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Financial wellbeing of Malaysian college students

Financial wellbeing of Malaysian college students Purpose The purpose of this paper is to examine the relationships between personal and family backgrounds, academic ability, childhood consumer experience, financial socialization, financial literacy, and perceived financial wellbeing of college students.Designmethodologyapproach Data were collected using a multistage sampling technique from 11 public and private universities across Malaysia and the sample consists of 2,219 college students. Structural equation modelling was utilized to test the hypotheses.Findings Childhood consumer experiences such as savings habits contribute to students financial wellbeing money saved, current financial situation, and financial management skills. Financial socialization agents, for example, through parents and religion sources could increase college students financial wellbeing. Financial literacy was related to financial wellbeing. There were important differences between the Malay and Chinese ethnic groups in Malaysia.Research limitationsimplications Overall, implications and recommendations for future research, teaching, and public policy are also provided for parents, college administrators, counselors and educators.Originalityvalue This research provides meaningful information about how various factors childhood experience, financial socialization, and financial literacy predict students financial wellbeing. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Asian Education and Development Studies Emerald Publishing

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
2046-3162
DOI
10.1108/20463161211240124
Publisher site
See Article on Publisher Site

Abstract

Purpose The purpose of this paper is to examine the relationships between personal and family backgrounds, academic ability, childhood consumer experience, financial socialization, financial literacy, and perceived financial wellbeing of college students.Designmethodologyapproach Data were collected using a multistage sampling technique from 11 public and private universities across Malaysia and the sample consists of 2,219 college students. Structural equation modelling was utilized to test the hypotheses.Findings Childhood consumer experiences such as savings habits contribute to students financial wellbeing money saved, current financial situation, and financial management skills. Financial socialization agents, for example, through parents and religion sources could increase college students financial wellbeing. Financial literacy was related to financial wellbeing. There were important differences between the Malay and Chinese ethnic groups in Malaysia.Research limitationsimplications Overall, implications and recommendations for future research, teaching, and public policy are also provided for parents, college administrators, counselors and educators.Originalityvalue This research provides meaningful information about how various factors childhood experience, financial socialization, and financial literacy predict students financial wellbeing.

Journal

Asian Education and Development StudiesEmerald Publishing

Published: May 25, 2012

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