Financial Planning Towards Marriage Among the Millennial Generation
Keywords:
financial planning, expenditure, marriage, savings, millennial generation
Abstract
The economic situation that is getting more challenging, and the desire to dream for a luxurious marriage is a challenge faced by couples who are heading towards marriage nowadays. Thus, the objective of this study is to identify whether the millennial generation has a specific saving for marriage or not, identifying items and expenditure estimates for their wedding, and identifying the millennial generation's financial sources to celebrate their wedding. The purposive sampling technique was used in this study. The data collection instrument was using questionnaires. Questionnaires were distributed at Medan MARA Marriage Course, Kuala Lumpur. As many as 85 people of the millennial generation (aged 18 to 40 years old) who are Muslims and have not been married were involved in this study. Descriptive statistics were used to answer the study objective. Study results found that most of the millennial generation has a specific saving to get married, especially men. The estimated value for wedding expenses is between RM10,000 to RM15,999. Savings, loans, and family contributions were three main financial sources for the millennial generation to accomplish their wedding. The study implication suggests that the millennial generation be wiser in personal financial planning, especially in planning savings and expenses for their wedding.
Downloads
Download data is not yet available.
References
Anon. (2010). Family economics & financial education. https://financeintheclassroom.org/ downloads/WhatSavingswhyimportant.pdf
Chua Lee Chuan. (2006). Sample size estimation using Krejcie and Morgan and Cohen Statistical Power Analysis: A Comparison. Jurnal Penyelidikan IPBL, 7, 82.
Chen-Chen Yong, Siew-Yong Yew & Chu-Kok Wee. (2018). Financial knowledge, attitude and behaviour of young working adults in Malaysia. Institutions and Economies, 10(4), 21- 48.
Copur, Z. & Eker, I. (2014). The relationship between financial issues and marital. International Journal of Art and Sciences, 7(05), 683-69.
Daniel Harari. (2018). Household debt: Statistics and impact on economy. House of Commons Library.
Dwiyun Evi Yolanda, Isti Mulyani & M. Januar Ibnu Adham. (2017). Pengaruh generasi muda millenial terhadap karakter interaksi sosial di masyarakat. https://www.academia.edu/ 35489302/pengaruh_generasi_muda_millenial_terhadap_karakter_interaksi. 10 Februari 2020.
Garman, E.T. & Forgue, R.E. (2006). Personal Finance. 8th Edition. New York: Houghton Mifflin Company.
Husniyah A.R. & Mohd Amin. (2013). Public worker’s personal financial planning process and involvement in comprehensive financial planning. https://www.researchgate.net/ publication/289774725_Public_worker's_personal_financial_planning_process_and_involvement_in_comprehensive_financial_planning
Josephine, T., Nayda, I. T., Vervill, M. & Michael, G. (2008). Money and marriage: A spending plan. https://rvs.umn.edu/Uploads/EducationalMaterials/406ddd01-2442-48ed-8213-b1e2ad5d6358.pdf
Kapoor, D. & Hughes. (2012). Personal Finance. 4th Edition. Mc Graw-Hill Companies.
Khairuddin & Fauzi. (2016). Impian dan realiti majlis perkahwinan orang Melayu Masakini: Kajian kes di pinggir Bandar Kuala Lumpur. Malaysian Journal of Society and Space, 12(7), 1-12.
Koon Foo Yu & Nurazrin Jupri. (2015). Factors that lead to financial distress of Generation Y in Malaysia. International Journal of Accounting & Business Management, 3(2).
Liezel Alsemgeest & Chrizaan Grobbelaar. (2015). Spouse’ views of gender roles: Financial management in marriage. Journal of Economic and Financial Sciences, 8(3), 843-860.
Malaysian Department of Insolvency. (2020). Statistik Kebankrapan 2019. http://www.mdi.gov.my/images/documents/Statistics/Bankrupcy/StatistikKebankrapandisember2019.pdf. 19 Februari 2020.
Markus, K. (2017). Comparing Generation X and Generation Y on their preferred emotional leadership style. Journal of Applied Leadership and Management, 5, 62-75.
Kashif, M. & Ernest C. D. R. (2015). Money donations intentions among muslim donors: An extendended theory of Planned Behavior Model. International Journal of Nonprofit and Voluntary Sector Marketing, 1-14.
Irawan, Yossie Rossanty, dan Muhammad Dharma Tuah Putra Nasution. (2018). Financial Literacy for Family Welfare Within Financial Planning. The 4th International Conference on Management Sciences.
Md Abdul Jalil, Dzuljastri Abdul Razak & SM Ferdous Azam. (2013). Exploring factors influencing financial planning after retirement: Structural Equation Modeling Approach. American Journal of Applied Sciences, 10(3), 270-279.
Noraihan, Hasmida & Syaiful. (2013). Hubungan antara amalan pengurusan kewangan pelajar dam kursus PA305: Pengurusan Kewangan Peribadi-Satu Kajian Kes di Politeknik Tuanku Sultanah Bahiyah. Technical and Education Colloquium (TEC) PTSB, 25-31.
Normaizatul Akma Saidi, Nurul Ayuni Khairuddin, Nurul Azlina Abu Samat, Nurul Azween A. Rahman & Nurul Fadzlina Abdul Jalil. (2016). Determinants of financial problems among adults. International Journal of Accounting, Finance and Business, 1(1) September, 18-23.
Norsyahidah Norazam & Norasmah Othman. (2017). Kualiti pendidikan pengurusan kewangan dengan tahap literasi kewangan. Journal of Global Business and Social Entrepreneurship (GBSE), 1(1), 183-193.
Nurul Fardini Zakaria, Laily Palm dan Husniyah Abdul Rahim. (2010). Perbadingan Lestari Kewangan Siswa Berasaskan Gender. Jurnal Pengguna Malaysia, 15, 50-64.
Raihanah Azahari, Khairun Najmi Saripudin dan Raihana Abd Wahab. (2009). Hubungan di antara Faktor Demografi dengan Penentuan Kadar Hantaran:Kajian di Perlis, Kedah, Pulau Pinang dan Perak. Jurnal Fiqh, 6, 107-124.
Rumaya Juhari, Syah Qurratu Ani Sahrani dan Khairul Anwar Mastor. (2014). Personality Traits and Marital Quality Among Muslims Newly Weds in Selangor, Malaysia. Proceedings of the Australian Academy of Business and Social Sciences Conference 2014 https://pdfs.semanticscholar.org/8660/effd1690c341650ec32acde691af0ff1f97d.pdf
Sampath Kumar Ranganathan & Walter H. H. (2018). Determinants of Charitable Donation Intentions: A Structural Equation Model. International Journal of Nonprofit and Voluntary Sector Marketing, 13(1), 1–11.
Shafinar Ismail, Rozana Othman, Siti Noor Hidayuu Kamalrulzaman, Arnida Jahya, Nur Hafidzah Idris, Siti Zaitun dan Farid Izren. (2013). Determinants of personal loans borrowing: An Empirical Study. https://www.researchgate.net/publication/260985991_Determinants_of_ Personal_Loans_Borrowing_An_Empirical_Study
Stanimir, A. (2015). Generation Y characteristics of attitudes on labour market. Mediterranean Journal of Social Sciences, 6(2), 23-27.
Syahira Sa’aban, Noraisah Ismail & Mohd Fitri Mansor. (2013). A study on Generation Y behavior at workplace. International Conference on Business Innovation, Entrepreneurship and Engineering 2013.
SYH Noorul Madihah. (2017). Gelagat perbelanjaan perkahwinan masyarakat melayu muslim menurut perspektif syariah. Tesis Dr. Fal, Akademi Pengajian Islam, Universiti Malaya, Kuala Lumpur.
Thulasimani Munohsamy. (2015). Personal financial management. Institut Teknologi Brunei. https://www.researchgate.net/publication/279198054
Willis, L. E. (2008). Evidence and ideology in assessing the effectiveness of financial literacy education. Scholarship at Penn Law. Paper 206. Retrieved online at http://lsr.nellco.org/upenn_ wps/206
Yasmin & Anuar. (2017). Tahap literasi kewangan di kalangan mahasiswa. https://www.researchgate.net/publication/321049902_TAHAP_LITERASI_KEWANGAN_DI_KALANGAN_MAHASISWA
Yuangao Chen, Ruyi Dai, Jianrong Yao & Yixiao Li. (2019). Donate time or money? The determinants od donation intention in online crowdfunding. 12 February 2020. https://www.researchgate.net/publication/335044170_Donate_Time_or_Money_The_Determinants_of_Donation_Intention_in_Online_ Crowdfunding
Chua Lee Chuan. (2006). Sample size estimation using Krejcie and Morgan and Cohen Statistical Power Analysis: A Comparison. Jurnal Penyelidikan IPBL, 7, 82.
Chen-Chen Yong, Siew-Yong Yew & Chu-Kok Wee. (2018). Financial knowledge, attitude and behaviour of young working adults in Malaysia. Institutions and Economies, 10(4), 21- 48.
Copur, Z. & Eker, I. (2014). The relationship between financial issues and marital. International Journal of Art and Sciences, 7(05), 683-69.
Daniel Harari. (2018). Household debt: Statistics and impact on economy. House of Commons Library.
Dwiyun Evi Yolanda, Isti Mulyani & M. Januar Ibnu Adham. (2017). Pengaruh generasi muda millenial terhadap karakter interaksi sosial di masyarakat. https://www.academia.edu/ 35489302/pengaruh_generasi_muda_millenial_terhadap_karakter_interaksi. 10 Februari 2020.
Garman, E.T. & Forgue, R.E. (2006). Personal Finance. 8th Edition. New York: Houghton Mifflin Company.
Husniyah A.R. & Mohd Amin. (2013). Public worker’s personal financial planning process and involvement in comprehensive financial planning. https://www.researchgate.net/ publication/289774725_Public_worker's_personal_financial_planning_process_and_involvement_in_comprehensive_financial_planning
Josephine, T., Nayda, I. T., Vervill, M. & Michael, G. (2008). Money and marriage: A spending plan. https://rvs.umn.edu/Uploads/EducationalMaterials/406ddd01-2442-48ed-8213-b1e2ad5d6358.pdf
Kapoor, D. & Hughes. (2012). Personal Finance. 4th Edition. Mc Graw-Hill Companies.
Khairuddin & Fauzi. (2016). Impian dan realiti majlis perkahwinan orang Melayu Masakini: Kajian kes di pinggir Bandar Kuala Lumpur. Malaysian Journal of Society and Space, 12(7), 1-12.
Koon Foo Yu & Nurazrin Jupri. (2015). Factors that lead to financial distress of Generation Y in Malaysia. International Journal of Accounting & Business Management, 3(2).
Liezel Alsemgeest & Chrizaan Grobbelaar. (2015). Spouse’ views of gender roles: Financial management in marriage. Journal of Economic and Financial Sciences, 8(3), 843-860.
Malaysian Department of Insolvency. (2020). Statistik Kebankrapan 2019. http://www.mdi.gov.my/images/documents/Statistics/Bankrupcy/StatistikKebankrapandisember2019.pdf. 19 Februari 2020.
Markus, K. (2017). Comparing Generation X and Generation Y on their preferred emotional leadership style. Journal of Applied Leadership and Management, 5, 62-75.
Kashif, M. & Ernest C. D. R. (2015). Money donations intentions among muslim donors: An extendended theory of Planned Behavior Model. International Journal of Nonprofit and Voluntary Sector Marketing, 1-14.
Irawan, Yossie Rossanty, dan Muhammad Dharma Tuah Putra Nasution. (2018). Financial Literacy for Family Welfare Within Financial Planning. The 4th International Conference on Management Sciences.
Md Abdul Jalil, Dzuljastri Abdul Razak & SM Ferdous Azam. (2013). Exploring factors influencing financial planning after retirement: Structural Equation Modeling Approach. American Journal of Applied Sciences, 10(3), 270-279.
Noraihan, Hasmida & Syaiful. (2013). Hubungan antara amalan pengurusan kewangan pelajar dam kursus PA305: Pengurusan Kewangan Peribadi-Satu Kajian Kes di Politeknik Tuanku Sultanah Bahiyah. Technical and Education Colloquium (TEC) PTSB, 25-31.
Normaizatul Akma Saidi, Nurul Ayuni Khairuddin, Nurul Azlina Abu Samat, Nurul Azween A. Rahman & Nurul Fadzlina Abdul Jalil. (2016). Determinants of financial problems among adults. International Journal of Accounting, Finance and Business, 1(1) September, 18-23.
Norsyahidah Norazam & Norasmah Othman. (2017). Kualiti pendidikan pengurusan kewangan dengan tahap literasi kewangan. Journal of Global Business and Social Entrepreneurship (GBSE), 1(1), 183-193.
Nurul Fardini Zakaria, Laily Palm dan Husniyah Abdul Rahim. (2010). Perbadingan Lestari Kewangan Siswa Berasaskan Gender. Jurnal Pengguna Malaysia, 15, 50-64.
Raihanah Azahari, Khairun Najmi Saripudin dan Raihana Abd Wahab. (2009). Hubungan di antara Faktor Demografi dengan Penentuan Kadar Hantaran:Kajian di Perlis, Kedah, Pulau Pinang dan Perak. Jurnal Fiqh, 6, 107-124.
Rumaya Juhari, Syah Qurratu Ani Sahrani dan Khairul Anwar Mastor. (2014). Personality Traits and Marital Quality Among Muslims Newly Weds in Selangor, Malaysia. Proceedings of the Australian Academy of Business and Social Sciences Conference 2014 https://pdfs.semanticscholar.org/8660/effd1690c341650ec32acde691af0ff1f97d.pdf
Sampath Kumar Ranganathan & Walter H. H. (2018). Determinants of Charitable Donation Intentions: A Structural Equation Model. International Journal of Nonprofit and Voluntary Sector Marketing, 13(1), 1–11.
Shafinar Ismail, Rozana Othman, Siti Noor Hidayuu Kamalrulzaman, Arnida Jahya, Nur Hafidzah Idris, Siti Zaitun dan Farid Izren. (2013). Determinants of personal loans borrowing: An Empirical Study. https://www.researchgate.net/publication/260985991_Determinants_of_ Personal_Loans_Borrowing_An_Empirical_Study
Stanimir, A. (2015). Generation Y characteristics of attitudes on labour market. Mediterranean Journal of Social Sciences, 6(2), 23-27.
Syahira Sa’aban, Noraisah Ismail & Mohd Fitri Mansor. (2013). A study on Generation Y behavior at workplace. International Conference on Business Innovation, Entrepreneurship and Engineering 2013.
SYH Noorul Madihah. (2017). Gelagat perbelanjaan perkahwinan masyarakat melayu muslim menurut perspektif syariah. Tesis Dr. Fal, Akademi Pengajian Islam, Universiti Malaya, Kuala Lumpur.
Thulasimani Munohsamy. (2015). Personal financial management. Institut Teknologi Brunei. https://www.researchgate.net/publication/279198054
Willis, L. E. (2008). Evidence and ideology in assessing the effectiveness of financial literacy education. Scholarship at Penn Law. Paper 206. Retrieved online at http://lsr.nellco.org/upenn_ wps/206
Yasmin & Anuar. (2017). Tahap literasi kewangan di kalangan mahasiswa. https://www.researchgate.net/publication/321049902_TAHAP_LITERASI_KEWANGAN_DI_KALANGAN_MAHASISWA
Yuangao Chen, Ruyi Dai, Jianrong Yao & Yixiao Li. (2019). Donate time or money? The determinants od donation intention in online crowdfunding. 12 February 2020. https://www.researchgate.net/publication/335044170_Donate_Time_or_Money_The_Determinants_of_Donation_Intention_in_Online_ Crowdfunding
Published
2021-01-06
How to Cite
Zulkarnain, N. M. and Ramli, Z. (2021) “Financial Planning Towards Marriage Among the Millennial Generation”, Malaysian Journal of Social Sciences and Humanities (MJSSH), 6(1), pp. 255 - 267. doi: 10.47405/mjssh.v6i1.607.
Issue
Section
Articles
