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Fulltext An enigma of Malaysia's low-income young adults: Mediation of financial behaviour on financial well-being and locus of control cohesion

Sabri MF, Wahab R, Mahdzan NS, Magli AS, Rahim HA, Suhaimi SSA, et al.

PLoS One, 2023;18(7):e0288204.
PMID: 37440508 DOI: 10.1371/journal.pone.0288204

Young adults face many significant challenges to their financial well-being. The rising cost of living and unstable economies have impacted how they consume, manage, and save monthly income to maintain their standard of living. Hence, exploring the financial well-being of young adults in Malaysia is an intriguing and relevant research topic that deserves examination from multiple perspectives. This study aims to investigate how these three factors, namely financial knowledge and locus of control with financial behaviour as a mediator, are correlated with the financial well-being of low-income young adults in Malaysia. A total of 520 young adults from North, Central, South, East zones in Peninsular Malaysia and East Malaysia were randomly chosen using a multi-stage sampling technique as the sample of this study. Data in this study were obtained using a set of questionnaire-based survey through cross-sectional study and then scrutinized using IBM SPSS (Statistical Package of Social Science). This study discovered that financial knowledge, internal and external locus of control, and financial behaviour were significantly correlated with the financial well-being of low-income young adults. The findings also demonstrate that financial behaviour mediates the correlation between financial knowledge, both internal and external locus of control, and financial well-being. This study is one of the very few important studies that explore the link between financial literacy, locus of control, financial behaviour, and financial well-being among low-income young adults. This study also found an interesting and noteworthy fact regarding the impact of the minimum monthly wage policy on highly educated young adults in Malaysia, which is worth discussing and needs to be alerted to the policymakers and leaders of the country. Therefore, the findings of this study can be utilized as a starting point by policymakers, government organizations, and non-governmental organizations to create new initiatives aimed at raising financial well-being among the younger generation.
Fulltext Analysing the Predictors of Financial Stress and Financial Well-Being among the Bottom 40 Percent (B40) Households in Malaysia

Mansor M, Sabri MF, Mansur M, Ithnin M, Magli AS, Husniyah AR, et al.

Int J Environ Res Public Health, 2022 Sep 30;19(19).
PMID: 36231802 DOI: 10.3390/ijerph191912490

This paper aims to analyse factors affecting financial stress among the Bottom 40 Percent (B40) group of Malaysian households, reflecting overall financial well-being. Data were collected through questionnaires from 1008 respondents across five major regions in Malaysia. The data were analysed using Exploratory Factor Analysis (EFA) and Partial Least Squares-Structural Equation Modelling (PLS-SEM). This study provides evidence that financial behaviour, financial vulnerability (debt and income), and locus of control (luck and self-confidence) significantly affect financial stress among B40 households. The results show a significantly positive relationship between financial stress with financial vulnerability (debt and income) and locus of control (self-confidence). On the contrary, financial behaviour and locus of control (luck) show a significant negative relationship with financial stress. The result also indicates that financial stress affects financial well-being. Overall, the findings indicate that policy-makers should invent more effective and substantial stimulus packages or other measures to reduce the financial burden on B40 households. The findings could eventually provide insights for future research to delve into the social impact of financial stress. This study also has established a valid and reliable instrument to measure financial stress involving B40 households in Malaysia that eventually reflects the financial well-being of this group of people.
Fulltext TVET programme and health-related quality of life among low-income populations during the COVID-19 pandemic in Malaysia

Yasin RM, Tan MP, Said MA, Rasul MS, Thangiah N, Rizal H, et al.

Front Public Health, 2024;12:1164056.
PMID: 38504686 DOI: 10.3389/fpubh.2024.1164056

INTRODUCTION: Education improves the economy and quality of life. The availability of skilled education in Malaysia is not restricted to the younger generation but is available to people of all ages, including those with low incomes.
METHODS: This study used the EuroQol 5-Dimension 5-Level (EQ- 5D-5L) tool during the COVID-19 pandemic to examine relationships between socio-demographics, knowledge, and attitudes towards education and outcomes of health-related quality of life (HRQOL). Between September and October 2020 and January and February 2021, a cross-sectional study using a multi-stage sampling technique was carried out.
RESULTS: A total of 1,997 adults participated, with a mean age of 45.17 (SD 14.113). In total, 74.9% had good knowledge, while 59.8% had a positive attitude towards skill education. In univariate analyses, the EQ-5D-5L score was related to age, income, education level, marital status, employment status, financial strain level, and knowledge and attitude towards skilled education. Generalised linear model analyses demonstrated that lower EQ-5D-5L scores were associated with older age, financial constraints, and a negative attitude towards skills education. However, additional adjustments for knowledge and attitude towards skills education show only an increase in age and financial strain was significant.
CONCLUSION: The findings suggest that appropriate strategies be implemented to increase low-income populations' knowledge and attitude towards skill education. Improving education may improve the quality of life for this vulnerable group. Additionally, a qualitative study can be conducted to determine the barriers to low-income households participating in skilled education to fill in the knowledge gap.
Fulltext 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

Sabri MF, Said MA, Magli AS, Pin TM, Rizal H, Thangiah N, et al.

Int J Environ Res Public Health, 2022 Sep 30;19(19).
PMID: 36231818 DOI: 10.3390/ijerph191912520

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.