Healthy Spending Habits to Achieve Financial Well-Being: Young

Teachers Perspectives

ZURAIDAH ZAINOL, SUZYANTY MOHD SHOKORY,

NADRATUN NAFISAH ABDUL WAHAB

Faculty of Management & Economics,

Universiti Pendidikan Sultan Idris,

MALAYSIA

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.

Key-Words: - healthy spending habits, financial well-being, young teachers

Received: February 27, 2023. Revised: August 16, 2023. Accepted: September 15, 2023. Available online: November 2, 2023.

1 Introduction

The COVID-19 pandemic has resulted in a

prolonged crisis, leading individuals to face

difficulties in minimizing the impact of loss of

household income. To overcome financial hardships

and ensure long-term financial well-being, citizens

must adopt healthy and responsible spending habits,

[1]. This was emphasized as one of the key

measures to escape financial difficulties, [2].

Young adults play a significant role in boosting

the economy and securing global economic

empowerment and prosperity, [3]. However,

concerns have been raised about the lack of

financial management skills among the younger

generation, hindering their ability to achieve

financial well-being. Young adults, especially in the

early stages of their careers, face challenges in

financial decision-making and often lack financial

knowledge, [4], [5]. Disturbingly, 59.03% of young

adults below the age of 45 in Malaysia have been

declared bankrupt from 2018 to 2022. Additionally,

it was revealed that Malaysian workers aged 20 to

39 experience financial difficulties, as their financial

well-being score falls below 6.21 (survival score is

between 6.0 to 8.0). These circumstances necessitate

a new study to understand how young adults

perceive their financial well-being and the impact of

spending habits on their financial well-being.

As the pandemic transitions into an endemic

phase, more individuals are regaining employment.

In May 2022, the number of employed individuals

reached 13.90 million, with an employment-to-

population ratio and labor force participation rate of

66.8% and 69.5% respectively. The unemployment

rate has declined to 3.9%, the lowest level since the

onset of the COVID-19 pandemic, with only 637.7

thousand people unemployed. Among the highly

employed positions are teachers, who were recruited

through a special one-off program called Contract of

Service (CoS). In July 2022, a total of 16,381

teachers were recruited and deployed to schools

through this program. Given that this appointment

represents their first career, the ability of young

teachers to manage their spending and savings to

achieve financial well-being becomes crucial.

Therefore, recognizing the importance of financial

well-being in empowering young teachers in their

early careers, this study aims to determine the effect

of spending patterns (experiential, impulsive, self-

WSEAS TRANSACTIONS on BUSINESS and ECONOMICS\

DOI: 10.37394/23207.2024.21.7

Zuraidah Zainol, Suzyanty Mohd Shokory,

Nadratun Nafisah Abdul Wahab

E-ISSN: 2224-2899

Volume 21, 2024

expressive, prosocial, and conspicuous) on the

financial well-being of young teachers in Malaysia.

2 Literature Review

Financial well-being encompasses the ability to

meet financial obligations, feel comfortable with

one's financial situation, and possess financial

resilience. It can also be subjectively assessed based

on satisfaction, anxiety, security, and the perception

of sustaining desired standards of living and

financial freedom. Spending is a common activity

that is often seen negatively and associated with

financial stress. Prudent spending, on the other

hand, is believed to contribute to better financial

well-being, [1]. Previous research has primarily

focused on the impact of individual types of

spending, leading to a need for a comprehensive

framework to examine the influence of different

forms of spending such as experiential, impulsive,

self-expressive, prosocial, and conspicuous

spending, on financial well-being, [6].

Experiential spending, which involves

purchasing experiences like movies, theme parks,

concerts, and vacations, has received significant

attention in relation to consumer well-being. It is

found to contribute to greater satisfaction,

happiness, and well-being compared to material

spending, [7]. Experiential spending creates lasting

memories and emotional rewards that enhance

customer happiness. Therefore, valuing experiential

spending is likely to positively influence one's

perception of well-being, [8]. Thus, it can be

hypothesized that experiential spending plays a

crucial role in determining customer well-being.

H1: Experiential spending significantly and

positively affects financial well-being.

Impulsive spending refers to spontaneous and

immediate purchases without considering the

necessity, and it can have both positive and negative

outcomes. Chronic impulsive spending is associated

with financial harm, such as difficulties in meeting

financial obligations and bankruptcy, while minimal

impulsive spending is likely to lead to better well-

being, [9]. Recent studies on young working women

showed that impulsive spending negatively affects

financial well-being, [3]. Hence, it could be

expected that the negative effect of impulsive

spending on financial well-being.

H2: Impulsive spending significantly and negatively

affects financial well-being.

Self-expressive spending involves the perception

of spending as an important aspect of one's self-

concept and the realization of one's potential, [10].

Limited research exists on the impact of self-

expressive spending on overall life satisfaction and

well-being, but current findings suggest a positive

influence. Engaging in meaningful and self-defining

activities through spending contributes to overall

well-being.

H3: Self-expressive spending significantly and

positively affects financial well-being.

Prosocial spending refers to the willingness to

spend money on others, and it tends to increase

individuals' happiness and positively predict well-

being, [3]. The more individuals engage in prosocial

spending, the better their perception of financial

well-being, [8].

H4: Prosocial spending significantly and positively

affects financial well-being.

Conspicuous spending involves purchasing

products to display higher social status. It can lead

to a reduction in dissatisfaction with one's

possessions compared to peers, but it is also

associated with lower subjective well-being, [11].

Therefore, higher levels of conspicuous spending in

a household are likely to result in lower individual

subjective well-being, [12]. Accordingly, the

following hypothesis is proposed:

H5: Conspicuous spending significantly and

negatively affects financial well-being.

Concerns have been raised about women's low

financial management abilities, hindering them from

achieving financial well-being. Research shows that

women find it more difficult to achieve financial

well-being compared to men, [13]. In Malaysia,

studies indicate that women perceive lower levels of

financial well-being as they age, [14]. Emotional

spending is identified as a major cause of excessive

and unnecessary spending behavior among women,

leading to higher financial problems, [15], and

women need to regulate their emotions while

spending to improve their spending decisions and

achieve financial well-being.

In the context of the prolonged COVID-19 crisis,

healthy and responsible spending habits have been

emphasized as key measures to escape financial

hardship and sustain long-term financial well-being.

Women play a crucial role in planning and

managing their own and family finances, making

financial well-being even more important for them,

[3]. Given this evidence, it is reasonable to believe

that spending has a significant impact on young

women's financial well-being compared to men.

H6: The effects of experiential, impulsive, self-

expressive, prosocial, and conspicuous spending on

financial well-being differ between genders.

Figure 1 depicts the conceptual framework to be

tested in this research.

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Zuraidah Zainol, Suzyanty Mohd Shokory,

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Fig. 1: Proposed Conceptual Framework

3 Methodology

This study employed a quantitative and deductive

approach. It was conducted in West Malaysia and

focused on a group of young teachers who had six to

18 months of experience. To determine the

appropriate sample size, the G*Power software was

used. Considering a model with six predictors, a

statistical power of 95%, an α level of 0.05, and a

medium effect size (0.15). Based on these criteria,

the software recommended a sample size of 138.

However, considering a subject-to-item ratio of 5:1,

for the total items of 60, a sample size of 300 would

be an adequate sample size for this research.

To collect data, a questionnaire was used as the

research instrument, which was divided into three

parts. Part A focused on gathering demographic

information from the respondents, Part B contained

statements related to spending patterns, and Part C

included statements on financial well-being. The

items in Parts B and C were adapted from previous

studies and were measured on a seven-point Likert-

type scale, ranging from 1 (strongly disagree) to 7

(strongly agree). The items used to measure all the

constructs spending were past studies including,

[10], [16], [17], [18].

Before collecting the actual data, pilot tests were

conducted involving two panels of experts and 100

potential respondents. The pilot testing aimed to

assess the appropriateness of the questionnaire,

identify any issues encountered by respondents, and

determine the validity and reliability of the scale.

The results of the Exploratory Factor Analysis

(EFA) confirmed the validity, with a KMO value of

0.875 and significant results from Bartlett's test (p <

0.05). A six-factor solution obtained was able to

explain 66.49% of the total variance, with all items

loading above 0.5 on their respective factors. The

reliability of the scale was also established, as

Cronbach's alpha values exceeded the recommended

threshold of 0.70.

To collect the data, questionnaires were

distributed to the selected sample using cluster

sampling. Ethical considerations were prioritized,

and measures such as voluntary participation,

anonymity, and confidentiality were employed and

stated in the cover letter. The survey method

received approval from the Human Research Ethics

Committee under reference number 2021-0398-01.

Data collected were then analysed using

descriptive analysis, i.e., frequency, percentage,

mean, and standard deviation to explain the profile

of the respondent and summarize the level of

spending and financial well-being of the

respondents, and hierarchical regression analysis

was used to test the hypotheses.

4 Results

4.1 Profile of the Respondents

Descriptive analysis techniques, including

frequency, mean, standard deviation, and

percentage, were utilized to summarize the

characteristics of the respondents. After removing

responses that exceed 10% of missing values, a total

of 240 out of the initial 300 responses were retained

for further analysis, resulting in a valid response rate

of 80%. Most of the respondents are female

(85.8%), belonging to the Malay ethnic group

(72.9%), single (96.7%), holding a bachelor's degree

(91.3%), and affiliated with public schools (71.3%).

Additionally, a significant portion of the

respondents fall within the age range of 23 to 27

years old (43.3%), and the majority reported an

income between RM2000 to RM3000 (60.8%). The

demographic characteristics of the respondents are

summarized in Table 1.

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Table 1. Demographic Profile of the Respondents

Frequency

Percentage

Gender

Male

14.2

Female

206

85.8

Ethnic

Malay

175

72.9

Chinese

2.5

Indian

5.8

Others

18.8

Age

18 - 22

0.4

23 - 27

104

43.3

28 - 32

25.4

33 - 37

29.6

38 -42

1.25

Marital

Status

Single

232

96.7

Married

3.3

Education

Diploma

6.7

Bachelor’s

degree

219

91.3

Master’s

degree

Others

1.7

Institutions

Public

Schools

171

71.3

Private

Schools

28.8

Monthly

Income

RM1k-

RM2k

2.1

RM2k-

RM3k

146

60.8

RM3k-

RM4k

31.3

RM4k-

RM5k

5.8

Total

240

100

According to Table 2, the spending patterns of

the respondents vary from low to moderate levels,

as customers are more cautious and inclined to

spend less after surviving the pandemic, [19].

Specifically, the level of self-expressive spending is

low among the respondents, while the level of

experiential, impulsive, prosocial, and conspicuous

spending is at a moderate level. Regarding financial

well-being, the overall level is moderate, indicating

that young adults perceive themselves to be

somewhat financially secure. When comparing

gender, there is not a significant difference in

spending patterns and perceived financial well-

being. Most of the spending categories are at a

moderate level, except for self-expressive spending,

which is low. However, the mean score for

perceived financial well-being is higher for males

compared to females.

Table 2. Descriptive Analysis of Spending Pattern

and Financial Well-being

4.2 Preliminary Analysis

Three important assumptions were assessed in this

study: normality, outliers, and multicollinearity. The

examination of skewness and kurtosis values

indicates that all measures fall within the range of

normality. Mahalanobis distance values were also

analyzed, revealing the presence of eight outliers,

which were subsequently removed (p < 0.001). The

elimination of these extreme cases resulted in a data

loss of only three percent. Additionally, to

investigate the existence of multicollinearity,

correlations between constructs and factor loadings

were examined, focusing on values exceeding 0.9.

As a result, four items (b16, b39, b44, b47) with

loadings above 0.9 were excluded. The highest

correlation coefficient observed among all variables

was 0.612, indicating the absence of significant

common method bias in the data. Therefore, for

hypothesis testing, a total of 55 items (out of 60)

and 232 cases were used in further analysis.

4.3 Multiple Linear Regression

To examine the predicted relationships, this study

employed hierarchical multiple linear regression

analysis using IBM SPSS software. The hypotheses

proposed that impulsive spending would have a

significant impact on financial well-being (H2),

while experiential, self-expressive, and prosocial

spending would positively and significantly

influence financial well-being (H1, H3, and H4,

respectively). It was also hypothesized that

conspicuous spending would negatively affect

financial well-being (H5) and that the effects of

experiential, impulsive, self-expressive, prosocial,

and conspicuous spending on financial well-being

would be stronger for young females compared to

males (H6a-d).

As shown in Table 3, the R2 value is 0.246,

indicating that 24.6% of the variation in financial

well-being is explained by the independent variables

(experiential, impulsive, self-expressive, prosocial,

and conspicuous spending) and the moderating

effect of gender. The results further indicate that

experiential (β=0.324, p<0.01), impulsive (β=0.169,

p<0.05), self-expressive (β=-0.231, p<0.01), and

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conspicuous spending (β=0.281 p<0.01) are

significant factors in influencing financial well-

being. Specifically, the effect of experiential,

impulsive, and conspicuous spending is found

positive, while the effect of self-expressive spending

is found negative on financial well-being among

young teachers. Prosocial spending (β=-0.043,

p>0.05) is the only spending pattern that fails to

indicate a significant effect on financial well-being.

Notably, the effects of impulsive, self-expressive,

and conspicuous spending are not in the expected

direction as stated in the proposed hypotheses,

leading to the rejection of H2, H3, and H5.

Accordingly, concerning the direct effect, only H1

was supported.

Regarding the role of gender in the model, the

results reveal that significant moderating effect only

in the relationship between prosocial spending and

financial well-being (β=-0.149, p<0.05). Due to the

negative effect, the results suggest that the impact of

prosocial spending on financial well-being is

significantly stronger for young males compared to

females. Comparing the regression results for both

male and female groups as shown in Figure 2, it is

evident that prosocial spending significantly

influences financial well-being only among the male

group. For the female group, the effect of other

spending habits significantly influences financial

well-being. Thus, H6 was not supported.

Table 3. Results of Multiple Regression Analysis

Fig. 2: Comparison of Framework Between Genders

Sources: Created by the Authors

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5 Discussion

In the current global landscape, there is a growing

emphasis on financial well-being, given economic

uncertainties. This study specifically focuses on

young teachers in Malaysia who are in the early

stages of their careers and may encounter financial

challenges. In guiding young teachers on how to

allocate and distribute their income for spending

more effectively, this research was embarked on to

investigate the influence of various spending habits,

including experiential, impulsive, self-expressive,

prosocial, and conspicuous spending, on the

financial well-being of these young teachers.

Out of five hypotheses proposed, only one

hypothesis is consistent with what has been

presumed, that is the positive effect of experiential

spending on financial well-being. The other three

hypotheses, namely the effect of impulsive, self-

expressive, and conspicuous spending on financial

well-being, are all significant but contradict with

respect to the expected direction. In particular, the

effect of impulsive spending and conspicuous

spending turn out to be positive while self-

expressive spending turns out to be negative on

financial well-being. The effect of prosocial

spending, on the other hand, is insignificant.

Relating to the previous studies, it is indicated

that the findings on the significant and positive

effect of experiential spending on financial well-

being are aligned with previous studies, [7]. Hence,

it is apparent that experiential spending is more

likely to increase satisfaction and happiness. Thus,

young teachers spend more on life experiences such

as movies, theme parks, and vacations as the

expression of higher levels of financial well-being.

In contrast to previous studies, [3], the findings

of this study show that impulsive spending

significantly enhances financial well-being. This

suggests that impulsive spending can serve as an

indicator of financial well-being as long as it is done

minimally, [9]. The same goes for conspicuous

spending. The findings reveal that a higher level of

conspicuous spending is likely to result in higher

financial well-being, which contradicts past studies,

[12]. Although in most past studies, impulsive and

conspicuous spending are often labeled as not good

spending habits, the findings of this study

emphasize that if they are done minimally, they

could reflect financial well-being.

Self-expressive spending, on the other hand,

turns out to be a negative predictor of financial well-

being, particularly among young teachers, which

contradicts past studies, [7]. Thus, a higher level of

spending on self-expression may likely indicate

financial insecurity. It is therefore, self-expressive

spending should be reduced to increase financial

well-being.

Prosocial spending, that is spending on others,

does not emerge as a significant predictor of

financial well-being among young teachers. This

contradicts earlier findings, [3], and suggests that

spending on others does not have a considerable

impact on happiness or perceived financial well-

being for these individuals. Such finding is more

likely due to limited income and constrained

budgets, particularly after the COVID-19 pandemic.

Regarding gender differences, the results show

the effect of spending habits on financial well-being

may differ significantly between males and females.

Overall, this study highlights the importance of

various spending habits to the financial well-being

of young teachers. Those who engage in

experiential, impulsive, and conspicuous spending

are likely to have strong financial well-being, while

spending largely to express oneself (self-expressive)

may trigger low financial well-being. The findings

offer insights for enhancing the financial well-being

of young adults and have implications for financial

education and intervention programs.

6 Conclusion

Therefore, promoting financial well-being among

young adults, particularly young teachers, can be

facilitated by increasing experiential, impulsive, and

conspicuous spending. Conversely, self-expressive

spending may have a detrimental effect on

perceived financial well-being, while prosocial

spending does not emerge as a significant indicator.

To enhance financial well-being and empower

young adults economically, it is crucial to prioritize

experiential, impulsive, and conspicuous spending

while reducing self-expressive spending.

Additionally, gender-specific approaches should be

considered.

This study contributes to the existing body of

literature by examining the impacts of different

spending patterns on the financial well-being of

individuals in the early stages of their careers. It

sheds light on the positive effects of experiential,

impulsive, and conspicuous spending, as well as the

negative impact of self-expressive spending. These

findings challenge the notion that unplanned

spending is always imprudent and suggest that

spending, rather than saving, can contribute to

financial security for young teachers. The results

also underscore the importance of implementing

interventions and training programs to foster healthy

spending habits among young adults and improve

their financial well-being.

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Zuraidah Zainol, Suzyanty Mohd Shokory,

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E-ISSN: 2224-2899

Volume 21, 2024

However, it is essential to acknowledge the

limitations of this study. The data collection

occurred during the COVID-19 pandemic, which

may have influenced the economic challenges faced

by Malaysian citizens. Therefore, caution should be

exercised when generalizing the findings, and future

research should consider replicating the study under

more normal economic conditions. Additionally, the

sample size only included young teachers with a

limited number of male participants. Future studies

could explore gender differences in spending to

promote economic empowerment among both men

and women. Moreover, this study solely focused on

spending and did not consider the role of saving.

Future research could investigate the comparative

impact of spending versus saving on financial well-

being to determine which factor plays a more

significant role.

Acknowledgement:

This research was funded through the Fundamental

Research Grant Scheme: 2020-0233-106-02

(FRGS/1/2020/SS01/UPSI/02/7) by the Ministry of

Higher Education Malaysia.

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E-ISSN: 2224-2899

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Creation of a Scientific Article (Ghostwriting

Policy)

- Zuraidah Zainol did the introduction, literature

review, research framework, and revision of the

manuscript.

- Suzyanty Mohd Shokory and Nadratun Nafisah

Abdul Wahab collected the data and prepared the

manuscript for publication.

- Zuraidah Zainol and Suzyanty Mohd Shokory

analyzed the data.

Sources of Funding for Research Presented in a

Scientific Article or Scientific Article Itself

This research was funded through the Fundamental

Research Grant Scheme: 2020-0233-106-02

(FRGS/1/2020/SS01/UPSI/02/7) by the Ministry of

Higher Education Malaysia.

Conflict of Interest

The authors have no conflict of interest to declare.

Creative Commons Attribution License 4.0

(Attribution 4.0 International, CC BY 4.0)

This article is published under the terms of the

Creative Commons Attribution License 4.0

https://creativecommons.org/licenses/by/4.0/deed.en

_US

WSEAS TRANSACTIONS on BUSINESS and ECONOMICS\

DOI: 10.37394/23207.2024.21.7

Zuraidah Zainol, Suzyanty Mohd Shokory,

Nadratun Nafisah Abdul Wahab

E-ISSN: 2224-2899

Volume 21, 2024