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A Comparison of Financial Well-Being and Its Antecedents Across Different Employment Categories in Malaysia

Gadjah Mada International Journal of Business (GamaIJB) · Vol. 25 No. 3 (2023) · pp. 255–277

DOI
10.22146/gamaijb.73947
ISSN
2338-7238, 1411-1128
Published
2023-09-05
Publisher
Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada
Language
eng
License
creativecommons.org/licenses/by-sa/4.0

Abstract

This study compares the level of financial well-being (FWB) and its antecedents(financial stress, financial behaviour, financial literacy, and the internal locus of control(LOC)) across individuals of different employment categories in Malaysia. Second, it investigates the relationship between those antecedents and FWB and compares the differences in the strength. Data were collected from 1,867 respondents from four employmentgroups using a questionnaire-based survey. Descriptive statistics and analysis of variance (ANOVA) were conducted to achieve the first research objective, and ordinary leastsquares (OLS) regression was used to achieve the second research objective. The resultsindicate that FWB and its antecedents of Malaysian employees vary considerably acrossemployment categories. The FWB of the unemployed and private-sector workers is significantly lower than their government sector and self-employed counterparts. Financialstress, financial behavior, and an internal LOC are the most determinative of employees’FWB, however, they have varying degrees of impact across different employment categories. The results relate to employers and policymakers in formulating strategies to promotehigher FWB among Malaysian employees, based on their employment categories.

Keywords

Collaboration network of the authors

7 authors · 13 co-authorship links · 1 across different organisations

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  • University of Malaya
  • National University of Singapore
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
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Co-authorOrganisationJoint articles
Amrul Asraf Mohd‐AnyNational University of Singapore1
Mun-Kit ChanAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://journal.ugm.ac.id/gamaijb/oai, first harvested 28 Okt 2026, last seen 28 Okt 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en-US">A Comparison of Financial Well-Being and Its Antecedents Across Different Employment Categories in Malaysia</dc:title>
	<dc:creator>Mahdzan, Nurul Shahnaz</dc:creator>
	<dc:creator>Sukor, Mohd Edil Abd</dc:creator>
	<dc:creator>Zainudin, Rozaimah</dc:creator>
	<dc:creator>Zainir, Fauzi</dc:creator>
	<dc:creator>Ahmad, Wan Marhaini Wan</dc:creator>
	<dc:subject xml:lang="en-US">Business; Management</dc:subject>
	<dc:subject xml:lang="en-US">financial well-being, financial stress, locus of control, financial behaviour, employment</dc:subject>
	<dc:subject xml:lang="en-US">D6, M5</dc:subject>
	<dc:description xml:lang="en-US">This study compares the level of financial well-being (FWB) and its antecedents(financial stress, financial behaviour, financial literacy, and the internal locus of control(LOC)) across individuals of different employment categories in Malaysia. Second, it investigates the relationship between those antecedents and FWB and compares the differences in the strength. Data were collected from 1,867 respondents from four employmentgroups using a questionnaire-based survey. Descriptive statistics and analysis of variance (ANOVA) were conducted to achieve the first research objective, and ordinary leastsquares (OLS) regression was used to achieve the second research objective. The resultsindicate that FWB and its antecedents of Malaysian employees vary considerably acrossemployment categories. The FWB of the unemployed and private-sector workers is significantly lower than their government sector and self-employed counterparts. Financialstress, financial behavior, and an internal LOC are the most determinative of employees’FWB, however, they have varying degrees of impact across different employment categories. The results relate to employers and policymakers in formulating strategies to promotehigher FWB among Malaysian employees, based on their employment categories.</dc:description>
	<dc:publisher xml:lang="en-US">Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada</dc:publisher>
	<dc:contributor xml:lang="en-US">The authors would like to thank the Malaysian Ministry of Education under the Fundamental Research Grant Scheme for providing the financial resources that assisted in the conduct of this study (Research Grant No. FP025-2016)</dc:contributor>
	<dc:date>2023-09-05</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.ugm.ac.id/gamaijb/article/view/73947</dc:identifier>
	<dc:identifier>10.22146/gamaijb.73947</dc:identifier>
	<dc:source xml:lang="en-US">Gadjah Mada International Journal of Business; Vol 25, No 3 (2023): September-December; 255-277</dc:source>
	<dc:source>2338-7238</dc:source>
	<dc:source>1411-1128</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.ugm.ac.id/gamaijb/article/view/73947/37822</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2023 Gadjah Mada International Journal of Business</dc:rights>
	<dc:rights xml:lang="en-US">http://creativecommons.org/licenses/by-sa/4.0</dc:rights>
</oai_dc:dc>