Young Consumer Behavior: Financial Practices among Malaysian Muslim Youth

Document Type : Research Paper

Authors

1 Faculty of Business and Management, Universiti Teknologi MARA, Selangor, Malaysia

2 Faculty of Communication and Media Studies, Universiti Teknologi MARA, Selangor, Malaysia

3 Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia, Negeri Sembilan, Malaysia

Abstract

The purpose of this study is to examine the impact of financial attitude (FA), parental financial socialization (PFS), financial literacy (FL), and financial education (FE) to ensure the success of prudent financial management practices (PFMP) among Malaysian Muslim youth. The research was designed to use the quantitative approach. Data were collected using self-administered questionnaires adopted from previous studies, which were disseminated among university students and were analyzed using Partial Least Squares Structural Equation Modelling (PLS-SEM) to address the research hypotheses. The findings indicate that FA, PFS, FL, and FE have substantial and positive relations with PFMP. The results highlighted the importance of all constructs in determining Muslim youth's capability to prudently manage their financial affairs. As a result, the findings may help us understand how Malaysian Muslim youth need to improve their financial practices.

Keywords

Main Subjects

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Iranian Economic Review
Volume 27, Issue 4
December 2023
Pages 1326-1340

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