IDEAS home Printed from https://ideas.repec.org/a/gam/jijerp/v19y2022i19p12520-d930742.html
   My bibliography  Save this article

Exploring the Relationships of Financial Literacy and Financial Behaviour with Health-Related Quality of Life (HRQOL) among the Low-Income Working Population in Malaysia during the COVID-19 Pandemic

Author

Listed:
  • Mohamad Fazli Sabri

    (Department of Resource Management and Consumer Studies, Faculty of Human Ecology, Universiti Putra Malaysia, Serdang 43400, Malaysia)

  • Mas Ayu Said

    (Department of Social and Preventive Medicine, Faculty of Medicine, University of Malaya, Kuala Lumpur 50603, Malaysia
    Centre for Epidemiology and Evidence-Based Practice, Department of Social and Preventive Medicine, Faculty of Medicine, University of Malaya, Kuala Lumpur 50603, Malaysia)

  • Amirah Shazana Magli

    (Department of Resource Management and Consumer Studies, Faculty of Human Ecology, Universiti Putra Malaysia, Serdang 43400, Malaysia)

  • Tan Maw Pin

    (Department of Medicine, Faculty of Medicine, University of Malaya, Kuala Lumpur 50603, Malaysia)

  • Hussein Rizal

    (Department of Social and Preventive Medicine, Faculty of Medicine, University of Malaya, Kuala Lumpur 50603, Malaysia
    Centre for Population Health c/o, Department of Social and Preventive Medicine, Faculty of Medicine, University of Malaya, Kuala Lumpur 50603, Malaysia)

  • Nithiah Thangiah

    (Department of Social and Preventive Medicine, Faculty of Medicine, University of Malaya, Kuala Lumpur 50603, Malaysia
    Centre for Population Health c/o, Department of Social and Preventive Medicine, Faculty of Medicine, University of Malaya, Kuala Lumpur 50603, Malaysia)

  • Muslimah Ithnin

    (Corporate Communication Unit, Ministry of Health Malaysia, Putrajaya 62000, Malaysia)

  • Hazreen Abdul Majid

    (Department of Social and Preventive Medicine, Faculty of Medicine, University of Malaya, Kuala Lumpur 50603, Malaysia
    Centre for Population Health c/o, Department of Social and Preventive Medicine, Faculty of Medicine, University of Malaya, Kuala Lumpur 50603, Malaysia
    Department of Nutrition, Faculty of Public Health, Universitas Airlangga, Surabaya 60115, Indonesia)

  • Rozmi Ismail

    (Psychology and Human Wellbeing Research Centre, Faculty of Social Sciences and Humanities, Universiti Kebangsaan Malaysia, Bangi 43600, Malaysia)

  • Tin Tin Su

    (South East Asia Community Observatory (SEACO) & Global Public Health, Jeffrey Cheah School of Medicine and Health Sciences, Monash University Malaysia, Subang Jaya 47500, Malaysia)

  • Abdul Rahim Husniyah

    (Department of Resource Management and Consumer Studies, Faculty of Human Ecology, Universiti Putra Malaysia, Serdang 43400, Malaysia)

Abstract

This cross-sectional study examined the relationships of financial literacy (FL) and financial behaviour (FB) with health-related quality of life (HRQOL) during the COVID-19 pandemic among low-income working population (20–60 years old) in Malaysia. A self-administered questionnaire survey was used with HRQOL data were gathered using the EuroQol 5-Dimension 5-Level (EQ-5D-5L) tool. A generalised linear model was employed to examine the hypothesised relationships between the constructs. From 1186 respondents, the majority were employed (73.9%), had a monthly household income of less than RM 2500 (74.5%), and did not have any chronic medical conditions (74.5%). The mean (SD) values of FL, FB, and EQ-5D-5L were 5.95 (1.48), 22.08 (4.79), and 0.96 (0.10), respectively. The results of the adjusted model revealed lower age group, Malay ethnicity, Indian ethnicity, and increased FB score as significant determinants of higher EQ-5D-5L scores. With the addition of the chronic medical condition factor into the saturated model, the lower age group, ethnicity, and no chronic medical condition were significant determinants of higher HRQOL. The effects of FB on QOL were confounded by chronic diseases, implying that interventions that focus on improving FB for those with chronic medical condition may help to improve the QOL among the low-income working population.

Suggested Citation

  • Mohamad Fazli Sabri & Mas Ayu Said & Amirah Shazana Magli & Tan Maw Pin & Hussein Rizal & Nithiah Thangiah & Muslimah Ithnin & Hazreen Abdul Majid & Rozmi Ismail & Tin Tin Su & Abdul Rahim Husniyah, 2022. "Exploring the Relationships of Financial Literacy and Financial Behaviour with Health-Related Quality of Life (HRQOL) among the Low-Income Working Population in Malaysia during the COVID-19 Pandemic," IJERPH, MDPI, vol. 19(19), pages 1-15, September.
    • Handle: RePEc:gam:jijerp:v:19:y:2022:i:19:p:12520-:d:930742
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1660-4601/19/19/12520/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1660-4601/19/19/12520/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Irni Johan & Karen Rowlingson & Lindsey Appleyard, 2021. "The Effect of Personal Finance Education on The Financial Knowledge, Attitudes and Behaviour of University Students in Indonesia," Journal of Family and Economic Issues, Springer, vol. 42(2), pages 351-367, June.
    2. Yiing Jia Loke, 2015. "Financial Knowledge and Behaviour of Working Adults in Malaysia," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 9(1), pages 18-38, February.
    3. Siow Li Lai & Nai Peng Tey, 2021. "The Quality of Life of Older Adults in a Multiethnic Metropolitan: An Analysis of CASP-19," SAGE Open, , vol. 11(2), pages 21582440211, June.
    4. Adele Atkinson & Flore-Anne Messy, 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, OECD Publishing.
    5. Mahfuzur Rahman & Che Ruhana Isa & Muhammad Mehedi Masud & Moniruzzaman Sarker & Nazreen T. Chowdhury, 2021. "The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia," Future Business Journal, Springer, vol. 7(1), pages 1-18, December.
    6. Merili Tamson & Rainer Reile & Diana Sokurova & Kaire Innos & Eha Nurk & Kaia Laidra & Sigrid Vorobjov, 2022. "Health-Related Quality of Life and Its Socio-Demographic and Behavioural Correlates during the COVID-19 Pandemic in Estonia," IJERPH, MDPI, vol. 19(15), pages 1-12, July.
    7. Neha Garg & Shveta Singh, 2018. "Financial literacy among youth," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 45(1), pages 173-186, January.
    8. Asrul Akmal Shafie & Annushiah Vasan Thakumar & Ching Jou Lim & Nan Luo & Kim Rand-Hendriksen & Faridah Aryani Md Yusof, 2019. "EQ-5D-5L Valuation for the Malaysian Population," PharmacoEconomics, Springer, vol. 37(5), pages 715-725, May.
    9. Govindamal Thangiah & Mas Ayu Said & Hazreen Abdul Majid & Daniel Reidpath & Tin Tin Su, 2020. "Income Inequality in Quality of Life among Rural Communities in Malaysia: A Case for Immediate Policy Consideration," IJERPH, MDPI, vol. 17(23), pages 1-19, November.
    10. Jin-Won Noh & Jinseok Kim & Jumin Park & Hyun-jung Kim & Young Dae Kwon, 2015. "Gender Difference in Relationship between Health-Related Quality of Life and Work Status," PLOS ONE, Public Library of Science, vol. 10(12), pages 1-8, December.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Xiao Ling & Luanfeng Wang & Yuxi Pan & Yanchao Feng, 2023. "The Impact of Financial Literacy on Household Health Investment: Empirical Evidence from China," IJERPH, MDPI, vol. 20(3), pages 1-23, January.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jasmina Okicic & Meldina Kokorovic Jukan & Mensur Heric, 2021. "Some Insights Into Financial Literacy Among Undergraduate Students: A Case of Bosnia and Herzegovina," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 12(3), pages 103-115, May.
    2. Mohamad Fazli Sabri & Mervin Anthony & Siong Hook Law & Husniyah Abdul Rahim & Nik Ahmad Sufian Burhan & Muslimah Ithnin, 2024. "Impact of financial behaviour on financial well-being: evidence among young adults in Malaysia," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(3), pages 788-807, September.
    3. Jason Kasozi & Daniel Makina, 2021. "Analysis of financial literacy and its effects on financial inclusion in Uganda," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 10(3), pages 67-83, July.
    4. Adam Ndou, 2023. "Parental Financial Socialisation and Financial Knowledge: A Structural Equation Modelling Analysis," International Journal of Business and Economic Sciences Applied Research (IJBESAR), Democritus University of Thrace (DUTH), Kavala Campus, Greece, vol. 16(1), pages 27-39, October.
    5. Pașa Adina Teodora & Picatoste Xose & Gherghina Elena Mădălina, 2022. "Financial Literacy and Economic Growth: How Eastern Europe is Doing?," Economics - The Open-Access, Open-Assessment Journal, De Gruyter, vol. 16(1), pages 27-42, January.
    6. Nancy Neoyame Chabaefe & Abubaker Qutieshat, 2024. "Financial Literacy, Financial Education and Financial Experience: Conceptual Framework," International Journal of Economics and Financial Issues, Econjournals, vol. 14(4), pages 44-55, July.
    7. Pallavi Dogra & Arun Kaushal & Rishi Raj Sharma, 2023. "Antecedents of the Youngster’s Awareness About Financial Literacy: A Structure Equation Modelling Approach," Vision, , vol. 27(1), pages 48-62, February.
    8. Long She & Ratneswary Rasiah & Marc Arul Weissmann & Harpaljit Kaur, 2024. "Using the Theory of Planned Behaviour to Explore Predictors of Financial Behaviour Among Working Adults in Malaysia," FIIB Business Review, , vol. 13(1), pages 118-135, January.
    9. Rajesh Mishra, 2023. "Financial Literacy and Financial Wellbeing among Indian Households," International Journal of Business and Management, Canadian Center of Science and Education, vol. 17(4), pages 1-98, February.
    10. Claude Bernard Lontchi & Baochen Yang & Yunpeng Su, 2022. "The Mediating Effect of Financial Literacy and the Moderating Role of Social Capital in the Relationship between Financial Inclusion and Sustainable Development in Cameroon," Sustainability, MDPI, vol. 14(22), pages 1-24, November.
    11. Azra Zaimovic & Anes Torlakovic & Almira Arnaut-Berilo & Tarik Zaimovic & Lejla Dedovic & Minela Nuhic Meskovic, 2023. "Mapping Financial Literacy: A Systematic Literature Review of Determinants and Recent Trends," Sustainability, MDPI, vol. 15(12), pages 1-30, June.
    12. Lin, Chien-An & Bates, Timothy C., 2022. "Smart people know how the economy works: Cognitive ability, economic knowledge and financial literacy," Intelligence, Elsevier, vol. 93(C).
    13. TAVARES Fernando Oliveira & ALMEIDA Luís Gomes & SOARES Vasco Jorge & TAVARES Vasco Capela, 2022. "Financial literacy: an exploratory analysis in Portugal," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 17(2), pages 252-269, August.
    14. Roxana Hatos, 2021. "Graduates On Labour Market In Romania. Precarity Or Resilience?," Oradea Journal of Business and Economics, University of Oradea, Faculty of Economics, vol. 6(2), pages 21-28, September.
    15. József Banyár & Petra Turi, 2019. "The Evolution of the Insurance Consumer Protection Approach in Hungary," Public Finance Quarterly, State Audit Office of Hungary, vol. 64(2), pages 189-207.
    16. Tzora, Vasiliki A. & Philippas, Nikolaos D. & Panos, Georgios A., 2023. "The financial capability of 15-year-olds in Greece," Economics Letters, Elsevier, vol. 225(C).
    17. Yaakov Itach, 2019. "Financial Literacy Level Of High School Students And Its Economic Patterns Reflections," Almanac of PhD Students, D. A. Tsenov Academy of Economics, Svishtov, Bulgaria, vol. 15(15 Year 2), pages 518-537.
    18. Gangwar, Rachna & Singh, Ritvik, 2018. "Analyzing Factors Affecting Financial Literacy and its Impact on Investment Behavior among Adults in India," MPRA Paper 89452, University Library of Munich, Germany.
    19. Naseem Al Rahahleh, 2023. "Determinants of the Financial Capability: The Mediating role of Financial Self-efficacy and Financial Inclusion," International Journal of Economics and Financial Issues, Econjournals, vol. 13(6), pages 15-29, November.
    20. Fujiki, Hiroshi, 2020. "Cash demand and financial literacy: A case study using Japanese survey data," Japan and the World Economy, Elsevier, vol. 54(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jijerp:v:19:y:2022:i:19:p:12520-:d:930742. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.