Causes of Personal Financial Stress in Malaysia: A Phenomenological Study

Authors

  • AHMAD AZRIN ADNAN
  • SAKINAH MAT ZIN
  • MOHAMAD IZZUDDIN ABDUL AZIZ
  • JUNAINAH AHMAD ESA
  • NORFADZILAH RASHID

Keywords:

Bankrupt, Household, Financial Literacy, Financial Stress, Tasawur

Abstract

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.

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Published

2021-04-30

How to Cite

ADNAN, A. A. ., ZIN, S. M. ., AZIZ, M. I. A. ., ESA, J. A. ., & RASHID, N. . (2021). Causes of Personal Financial Stress in Malaysia: A Phenomenological Study. The Journal of Contemporary Issues in Business and Government, 27(2), 191–200. Retrieved from https://cibgp.com/au/index.php/1323-6903/article/view/918

Issue

Vol. 27 No. 2 (2021): The journal of contemporary issues in business and government

Section

Articles

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