Factors influencing financial planning for marriage amongst young Malaysian couples

Nga, Joyce Koe Hwee * and Yeoh, K. K. (2021) Factors influencing financial planning for marriage amongst young Malaysian couples. International Journal of Business and Society, 22 (1). pp. 33-54. ISSN 1511-6670

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Financial planning for marriage contributes to happier, more satisfying and longer-lasting unions. However, there is increasing evidence that young Malaysian couples are burdened by excessive debts and have a tendency to overspend on their wedding. Based on the Theory of Planned Behaviour, the current study investigates key factors — financial literacy, attitude towards money, attitude towards debt, financial goals and social influence — that are likely to influence the degree of financial planning for marriage undertaken by married and soon-to-be-married couples. The study also examines the mediating role of financial literacy on the relationships between the aforementioned key factors and financial planning for marriage. The study collected data from a sample of 201 respondents recruited via purposive sampling and used a bootstrapped partial least squares structural equation modelling (PLS-SEM) approach for data analysis. The results showed that (i) financial literacy positively influences financial planning for marriage; (ii) attitude towards money, financial goals and social influence positively influence both financial literacy and financial planning for marriage; (iii) attitude towards debt has a negative influence on financial planning for marriage but no influence on financial literacy; and (iv) financial literacy has a mediating effect. The findings highlight the importance of financial counselling, education as well as discipline in bringing about successful marriages.

Item Type: Article
Uncontrolled Keywords: financial planning; financial literacy; financial goals; consumer attitudes; attitudes towards money; attitude towards debt
Subjects: H Social Sciences > HG Finance
Divisions: Others > Non Sunway Academics
Sunway University > Sunway Business School [formerly Sunway University Business School until 2023] > Dept. Economics & Finance
Depositing User: Dr Janaki Sinnasamy
Related URLs:
Date Deposited: 03 Dec 2021 06:04
Last Modified: 03 Dec 2021 06:06
URI: http://eprints.sunway.edu.my/id/eprint/1922

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