A Study of Factors Influencing Personal Financial Planning among Young Working Adults in Kuala Lumpur, Malaysia
David Lee1, Dhamayanthi Arumugam2, Nooradhanawati Binti Arifin3
1David Lee, Faculty of Business Management, Asia Pacific University of Technology and Innovation, Malaysia.
2Dhamayanthi Arumugam, Faculty of Business Management, Asia Pacific University of Technology and Innovation, Malaysia.
3Nooradhanawati Binti Arifin, Faculty of Business Management, Asia Pacific University of Technology and Innovation, Malaysia.
Manuscript received on 05 February 2019 | Revised Manuscript received on 11 February 2019 | Manuscript Published on 19 February 2019 | PP: 114-119 | Volume-7 Issue-5S January 2019 | Retrieval Number: ES2134017519/19©BEIESP
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: According to the survey, individuals’ confidence level in personal finance has decreased from 66 percent to 61 percent in 2011, and household debt in Malaysia also rose to a new high to 86.8 percent of GDP in 2013 from 80.5 in 2012. The failure in financial of individual also give the big impact to the economy, especially young adults which have been seen the future continuer. As such it is necessary to study the factors influencing the financial planning among the young working adult in Kuala Lumpur, Malaysia. Socio-demographics, financial knowledge and literacy, financial attitude and financial planners have been taken into account as the factors. This study employs Cronbach Alpha, Chi-square, and multiple regression to help in determine the significant relationship between the variables. The results show that the factors studied appear to be significant and positively affect the financial planning. Future researchers can try to do qualitative research on this field in order to find a deeper understanding on each factors or even generate a new factor. Moreover, future research is also suggested to include the matured people in order to find the result which can be used to reflect the population in Malaysia. Last but not least, additional variables also can be taken into account such as macroeconomic factors and financial behaviour.
Keywords: Financial Planning, Financial Knowledge and Literacy, Financial Attitude.
Scope of the Article: Social Sciences