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Factors Influencing Working Adults' Awareness of Individual Financial Planning

Author

Listed:
  • Tan Kee Xian

    (Faculty of Business, INTI International University, Malaysia Author-2-Name: Racheal Poh Author-2-Workplace-Name: " Inti International University, Malaysia" Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:)

Abstract

"Objective - The penetration rate of financial planning is still considered low according to a few studies done by our regulatory bodies in Malaysian and a few scholars and researchers. Therefore, the novelty of this research is ingrained in a study to explore the factors influencing working adults' awareness of individual financial planning. The possible factors included financial literacy, education level, and income level. Secondly, a critical discussion on the literature review that was done by the previous researchers regarding both the dependent variable and independent variables will be performed. Methodology/Technique - On the other hand, a quantitative study approach is employed in this study. Hence, the targeted population is working adults, with data collected through a convenient sampling approach with a minimum sample size of 120 respondents. Additionally, the questionnaire was distributed through a digital survey. Finding - Moreover, the analysis methods adopted in this study included validity tests, reliability tests, descriptive statistics, and inferential statistics. According to the findings, there is a significant relationship between financial literacy and awareness of personal financial planning among working adults in Penang. In other words, financial literacy represents a significant predictor for the dependent variable. Novelty - However, the other two independent variables are insignificant predictors of the awareness of personal financial planning among working adults in Penang. Type of Paper - Empirical"

Suggested Citation

  • Tan Kee Xian, 2022. "Factors Influencing Working Adults' Awareness of Individual Financial Planning ," GATR Journals gjbssr621, Global Academy of Training and Research (GATR) Enterprise.
    • Handle: RePEc:gtr:gatrjs:gjbssr621
    DOI: https://doi.org/10.35609/gjbssr.2022.10.3(4)
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    References listed on IDEAS

    as
    1. Annamaria Lusardi, 2019. "Financial literacy and the need for financial education: evidence and implications," Swiss Journal of Economics and Statistics, Springer;Swiss Society of Economics and Statistics, vol. 155(1), pages 1-8, December.
    2. Uma Murthy & Paul Anthony Mariadas, 2017. "Factors Affecting Fresh Graduate Bankruptcy at Young Age: The Case of Fresh Graduates in Kota Damansara," International Journal of Business and Management, Canadian Center of Science and Education, vol. 12(12), pages 194-194, November.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Financial Planning; Awareness; Financial Literacy; Education Level; Income Level.;
    All these keywords.

    JEL classification:

    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
    • J39 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Other

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