Financial Planning Towards Marriage Among the Millennial Generation

  • Nur Muzdalifah Zulkarnain Universiti Kebangsaan Malaysia (UKM)
  • Zaimah Ramli Universiti Kebangsaan Malaysia (UKM)
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.

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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: https://doi.org/10.47405/mjssh.v6i1.607.
Section
Articles