Consumer Financial Vulnerabilities in Malaysia Issues, Trends and Psychological Aspects Routledge Advances in Management and Business Studies Series
Auteurs : Ahmad Mahdzan Nurul Shahnaz, Abd Sukor Mohd Edil, Ismail Izlin, Rahman Mahfuzur
This book examines four aspects of Malaysian consumers? financial vulnerabilities. First, it discusses the issue of over-indebtedness due to excessive reliance on consumer financing. Second, the book investigates why Malaysians are ill-prepared for their golden years in terms of retirement planning and savings. Third, it delves into the problem of financial fraud victimisation among Malaysian consumers. Fourth, the book analyses the reasons why Malaysians are underinsured despite the distinct benefits of life insurance.
Drawing on secondary data from government agencies such as Bank Negara Malaysia, Employees' Provident Fund, Royal Malaysian Police and the Department of Statistics Malaysia, each chapter presents statistical trends reflecting the four financial vulnerabilities. In-depth analyses of the literature reveal three broad psychological domains (cognition, motivation, and disposition) and specific psychological factors (e.g. over-confidence, self-control, social norms, and financial literacy) that significantly influence consumers? financial decisions. The four financial vulnerabilities investigated in this book directly address the strategic outcomes of the Malaysian National Strategy for Financial Literacy 2019?2023 (MNSFL), a five-year plan to elevate the financial literacy of Malaysians. Finally, the book presents strategic recommendations that are believed to be useful guidelines for relevant policymakers to promote positive financial behaviours and rational attitudes among consumers.
It will be a useful resource for policymakers and researchers interested in economic psychology and behavioural finance.
1. An Overview of Consumer Financial Vulnerabilities in Malaysia 2. Consumer Debt: Friend or Foe? Exploring its Causes and Consequences 3. Will Malaysians Retire in Contentment or Misery? Financial Behaviour Issues Approaching Old Age 4. Falling Prey to Financial Fraud: Investigating the Causes of Victimisation 5. The Paradox of Life Insurance Protection: Why are Consumers Underinsured? 6. Summary and Strategic Recommendations
Nurul Shahnaz Ahmad Mahdzan is associate professor and the current Head of Finance and Banking Department, University of Malaya, Malaysia. She obtained her PhD from University of Nottingham, United Kingdom. With ten years’ experience working in financial services, she has published numerous articles on personal financial behaviour.
Mohd Edil Abd Sukor teaches finance and Islamic finance at Faculty of Business and Accountancy, University of Malaya, Malaysia. He holds a PhD in finance from the University of Melbourne, Australia. He has led several research grants including Vulnerabilities in Malaysian Consumer Finances.
Izlin Ismail is associate professor and the former Head of Finance and Banking Department, University of Malaya, Malaysia. She obtained her PhD from Nottingham University Business School, Malaysia Campus. Her research interests include international finance, microfinance and fintech. She also recently completed a financial literacy handbook for primary schools.
Mahfuzur Rahman works at Finance and Banking Department, University of Malaya, Malaysia. He obtained his PhD from University of Malaya, Malaysia. His research interest includes financial decision-making behaviour and financial risk management. He has managed several research grants and published several research articles.
Date de parution : 05-2022
15.6x23.4 cm
Date de parution : 11-2020
15.6x23.4 cm
Thèmes de Consumer Financial Vulnerabilities in Malaysia :
Mots-clés :
Financial Literacy; BNM; Financial decision making; Retirement Savings; Financial behaviour; Takaful Policies; Malaysian consumers; Financial Frauds; consumer psychology; Higher Financial Literacy; Personal finance; Royal Malaysian Police; Behavioural finance; International Monetary Fund; Consumer finance; Life Insurance Demand; Malaysian consumers' financial vulnerabilities; Life Insurance Policies; Rational attitudes; Total Household Debt; Financial fraud victimisation; Life Cycle Motive; Positive financial behaviours; Retirement Planning Behaviour; HHD; Household Debt Growth; Retirement Planning; Retirement Goals; Ponzi Scheme; Financial Planner; Pyramid Schemes; Financial Management Information; Low Penetration Rate; Dispositional Domain; Life Insurance