-Pacific Conference on Global Business, Economics, Finance and Social Sciences, 10– 12.
Minakshi, R. (2009). Financial Inclusion: Perspectives from Gulbarga, Centre for Microfinance. (Working Paper Series No.26) Chennai: Institute for Financial Management and Research.
Mishra, L. (2015). Financial Planning for Educated Young Women in India. Components of Financial planning for women. 6(3), 88–100.
Mohamad, A. (2020, October 2013). Financial literacy among youth alarmingly low. New Straits Times.
Mokhtar, N., Sabri, M. F., Ho, C. S. F., & Moga Dass, T. A. L. (2018). Profile and differences in financial literacy: Empirical evidence. Malaysian Journal of Consumer and Family Economics, 21, 164–185.
Moore, D. (2003).Survey of financial literacy in Washington State: Knowledge, behavior, attitudes, and experiences. Washington State Department of Financial Institutions.
Norvilitis, J. M., Merwin, M. M., Osberg, T. M., Roehling, P. V., Young, P., & Kamas, M. M. (2006). Personality Factors, Money Attitudes, Financial Knowledge, and Credit Card Debt in College Students. J. Appl. Soc. Psychol., 36(6), 1395-1413.
OECD. (2013). Financial literacy and inclusion: Results Of OECD/Infe Survey Across Countries And By Gender. Organization for Economic Co-operation and Development.
Pui San, C. (2016). Factors affect financial planning among the young adults in Klang Valley. Imperial Journal of Interdisciplinary Research, 2(10), 24541362.
Ram, B. S. (2020). Survey shows many who lost jobs during MCO are self- employed. New Strait Times.
Ruxyn, T. (2017). Bank Negara reveals the 4 biggest mistakes Malaysians make when it comes to money. Retrieved from http://says.com/my/news/bank-negara-malaysiarevealsworryingfindings-on-financial-literacy-among-malaysians
Samad, K. A., Ismail, W. M. W., Hussain, N. J. @, Masdek, N. R. N. M., Zaki, B. M., Rahman, N. H. A., & Idris, N. H. (2020). The Impact of Income Shock on Consumption Spending Among Young Malaysian Household with Credit Usage in Post Covid-19. International Journal of Academic Research in Business and Social Sciences, 10(8), 110–120.
Scott, R. H. III. (2010). Credit card ownership among American high school seniors: 1997 2008. Journal of Family and Economic Issues, 31(2), 151-160.
Shah, A. U. M., Safri, S. N. A., Thevadas, R., Noordin, N. K., Abd Rahman, A., Sekawi, Z., & Sultan, M. T. H. (2020). COVID-19 Outbreak in Malaysia: Actions Taken by the Malaysian Government. International Journal of Infectious Diseases.
Sharif, S. P., Ahadzadeh, A. S., & Turner, J. J. (2020). Gender Differences in Financial Literacy and Financial Behavior among Young Adults: The Role of Parents and Information Seeking. Journal of Family and Economic Issues, 1-19.
Shim, S., Xiao, J. J., Barber, B. & Lyons, A. (2009). Pathways to Life Success: A Conceptual Model of Financial Well-Being for Young Adults. Journal of Applied Developmental Psychology.
Sipalan, J. (2015, November 26). Only 6pc working Malaysians can survive beyond six months without income, BNM says. Malay Mail.
Sohn, S., Joo, S., Grable, J., Lee, S., & Kim, M. (2012). Adolescents' Financial Literacy: The Role of Financial Socialization Agents, Financial Experiences, and Money Attitudes in Shaping Financial Literacy among South Korean Youth. Journal of adolescence.
Stromback, C., Lind, T., Skagerlund, K., Västfjäll, D., & Tinghög, G. (2017). Does a self-control predict financial behavior and financial well-being?. Journal of Behavioral and Experimental Finance, 14, 30-38.
Sudindra. (2018). Financial behavior and decision-making. Retrieved from
10.1729/IJCRT.17236.
Swiecka, B.,Yesilda, E., Ozen, E., & Grima, S. (2019). Financial Literacy: The Case of Poland. Institute of Economics and Finance, University of Szczecin, 71-004.
Ulbrich, T. R., & Kirk, L. M. (2017). It's Time to Broaden the Conversation About the Student Debt Crisis Beyond Rising Tuition Costs. American journal of pharmaceutical education, 81(6), 101.
Walczak, D., & Kamieniecka, P. S. (2018). Gender differences in financial behaviors. Engineering Economics, 29.
Welsh, B., & Cheng, C. (2020). Malaysia’s youth on the frontlines of the COVID crisis. Institute of Strategic and International Studies (ISIS) Malaysia.
Wilska, T. A., & Haanpa, L. (2005). Gender differences in the consumption pattern of children and young people in Finland; lifestyles and social change: Essays in economic sociology. Publication of turkey school of economics and business administration, 159-176.
World Bank. (2020). From Containment to Recovery: Economic Update for East Asia and the Pacific.
Zainal, F. (2019). ‘Millennials spending beyond their means’. The Star.
Zwanka, R., & Buff, C. (2020). COVID-19 Generation: A Conceptual Framework of the Consumer Behavioral Shifts to Be Caused by the COVID-19. Journal of International Consumer Marketing, 33(20), 1-10.

In-Text Citation: (Shaharuddin et al., 2021)
To Cite this Article: Shaharuddin, N. S., Zain, Z. M., & Ahmad, S. F. S. (2021). Financial Planning Determinants Among Working Adults During Covid 19 Pandemic. International Journal of Academic Research in Accounting Finance and Management Sciences, 11(1), 285-304.

Copyright: © 2021 The Author(s)
Published by Human Resource Management Academic Research Society (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode