Causes of Personal Financial Stress in Malaysia: A Phenomenological Study
Keywords:
Bankrupt, Household, Financial Literacy, Financial Stress, TasawurAbstract
Weak financial planning is often the root cause of individual financial stress in Malaysia. However, this phenomenological study has discovered another major rationale. This paper attempts to explain the causes of financial stress among individuals who are almost bankrupt in Malaysia through a phenomenological approach. Three participants were involved in the observation and in- depth interviews. The classification of phenomenological data in the form of specific themes is analysed through continuous comparison methods. This study found that inaccurate tasawur or consumerism pattern had greater influence on individual financial stress than poor financial planning. The inaccurate consumerism tasawur has generated a mystical element of financial stress which is rarely discussed. These findings established the need to re-evaluate the aspects of sustainable lifestyle culture in Malaysia, and it is worth investigating.
Downloads
References
Ahmad Azrin Adnan (2012). Gelagat pengguna Islam: Satu disiplin atau sub-disiplin? (Islamic consumer behavior: A discipline or sub-discipline?). Jurnal Pengurusan, 35, 139-149.
Ahmad Azrin Adnan, Mohd Izzuddin Abdul Aziz, Sakinah Mat Zin & Wan Anisah Endut (2018). A redefinition of the productive debt concept in halal lifestyle framework. International Journal of Academic Research in Business and Social Sciences, 8(6), 553-565.
Agarwal, S., & Mazumder, B. (2013). Cognitive abilities and household financial decision making. American Economic Journal: Applied Economics, 5(1), 193–207.
Agensi Kaunseling dan Pengurusan Kredit (2018). Financial behaviour and state of finanical well-being of Malaysian working adult. AKPK.
Anita, W. (2014). Educational psychology. New Jersey: Pearson New International Edition.
Bank Negara Malaysia (2018). Annual Report. BNM.
Brinkmann, S. (2017). Philosophies of qualitative research (understanding qualitative research). Oxford University Press.
Brown, S., & Taylor, K. (2014). Household finances and the “Big Five” personality traits. Journal of Economic Psychology, 45, 197–212.
Cuvillier, R. (1979). The housewife: An unjustified financial burden on the community. Journal of Social Policy, 8(1), 1-26.
Donnellan, M. B., Conger, K. J., McAdams, K. K., & Neppl, T. K. (2009). Personal characteristics and resilience to economic hardship and its consequences: Conceptual issues and empirical illustrations. Journal of Personality, 77(6), 1645–1676.
Financial Education Network (2019). Malaysia: Strategi Literasi Kewangan Kebangsaan (Malaysia: National Financial Literacy Strategy) 2019-2023. FEN.
Gay, L. R. & Mills, G. E. (2016). Educational research: Competencies for analysis and applications, New Jersey: Pearson.
Gordon, B., Paul, L. & Jack, G. (1986). Farm crisis: Patterns and impacts of financial distress among IOWA farm families. Rural Sociology, 51(4), 436.
Letkiewicz, J. C., & Fox, J. J. (2014). Conscientiousness, financial literacy, and asset accumulation of young adults. Journal of Consumer Affairs, 48(2), 274-300.
Mohd Ikwan Aziz, Suchi Hassan, Ahmad Azrin Adnan & Wan Hasannudiin Khairy (2019). An empirical investigation into Malay workers' intentions to leave their jobs. International Journal of Innovation, Creativity and Change, 7(10), 57-75.
Neubauer, B. E., Witkop, C. T., & Varpio, L. (2019). How phenomenology can help us learn from the experiences of others. Perspectives on medical education, 8(2), 90-97.
Newacheck, P. W. & Halfon, N. (1986). The financial burden of medical care expenses for children. Medical Care, 24(12), 1110-1117.
Social Well-being Research Centre Universiti Malaya (2019). Financial Stress Research Survey. SWRC.
Servon, L. J. & Kaestner, R. (2008). Consumer financial literacy and the impact of online banking on the financial behavior of lower-income bank customers. The Journal of Consumer Affairs, 42(2), 271-305.
Vagle, Mark D. (2016). Crafting phenomenological research. Taylor and Francis.
Yao, R., and Xu, Y. (2015). Chinese urban households’ security market participation: Does investment knowledge and having a long-term plan help? Journal of Family and Economic Issues, 36(3), 328–339.
Downloads
Published
How to Cite
Issue
Section
License
You are free to:
- Share — copy and redistribute the material in any medium or format for any purpose, even commercially.
- Adapt — remix, transform, and build upon the material for any purpose, even commercially.
- The licensor cannot revoke these freedoms as long as you follow the license terms.
Under the following terms:
- Attribution — You must give appropriate credit , provide a link to the license, and indicate if changes were made . You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
- No additional restrictions — You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.
Notices:
You do not have to comply with the license for elements of the material in the public domain or where your use is permitted by an applicable exception or limitation .
No warranties are given. The license may not give you all of the permissions necessary for your intended use. For example, other rights such as publicity, privacy, or moral rights may limit how you use the material.
