Abstract
Financial educators have placed importance on the study of the determinants of financial wellbeing for some decades now. The subject of the research has comprised factors such as marital status, employment status, education, income and health, which impact on financial wellbeing. However, there is as yet, a lack of research on the perceived influence of differences in financial wellbeing between the genders, particularly within the Asian context. The present research evaluates the moderating effect of gender on the determinants of financial wellbeing among college students in Malaysia. Samples for this study comprised students in Malaysian universities. The multi stage stratified random sampling technique was utilized to select the respondents, while self-administered questionnaires were used to collect the data. Further, a multi-group analysis approach using AMOS was used in studying the influence of gender on financial wellbeing. The findings of the present research show that among college students, gender has a substantial moderating effect on the factors related to financial wellbeing.
Highlights
The rapid development in Malaysia has created more opportunities in education, employment and an overall improved welfare of Malaysians
The results of path coefficients indicate that financial knowledge (b= .175, CR= 3.76, P
The results reveal that males and females display different financial behaviour and perceive different levels of financial strain, financial knowledge, and financial attitude
Summary
The rapid development in Malaysia has created more opportunities in education, employment and an overall improved welfare of Malaysians. The improved economic situation has provided Malaysians with more opportunities to earn higher incomes and raise their standard of living through conducting business or employment. The increase in the number of higher educational institutions in Malaysia has led to the enrolment of a higher number of students (Da, 2007). In 2009, the number of females enrolled in Malaysian institutions of higher education rose to 76% of total students (MOHE statistics, 2009). The estimates are that with the growing number of women in higher education, the participation of women in the labour force has increased resulting in the enhancement of the economic position of women and gender equality (Bhatti, Shar, Shaikh, & Nazar, 2010)
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