Abstract
The Influence of Financial Socialization, Financial Behavior, Locus of Control and Financial Stress on Young Adults’ Financial Vulnerability
Highlights
Malaysians are confronting an elevated economic risk, with decreasing monetary security leaving numerous people financially vulnerable
In conclusion, a negative significant association was revealed between financial socialization, financial behavior, and locus of control towards financial vulnerability of Malaysian young adults, while a positive significant association was revealed between financial stress and financial vulnerability
The result indicated that the financial socialization, financial behavior, locus of control, and financial stress are significant determinants of young adults’ financial vulnerability and the 53.1% of the variance in financial vulnerability was explained by the regression model
Summary
Malaysians are confronting an elevated economic risk, with decreasing monetary security leaving numerous people financially vulnerable. It is fundamental that we increase the financial well-being of young adults. This could be achieved via enhanced financial socialization (LeBaron et al, 2018). This is timely given the present financial crisis because of COVID-19 associated restrictions, as previous studies suggest that the majority of the financially vulnerable young adults are frequently extremely affected by financial catastrophes (Kim et al, 2017). In case of a crisis, young adults attempt to diminish spending, and trying to adjust their financial plans better, which slows the economic regaining (Mian et al, 2013)
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