Working women and their perspectives on financial literacy and financial well-being
List of Authors
  • Azizan Zainuddin , Nurul Afiqah Zahira Abu Hassan A’sha’ari

Keyword
  • financial literacy, financial well-being, financial behaviour, working women

Abstract
  • The aim of this study is to highlight the state of financial literacy among working women in government. Previous research has found that due to the traditional role that women play, they have a significant knowledge gap in financial literacy. Women nowadays spend more time at home caring for their families and children compared to previous generations, have fewer opportunities to be involved in the world of work, and rarely have the opportunity to discuss financial decisions with family or friends. Regardless of the fact that women are entitled to education and employment opportunities, studies show that their financial literacy remains low. The financial well-being theory and the OECD framework were used as the main theoretical frameworks in this research. The preliminary data for the study came from 5 working women from various ministries in Putrajaya. In-depth interviews with semi-structured questions were employed to collect data, which was then interpreted using thematic analysis. The outcomes of this research revealed six themes related to the women's experiences with financial literacy that leads to their financial well-being: financial independence, knowledge of financial products, high-risk investment commitment, freedom from financial commitment, financial goals, and ability to seek information and save money. This study put forward two strategies to increase financial literacy, including incorporating financial education as a core component of early-age curriculum and expanding promotional campaigns and social media awareness. This study provides insight, particularly for the government, through how to improve more financial educational opportunities for women in order to reduce gender disparities in Malaysia.

Reference
  • 1. Adedoyin, O. B. (2020). Qualitative research methods. Principles of Social Psychiatry, 77-87. 2. Alrabadi, D. W. H., Al-Abdallah, S. Y., & Aljarayesh, N. I. A. (2018). Behavioral biases and investment performance: Does gender matter? Evidence from Amman Stock Exchange. Jordan Journal of Economic Sciences, 5(1), 77-92. 3. Ameliawati, M., & Setiyani, R. (2018). The influence of financial attitude, financial socialization, and financial experience to financial management behavior with financial literacy as the mediation variable. KnE Social Sciences, 811-832. DOI: 10.18502/kss.v3i10.3174 4. Ashaari, N. N. B., & Yusof, Z. B. M. (2019). Relationship between Financial Literacy and Its Component: A Research on Working Women. Asian Journal of Probability and Statistics, 5(2), 1-6. 5. Assibi, P. A. (2021). Financial literacy and personal financial decisions of local government staff at Prestea Huni-Valley municipal assembly in the Western Region. MPhil. Thesis. Retrieved from https://ir.ucc.edu.gh/xmlui/handle/123456789/7678 6. Baker, H. K., Kumar, S., Goyal, N., & Gaur, V. (2019). How financial literacy and demographic variables relate to behavioral biases. Managerial Finance, 45(1), 124–146. 7. Banerjee, P., Dutta, S., & Zhu, P. (2021). Multidimensionality of text based financial constraints and working capital management. International Review of Financial Analysis, 77, 101866. 8. Bottazzi, L., & Lusardi, A. (2021). Stereotypes in financial literacy: Evidence from PISA. Journal of Corporate Finance, 71(5), 101831. 9. Bucher-Koenen, T., Lusardi, A., Alessie, R. & van Rooij, M. (2014). How financially literate are women? An overview and new insights. Working Paper 20793. Retrieved from https://www.nber.org/system/files/working_papers/w20793/w20793.pdf 10. Chen, J., Jiang, J., & Liu, Y. J. (2018). Financial literacy and gender difference in loan performance. Journal of Empirical Finance, 48(C), 307–320. 11. Chun, Y. K., Fenn, C. J., & Al-Khaled, A. A. S. (2021). The relationship between socio-demographics and financial literacy with financial planning among young adults in Klang Valley, Malaysia. Jurnal Pengurusan, 63, 1-14. 12. Dewi, V., Febrian, E., Effendi, N., & Anwar, M. (2020). Financial literacy among the millennial generation: Relationships between knowledge, skills, attitude, and behavior. Australasian Accounting, Business and Finance Journal, 14(4), 24-37. 13. Fan, L., & Henager, R. (2022). A structural determinants framework for financial well-being. Journal of Family and Economic Issues, 43(2), 415-428. 14. Financial Education Network. (2019). Malaysia national strategy for financial literacy 2019-2023. Financial Education Network. Retrieved from https://www.sc.com.my/api/documentms/download.ashx?id=6385977c-bd2c 4612-bda8-9ce6a5961720 15. Given, L. M. (2008). The SAGE Encyclopedia of Qualitative Research Methods. SAGE Publication Inc. DOI: https://doi.org/10.4135/9781412963909 16. Hasler, A., and Lusardi, A., (2019). Financial fragility among middle-income households: evidence beyond asset building. Global Financial Literacy Excellence Center. 17. Indriaswari, I., Ulupui, I. G. K. A., & Warokka, A. (2022). Financial knowledge, financial attitude, and locus of control: Reviewing their influence on financial management behavior using financial literacy as moderation variable. The International Journal of Social Sciences World (TIJOSSW), 4(2), 431-443. 18. Kadoya, Y. (2020). Financial Literacy in Japan: New Evidence Using Financial Knowledge, Behavior, and Attitude. Sustainability. 12(9), 3683. 19. Lee, J., Rabbani, A., & Heo, W. (2023). Examining Financial Anxiety Focusing on Interactions between Financial Knowledge and Financial Self-efficacy. Journal of Financial Therapy, 14 (1) 2. 20. Malaysian Department of Insolvency (2020). Bankruptcy Statistics. Retrieved from http://www.mdi.gov.my/index.php/legislation/bankruptcy. 21. Malaysian Department of Insolvency (2021). Bankruptcy Statistics. Retrieved from http://www.mdi.gov.my/index.php/legislation/bankruptcy. 22. Mayer, M. (2023). Post-traumatic stress disorder (PTSD) and Economic decision-making in Ukraine: Exploring the impact of trauma on financial choices. Social Science Research Network. https://doi.org/10.2139/ssrn.4475208 23. Mohajan, H. K. (2018). Qualitative research methodology in social sciences and related subjects. Journal of economic development, environment and people, 7(1), 23-48. 24. Mohd Aziz, N. I., & Kassim, S. (2020). Does financial literacy really matter for malaysians? a review. Advanced International Journal of Banking, Accounting and Finance, 2(2), 13–20. 25. Mokhtar, N., Dass, T. M., Sabri, M. F., & Ho, C. S. (2018). A preliminary evaluation of financial literacy in Malaysia. Journal of Wealth Management & Financial Planning, 5(6), 3-16. 26. Muhammad, S., Kong, X., Saqib, S. E., & Beutell, N. J. (2021). Entrepreneurial income and wellbeing: women’s informal entrepreneurship in a developing context. Sustainability, 13(18), 10262. 27. Munisamy, A., Sahid, S., & Hussin, M. (2022). Exploratory factor and reliability analysis of financial literacy instrument to assess low-income groups in malaysia. Journal of Social Economics Research, 9(1), 39–51. 28. Nassaji, H. (2020). Good qualitative research. Language Teaching Research, 24(4), 427-431. 29. OECD (2022), OECD/INFE Toolkit for Measuring Financial Literacy and Financial Inclusion 2022, www.oecd.org/financial/education/2022-INFE-Toolkit-Measuring-Finlit-Financial-Inclusion.pdf 30. Osman, Z., Madzlan, E. M., & Ing, P. (2018). In pursuit of financial well-being: the effects of financial literacy, financial behaviour and financial stress on employees in Labuan. International Journal of Service Management and Sustainability, 3(1), 55-94. 31. Philippas, N. D., & Avdoulas, C. (2020). Financial literacy and financial well-being among generation-Z university students: Evidence from Greece. The European Journal of Finance, 26(4-5), 360-381. 32. Poh, L. M., Sabri, M. F., Wahab, H. A. R. A., & Wijekoon, R. (2021). Determinants of financial vulnerability among civil servants in Peninsular Malaysia. Malaysian Journal of Consumer and Family Economics, 27, 113-143. 33. Rahim, N. M., Ismail, N., & Karmawan, K. (2022). Financial Literacy and Financial Behaviour: An Overview of Key Drivers. https://doi.org/10.4108/eai.25-11-2021.2319348 34. Rai, K., Dua, S., & Yadav, M. (2019). Association of Financial Attitude, Financial Behaviour and Financial Knowledge Towards Financial Literacy: A Structural Equation Modeling Approach. FIIB Business Review, 8(1), 51–60. 35. Rani, S., & Goyal, N. (2021). Gender Gap in Financial Literacy: Literature Review. Journal of Tianjin University of Science and Technology, 54(08), 339-354. 36. Renaldo, N., Sudarno, S., & Marice, H. B. (2020). The improvement of generation Z financial well-being in Pekanbaru. Jurnal Manajemen Dan Kewirausahaan, 22(2), 142-151. 37. Sabri, M. F., Anthony, M., Wijekoon, R., Suhaimi, S. S. A., Abdul Rahim, H., Magli, A. S., & Isa, M. P. M. (2021). The influence of financial knowledge, financial socialization, financial behaviour, and financial strain on young adults’ financial well-being. International Journal of Academic Research in Business and Social Sciences, 11(12), 566-586. 38. Setianingsih, D., Dewi, M., & Chanda, A. (2022). The effect of financial knowledge, financial planning, internal locus of control, and financial self-efficacy on financial management behaviour: A case study of SMEs Grocery Stores. Jurnal Samudra Ekonomika, 6(1), 19-30. 39. Setiyani, R., & Solichatun, I. (2019). Financial well-being of college students: An empirical study on mediation effect of financial behavior. KnE Social Sciences, 451-474. 40. Tan, S., & Singaravelloo, K. (2020). Financial literacy and retirement planning among government officers in Malaysia. International Journal of Public Administration, 43(6), 486-498. 41. Xiao, J. J., & O’Neill, B. (2018). Propensity to plan, financial capability, and financial satisfaction. International Journal of Consumer Studies, 42(5), 501–512 42. Zhang, Y., & Chatterjee, S. (2023). Financial Well-Being in the United States: The Roles of Financial Literacy and Financial Stress. Sustainability, 15(5), 4505.