Abstract
This paper aims to identify the pattern of financial behavior among female teachers in Bandar Baru Bangi, Selangor. A total of 325 female teachers was involved in the study. Questionnaires were used in the survey to collect data. Data on questions relating to socioeconomic background, financial knowledge and financial behavior were gathered. The financial behavior pattern was formulated using the 5-Likert scale and financial knowledge with the choice of either ‘right’ or ‘wrong’ answer. The analysis showed four dimensions that were interrelated on the assessment measurement of financial behavior: i) planning, ii) cash flow management, iii) saving and iv) usage of credit card. Descriptive analysis includes t-test and ANOVA were used to analyze the differences between the mean score of financial behavior across the factors such as age, level of education, monthly income and financial knowledge level. The findings showed the respondents had a substantial mean score in the four dimensions of financial behavior described above. The highest mean score was on the dimension of cash flow management which involve activities of paying bills and other expenses by installments. The findings also showed respondents aged more than 45 years old had good financial behavior in term of saving. In another word, as they grew older they cultivate better saving habit. The findings also showed that the respondents with the good financial behavior were among those who were good in saving their income. Further study is suggested to identify factors that influence the financial behavior among teachers. The financial behavior can describe the financial well-being of an individual or group which has an impact on the individual productivity level.
Highlights
Efforts in improving the financial well-being of an individual, family and society should give greater emphasis to aspects of financial behavior
The analysis showed four dimensions that were interrelated on the assessment measurement of financial behavior: i) planning, ii) cash flow management, iii) saving and iv) usage of credit card
Descriptive analysis includes t-test and ANOVA were used to analyze the differences between the mean score of financial behavior across the factors such as age, level of education, monthly income and financial knowledge level
Summary
Efforts in improving the financial well-being of an individual, family and society should give greater emphasis to aspects of financial behavior. Financial behavior refers to one’s practice of using a systematic financial management system, for example a consistent savings plan through well thought and written plan with specific aims (Titus et al, 1989). The need to investigate financial behavior among teachers is important since teachers are among role model figures who can influence the youngs generation’s financial knowledge and skills in personal financial management. Statistic from the Ministry of Education (MOE) in 2012 showed that the total number of female teachers was 285,299 approximately 70 per cent of the total number of all teachers in Malaysia. As such it is important to explore the financial behavior among the female teachers. The aims of this paper are to examine the financial behavior patterns and dimensions among the female teachers, and to identify the difference between of their financial behavior with several factors chosen such as age, education level, monthly income and level of their financial knowledge
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