Consumer financial vulnerabilities in Malaysia : issues, trends and psychological aspects / Nurul Shahnaz Ahmad Mahdzan, Mohd Edil Abd Sukor, Izlin Ismail and Mahfuzur Rahman.

Abingdon, Oxon ; New York, NY : Routledge, 2021.

©2021

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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 PhDfrom 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.

"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 addresses 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"-- Provided by publisher.

Taylor & Francis. EBA 2024-2025.

Print version: Nurul Shahnaz Ahmad Mahdzan. Consumer financial vulnerabilities in Malaysia Abingdon, Oxon ; New York, NY : Routledge, 2021.

Books / Online

English

October 04, 2024

Includes bibliographical references and index.