Nadeyya Rahmat ViVa - Awareness on Financial Planning
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Transcript of Nadeyya Rahmat ViVa - Awareness on Financial Planning
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AWARENESS ON FINANCIAL PLANNING AMONG UNIVERSITY STUDENTS
Prepared for:Cik Masliana Tamrin
Puan Anidah Aziz
Prepared by:Nurul Nadeyya Atiqah bt Hj Rahmat
2008404062Final Year Marketing Student
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Background of Company
NAZRIL IDRUS Founder of LVG
Consultants
JASHIDA KAMAL Co – founder of LVG
Consultants
•Established in 2006•Personal Financial Planning Services Cash flow managementUnit trust investmentsInsuranceWill – writing
• Financial Seminars
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Money Sifu Seminar
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Background of Study
Poor financial planning understanding amongst today’s youths.
Study loan default Failed to settle vehicle loans
Why they caught in bankruptcy?
50% of Malaysians involved in bankruptcy are University students and young working adult.
Credit card debt
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Problem Statement
Students are incompetent in handling their personal financial management.
Prior research conducted by Haiyang Chen and Ronald P. Volpe found that university students have
low understanding on personal finance.
Students tend to take for granted about financial planning because they think they are still young and
it’s too early for them to think about it.
They spend more than what they earned
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Research
Objective
1
•To determine level of awareness on financial planning among university students.
Objective
2
•To investigate factors that contribute to financial literacy.
Objective
3
•To identify the most contributing factor that influences university students on financial planning.
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Research Questions
RQ 1
•How aware university students are when its come to financial planning?
RQ 2
•What are factors that can influence university students to become financial literate?
RQ 3
•What is the most contributing factor that influences university students on financial planning?
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Respondents consisted of undergraduate students from Universiti Teknologi Mara (UiTM) Cawangan Melaka, Kampus Bandaraya Melaka.
Public Universities
Students
Private Universities
Students
Scope of Study
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Limitations of the Study
1. Small number of respondents compared to total population.
2. Existence of uncontrollable factors among respondents
Unwillingness or reluctant to answer in disclosing personal information regarding on their money management
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Literature Review
• Financial Literacy
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Literature Review
• Financial Planning
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Theoretical Framework
Awareness On Financial Planning
Demographic factors
Family Members
Business Degree
Independent Variables
Dependent Variable
(Sources taken from Joyce K.H. Nga, Lisa H.L. Yong and Rathakrishnan D. Sellappan & Haiyang Chen and Ronal P. Volpe)
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Research MethodologyResearch design - Descriptive research.
- Conducted to discover and determined the
characteristics of a population.
Population – University students in public and private
universities. The total population is around half a million.
Sampling frame - Sampling frame is representation of the
elements of the target population.
- Sample from students at UiTM Cawangan
Melaka Kampus Bandaraya Melaka.
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Research MethodologySample size - Non – statistical method is applied to determine the appropriate sample sizes. - Sample size is determined by the previous experience that serves as rough guidelines. - Sample sizes larger than 30 and less than 500 are appropriate for most research.
Sample size – Due to some restrictions and time constraint, researcher
finds it is adequate enough to have a sample size of 80
respondents.
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Research Methodology
Data Collection Method
Primary Data
Questionnaire
Secondary Data
Books
Journals
The Internet
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Research Methodology
SPSS Computer Program
Frequencies
Regression analysis
Correlations
Reliability test
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Data Analysis & FindingsReliability Test
Reliability Statistics
Cronbach's Alpha N of Items
.811 17
Reliability test
•Indicates consistency and stability of the data obtained from the survey whether it is reliable or not.
Theory•The closer Cronbach’s alpha is to one, the higher the internal consistency reliability.
Thus•It can be concluded that the consistency of the data obtained is good.
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Data Analysis & FindingsRO 1: To determine level of awareness on financial
planning among university students.
• Find total mean for Dependent Variable• Use statistical of frequency to determine level of awareness
Mean for Total of Awareness on Financial Planning Among University Students
N Minimum Maximum Mean Std. Deviation
MeanTotalLevelOfAwareness 80 1.00 5.00 4.0125 .81898
Valid N (listwise) 80
Scale Range Level of Awareness
1.00 – 2.33 Low
2.34 – 3.67 Medium
3.68 – 5.00 High
Statistical Frequency Description for Mean Scale Range and Level of Awareness
Thus •It was found that university students possess high awareness on financial planning
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Data Analysis & FindingsRO 2: To investigate factors that contributes to
financial literacy.
• Previous research found that family members, demographic factors and business degree play an important roles towards financial literacy.• To reinforce previous findings by quantitatively, researcher decided to measure the relationship between each independent variables and dependent variable by using correlations and by referring to the Pearson correlation (r).• Pearson correlation (r) would tell us the direction of the relationship (either negative or positive).
Table 4.4: Correlations between independent variables and dependent variableMeanTotalLevelOfAwareness MTF MTD MTBD
MeanTotalLevelOfAwareness
Pearson Correlation 1 .506** .186 .379**
Sig. (2-tailed) .000 .099 .001N 80 80 80 80
MTF Pearson Correlation .506** 1 .347** .390**
Sig. (2-tailed) .000 .002 .000N 80 80 80 80
MTD Pearson Correlation .186 .347** 1 .254*
Sig. (2-tailed) .099 .002 .023N 80 80 80 80
MTBD Pearson Correlation .379** .390** .254* 1Sig. (2-tailed) .001 .000 .023N 80 80 80 80
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Data Analysis & FindingsRO 2: To investigate factors that contributes to
financial literacy.
• Pearson correlation for family members (MTF), demographic factors (MTD) and business degree (MTBD) were 0.506, 0.186 and 0.379 respectively.• The closer the Pearson correlation value to -1 or +1, the stronger relationship it possess.• Hence, all three variables indicate positive relationship with level of awareness on financial planning among university students.
Correlation significant between independent and dependent variable
Thus •Preceding findings by previous researchers are proven. Family members, demographic factors, and business degree play an important roles towards financial literacy.
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Data Analysis & FindingsRO 3: To identify the most contributing factor that
influences university students on financial planning.
• Regression analysis is conducted to show which factors has the most influential towards dependent variable. • After the analysis, only two variables proof to be strong relationship with dependent variable. ( Family members & Business degree).
Table 4.5: Coefficients between independent variables and dependent variable
ModelUnstandardized Coefficients
Standardized Coefficients
t Sig.B Std. Error Beta1 (Constant) 1.638 .477 3.433 .001
MTF .497 .127 .427 3.925 .000MTD -.020 .116 -.018 -.175 .862MTBD .193 .094 .217 2.056 .043
2 (Constant) 1.604 .432 3.713 .000
MTF .491 .121 .422 4.062 .000MTBD .190 .092 .215 2.064 .042
a. Dependent Variable: MeanTotalLevelOfAwareness
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Data Analysis & FindingsRO 3: To identify the most contributing factor that
influences university students in financial planning.
•The other variable which is demographic factor is removed from the analysis data. • The exclusion indicate that demographic factor play the least significant relation with dependent variable
Table 4.6: Variables Entered/RemovedModel Variables
Entered Variables Removed Method1 MTBD, MTD,
MTFa. Enter
2 . MTD Backward (criterion: Probability of F-to-remove >= .100)
a. All requested variables entered.
b. Dependent Variable: MeanTotalLevelOfAwareness
Thus •The most contributing factor that influences university students in financial planning happened to be family members.
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Conclusions & Recommendations
Conclusions
•Despite bankruptcy issue that is worsening among university students, they actually do have high awareness on financial planning. •However, awareness alone is insufficient if action to do financial planning is not undertaken.
Recommendations
•Effort need to be intensifies to instill awareness on financial planning among university students.•Related bodies like educators, financial institutions and regulators need to work hand in hand to design special financial planning courses in helping the students to be more knowledgeable about personal financial planning.