Lee Eunkyoung¹, Hainnuraqma Rahim^2♣, Nornajihah Hasbullah³, Nor Balkish Zakaria⁴, and Mohd Hafiz Bakar⁵

¹ Sun Moon University, Global Sustainability Economy Institute, Tangjeong-myeon, Asan-si, Chungcheongnam-do, South Korea
^2,3,5 Faculty of Business and Management, Universiti Teknologi MARA, Melaka, Malaysia
⁴ Accounting Research Institute, Universiti Teknologi MARA, Shah Alam, Selangor, Malaysia

 
ABSTRACT

Financial problems and stress among Malaysian tertiary students could be instigated by poor financial management. This study assessed Malaysian tertiary students’ financial literacy, money ethic, financial knowledge and family influence in explaining Financial Well-Being (FWB) through ethical financial behavior. Ethical financial behavior it was introduced as a mediator via online survey questionnaires and 134 of the 200 questionnaires that were delivered were used for analysis. Employing Partial Least Squares Structural Equation Modelling (PLS-SEM), this study evaluated the hypotheses. The findings indicated that ethical financial behavior acted as the primary precursor, succeeded by money ethics and familial influence in forecasting FWB. Thus, achieving FWB among Malaysian tertiary students necessitates a balance between money ethic and expenditure, alongside the management of financial literacy and knowledge. It is imperative for governmental and financial institutions to amplify their roles and initiatives towards cultivating a financially literate and adept society. This research provides complementary insights into financial comprehension, aiding the development of ideas associated with financial management, which prove advantageous not only for students but also for society at large.

Keywords: Financial Well-being; Malaysian tertiary students, Ethical Financial Behavior