Factors Influencing Financial Management Behavior among Millennials in Malaysia

Abstract

The objective of this study is to examine factors influencing financial management behaviour among millennials in Malaysia. The analysed factors include financial knowledge, financial attitude, locus of control, self-efficacy, peer influence, and income. This research integrates the of Theory of Planned Behaviour (TPB) and Social Cognitive Theory (SCT) to examine the relationship between the independent variables and financial management behaviour. Data were collected using purposive sampling method through the distribution of questionnaires. A total of 150 responses from millennials in Malaysia were analysed using IBM SPSS version 29.0. The findings reveal that financial knowledge, self-efficacy and income significantly influence financial management behaviour, while financial attitude, locus of control and peer influence did not show significant effect on financial management behaviour. This study provides valuable insights for educators, policy makers and financial counsellors to carry out their duties to support millennials or other generations to have efficient financial management behaviour. The study also recommends future research with a larger and more diverse sample for broader generalisation.