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The Role of Financial Behavior, Financial Stress, and Financial Well-Being in Explaining Islamic Financial Literacy among University Students

Author

Listed:
  • Aubaidillah Doloh

    (IIUM Institute of Islamic Banking and Finance, International Islamic University Malaysia Author-2-Name: Nur Harena Redzuan Author-2-Workplace-Name: IIUM Institute of Islamic Banking and Finance, International Islamic 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 objectives of the study are to assess the level of students' knowledge of Islamic finance and examine their financial behavior (FB), financial stress (FS), and financial well-being (FWB). Methodology – The study applies a quantitative research method with primary data collection using a non-probability convenience sampling technique. The questionnaires were distributed to 155 students, including undergraduate and postgraduate students. Findings and Novelty – The study concludes that only the financial well-being hypothesis was supported, meaning that financial well-being influences the level of Islamic financial literacy (IFL). The study contributes to the various stakeholders. For the government authority, this study can be a reliable benchmark for the level of Islamic financial literacy among university students. For the university authority, this study helps the university assess students' Islamic financial literacy level. For the Islamic financial industry, it tells what needs to be improved by the community members. Moreover, this study contributes to the existing literature on Islamic financial literacy. The study also recommends future research to study other variables related to Islamic financial literacy and include a wider sample from different universities. Type of Paper - Empirical"

Suggested Citation

  • Aubaidillah Doloh, 2023. "The Role of Financial Behavior, Financial Stress, and Financial Well-Being in Explaining Islamic Financial Literacy among University Students ," GATR Journals jfbr211, Global Academy of Training and Research (GATR) Enterprise.
    • Handle: RePEc:gtr:gatrjs:jfbr211
    DOI: https://doi.org/10.35609/jfbr.2023.8.1(2)
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    References listed on IDEAS

    as
    1. Cliff A. Robb, 2017. "College Student Financial Stress: Are the Kids Alright?," Journal of Family and Economic Issues, Springer, vol. 38(4), pages 514-527, December.
    2. 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.
    3. Chen, Haiyang & Volpe, Ronald P., 1998. "An Analysis of Personal Financial Literacy Among College Students," Financial Services Review, Elsevier, vol. 7(2), pages 107-128.
    4. Jinhee Kim & Benoit Sorhaindo & E. Garman, 2006. "Relationship between Financial Stress and Workplace Absenteeism of Credit Counseling Clients," Journal of Family and Economic Issues, Springer, vol. 27(3), pages 458-478, September.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Islamic financial literacy; financial behaviors; financial stress; financial well-being;
    All these keywords.

    JEL classification:

    • I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid
    • M29 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Other
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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