Determinants of financial well-being among youth in Kota Bharu, Kelantan

Determinants of Financial Well-Being among youth in Kota Bharu, Kelantan Financial well-being has an impact on youth’s health and happiness. In Malaysia, youth aged 15 to 30 are an essential asset that determines society's future and serves as the link between generations. However, the Insolvency Department's statistical report shows that 7.3% of the 5695 bankruptcy cases in Malaysia were from the youth group, primarily due to personal loans. Financial challenges among youth, such as low income and a lack of homeownership, have effects on mental health. Therefore, early financial planning is crucial to prevent a rise in bankruptcy cases and ensure a stable future for Kota Bharu's youth. The theory of planned behavior (TPB) was implemented in this study. Quantitative research using simple random sampling that was suitable for the questionnaire was distributed through Google Forms. The collected data were analyzed using statistical analysis software, which is IBM SPSS Version 27, through reliability analysis, normality tests, description analysis, and Spearman correlation. The study received 400 respondents from the youth in Kota Bharu, Kelantan. The result shows that peers, financial attitudes, financial literacy, financial knowledge, and locus of control have a moderately positive correlation with determinants of financial well-being among youth in Kota Bharu, Kelantan. Finally, research on these factors can help improve life planning and quality of life for youth, as financial well-being is essential for a better future.