Healthy Spending Habits to Achieve Financial Well-Being: Young Teachers Perspectives

Abstract

This study determines the effect of healthy spending habits, namely experiential (ES), impulsive (IS), self-expressive (SS), prosocial (PS), and conspicuous (CS), on financial well-being (FWB) of young teachers in Malaysia and the differences in the effect between gender. Research design, data, and methodology: This study employed a quantitative approach. Data were collected from a sample of 300 young teachers aged 18 to 24 years old, using a questionnaire and analysed using Hierarchical Multiple Regression. Results: The findings reveal that ES, IS, and CS have a significant and positive effect on FWB, SS has a significant negative effect on FWB, and gender does not significantly moderate the effect of spending on FWB. Conclusion: This study is the first of its kind to investigate the role of various spending habits in a single framework to understand the comprehensive impact of spending in promoting FWB, particularly among young teachers. The findings provide useful information to fuel individuals in their early careers, particularly young teachers, to distribute their budget effectively for spending that consequently improves financial well-being and helps the relevant parties to design an effective program for overcoming the financial and high indebtedness problems among those in the early career.