Analysis of factors that influence budget practices among college students in Malaysia

Choong, Chiau Yee and Lim, Yong Cheng and Ng, Sin Ring (2023) Analysis of factors that influence budget practices among college students in Malaysia. Final Year Project, UTAR.

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Abstract

In order to overcome the financial difficulties of higher education, budgeting is essential for college students in Malaysia. This study focuses on financial attitudes, financial literacy, money-related attitudes, and peer influence as it explores the factors influencing the budgeting practices of Malaysian college students. We use Behavioural Finance Theory to identify cognitive biases that influence financial decision-making. The Theory of Planned Behaviour also aids in evaluating how beliefs and arbitrary standards affect budgeting behaviours among Malaysian college students. We gave out surveys to 400 Malaysian undergraduate students who were chosen at random to collect data for this study. Next, we used Statistical Package for the Social Sciences (SPSS) version 27.0 to do a Multiple Linear Regression Analysis. According to the analysis's results, subjective standards and financial literacy have a significant effect on budgeting practices, whereas financial attitudes have little bearing. Therefore, we advise universities, governments, and religious institutions to place a higher priority on these aspects while attempting to improve budgeting practices among college students in Malaysia. In a nutshell, budgeting plays a crucial part in the financial responsibility of Malaysian college students, and this study illuminates the important variables influencing their budgeting behaviors, offering insightful knowledge for enhancing financial practises in this population.

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