ISSN: 2222-6990
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Recent surveys conducted by the Organisation for Economic Co-operation and Development and Bank Negara Malaysia indicate that Malaysians have low financial knowledge and attitude when it comes to personal financial management (National Strategy for Financial Literacy, 2019-2023). Failure to embrace the culture of proper financial management is a major obstacle community development, particularly due to inadequate levels of financial literacy in the handling of financial matters. 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 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 planning and management of the community economic activities and development program. It is therefore important to understand how concept of financial acumen facilitate the Non-governmental organizations (NGO) rulers to empower 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., 2022)
To Cite this Article: Tanggamani, V., Bani, H., Rahim, A., & Alias, N. A. (2022). Modelling A Holistic Financial Acumen Towards A Sustainable Economic Well Being Society: A Preliminary Study on Selected Non-Governmental Organizations (NGO) Rulers in Malaysia. International Journal of Academic Research in Business and Social Sciences, 12(1), 1250–1258.
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