Predicting private saving within malay community

Mei Teh Goi, Mohd Rizal Palil, Nor Hazila Mohd Zain, Nor Hasikin Mamat

Research output: Contribution to journalArticle

Abstract

Few reports have indicated that majority of Malaysians do not save enough for retirement and Malays are less likely to save money as compared to other races in Malaysia. A lot of attention has been given to the link between financial literacy and saving thus neglecting other factors that are closely related to individuals. According to Bandura’s (1977) theory, financial behaviour is closely related to personal factors such as individual characteristic, cognitive ability, self-efficacy, and religious faith. Therefore, this study aims to examine all the factors predicting private saving. Using 224 Malay respondents, logistic regression analysis was conducted. This study found that parents and religious faith significantly predicted the likelihood of private saving, but individual characteristic, cognitive ability, and self-efficacy did not significantly predict the likelihood of private saving. Thus, this study recommends using parents and religious officers to guide the Malay communities in their private saving.

Original languageEnglish
Pages (from-to)1-17
Number of pages17
JournalAsian Academy of Management Journal
Volume24
DOIs
Publication statusPublished - 1 Jan 2019

Fingerprint

Private savings
Factors
Individual characteristics
Faith
Self-efficacy
Cognitive ability
Financial literacy
Financial behavior
Malaysia
Logistic regression analysis
Retirement

Keywords

  • Cognitive ability
  • Financial behaviour
  • Private saving
  • Religious faith
  • Self-efficacy

ASJC Scopus subject areas

  • Business, Management and Accounting(all)

Cite this

Predicting private saving within malay community. / Goi, Mei Teh; Palil, Mohd Rizal; Mohd Zain, Nor Hazila; Mamat, Nor Hasikin.

In: Asian Academy of Management Journal, Vol. 24, 01.01.2019, p. 1-17.

Research output: Contribution to journalArticle

Goi, Mei Teh ; Palil, Mohd Rizal ; Mohd Zain, Nor Hazila ; Mamat, Nor Hasikin. / Predicting private saving within malay community. In: Asian Academy of Management Journal. 2019 ; Vol. 24. pp. 1-17.
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