Research Topic: THE FACTOR THAT INFLUENCES PERSONAL FINANCIAL MANAGEMENT SKILLS IN THE FACULTY OF ENTREPRENEURSHIP AND BUSINESS IN UMK. EVALUATION FORM FOR THE FINAL YEAR RESEARCH PROJECT (PPTAII): RESEARCH PAPER (Weight 10%) Title of the Paper: FACTOR AFFECTING PERSONAL FINANCIAL MANAGEMENT SKILLS AMONG STUDENTS IN THE FACULTY OF COMMUNITY CITIZENSHIP. Some explanations were given for the choice of methodology and its relation to the research objective.
THE FACTOR THAT INFLUENCES PERSONAL FINANCIAL MANAGEMENT AMONGST STUDENTS AT THE FACULTY OF ENTREPRENEURSHIP AND BUSINESS AT UMK”.
INTRODUCTION
- BACKGROUND OF THE STUDY
- PROBLEM STATEMENT
- RESEARCH QUESTION
- RESEARCH OBJECTIVES
- SCOPE OF THE STUDY
- SIGNIFICANCE OF STUDY
- DEFINITION OF TERM
- Personal Finance
- Finance Management Skills
- Students
- ORGANIZATION OF THE REPORT
The purpose of the study is to identify the factor that affects personal financial management skills among students of the Faculty of Entrepreneurship and Business at UMK. To identify the relationship between financial knowledge and personal financial management skills among UMK students. The title of this study is Factors that influence personal financial management skills among students at the Faculty of Entrepreneurship and Business at UMK.
The scope of the research was focused on the factors that influence the personal finance management skills among students of the Faculty of Entrepreneurship and Business at UMK.
LITERATURE REVIEW
- INTRODUCTION
- UNDERPINNING THEORY
- PREVIOUS STUDIES
- Financial Knowledge
- Financial Attitude
- Family Influence
- HYPHOTHESIS STATEMENT
- CONCEPTUAL FRAMEWORK
- CONCLUSION
According to Grable and Joo (1999), financial education influenced financial knowledge, financial behavior and financial attitudes. According to Grable and Joo (1999), financial education affects financial knowledge, financial behavior and financial attitudes. According to research by Albeerdy and Gharleghi (2015), there is a favorable correlation between financial attitude and financial awareness.
According to the study, there is a positive correlation between family influence and personal financial management skills.
RESEARCH METHODS
- INTRODUCTION
- RESEARCH DESIGN
- DATA COLLECTION METHOD
- STUDY POPULATION
- SAMPLE SIZE
- SAMPLING TECHNIQUES
- RESEARCH INSTRUMENT DEVELOPMENT
- Questionnaire Design
- Pilot Test
- MEASUREMENT OF THE VARIABLES
- PROCEDURE FOR DATA ANALYSIS
- Validity Test
- Reliability
- Descriptive Analysis
- Correlation
- Diagram and Table
- Preliminary Data Analysis
- CONCLUSION
A survey will be conducted when the researcher is interested in gathering information regarding the behavior, attitudes, feelings, observations, views or experiences of the target population. Through survey research, researchers can gather information about the demographics of the target community, both objectively and subjectively. Through this method, a set of questionnaires was used to collect the responses, which were filled by students of the faculty of entrepreneurship and business at University Malaysia Kelantan (UMK), which is a total of 351 students.
The topic researched, an overview of the objectives of the studies, and a list of participants were all included on the covered page. Respondents had to answer all open and closed questions in the surveys. The researchers used Cronbach's alpha to assess the quality of the questionnaire data and determine its accuracy.
The accuracy of the Cronbach's alpha value of the questionnaire should not be less than 0.5 as it was considered of low quality. A pilot test of the questionnaire's reliability was done to guarantee that it can be used to research. The objective of the research was for the author to evaluate, clarify and predict the variability of the dependent variable.
The validity of a research study's results in predicting actual outcomes among those acting in the same way outside the study was referred to as validity. A number of frequently used scale reliability measures were calculated as part of the reliability analysis process along with data on the correlations between various scale components.
DATA ANALYSIS AND FINDINGS
INTRODUCTION
PRELIMINARY DATA ANALYSIS (DATA SCREENING, MISSING DATA &
- Data Screening
- Missing Data
- Straight Lining
In this research first, the data was recorded by the demographic variable with age, gender, programs and income level. Then, all the questions under the dependent and independent variables were coded with numbers according to the Likert scale as (1- Strongly disagree). After all the data is checked, edited and coded, the data will then be transferred to SPSS software to be analyzed.
The questionnaire was sent to the respondent in Google form via email, WhatsApp and Telegram. Therefore, the total number of completed questionnaires received for this study was 351 and out of 351, there were no incomplete responses. Thus, no responses were rejected and all 351 responses were entered into the SPSS software.
For this study, the researchers took about a month to collect respondents' responses and a week to edit, code, and enter the data into the SPSS software.
DEMOGRAPHIC PROFILE OF RESPONDENTS
Age, gender, programs, how much they spend per month, how they spend their pocket money and whether they prefer to save their money in the bank or cash are some of the characteristics included in the data. Of the 351 respondents, the fewest respondents are from SAA programs (7.7%) and SAB programs (37.6%) are the most respondents. When it comes to spending their pocket money, the majority of respondents spend the most on food (61.5%).
Next, the majority of respondents spend less on entertainment (31.9%) because students are usually busy with their assessment and don't have time to entertain themselves, while the rest save (30.8%), transport (29, 3%) and living (31.1%). %). Regarding whether they prefer to keep their money in the bank or in cash, 81.2% of respondents prefer to save their money in the bank, while the remaining 18.8% prefer to keep their money in cash holds.
DESCRIPTIVE ANALYSIS
The average value for all the constructs' variables from the questionnaire form is shown in Table 4.2. The dependent variables (personal financial management skills) are linked to three constructs in Table 4.2, followed by independent factors (Financial Attitude, financial Knowledge and. In sum, the mean value for each construct shows that financial Attitude (Mean=4.1526, SD is) the most important contributing factor influencing personal financial management skills among University Malaysia Kelantan students followed by financial knowledge (Mean=3.9368, SD as shown in Table 4.3.
VALIDITY AND RELIABILITY ANALYSIS
In contrast, validity testing determines how well an instrument captures the concept it is intended to measure (Hair, Ringle, et al., 2011). A questionnaire already filled in by another researcher and published in a journal was used to find out the content validity. A thorough search of the literature was also conducted to improve the validity of the content.
In other words, Cronbach's alpha is a statistic that researchers often use to show that tests and scales made or selected for research projects are appropriate for their purposes. When the Cronbach's Alpha value of each construct reaches 0.7, the internal consistency reliability of a measurement model is very good. Basically, "the stronger the reliability of an instrument, the less variance it creates in repeated measurements of an attribute." As a result, according to Polit & Hungler, "reliability is a statistical measure of how repeatable the instrument's findings are" (Utwin, 1995).
A scale should be evaluated to determine whether it consistently measures what you want it to measure when it has been shown to be reliable over time (Utwin1995). To assess content validity, we used a questionnaire previously completed and published in a journal by another researcher. But before deciding whether a statistic is appropriate, as with all generalizations, the established literature must be consulted.
Based on table 4.4, all variables were analyzed for reliability is 0.886 which represents Cronbach's alpha coefficient. All the study of the independent variable currently conducted has a precise Cronbach Alpha estimate of more than 0.7, as shown in Table 4.5 Cronbach Alpha estimates 0.635 for the dependent variable, which is personal financial management skills.
NORMALITY TEST
- Correlation Analysis
I find spending money more satisfying than long-term saving. From the table above, it can be seen that the findings for the dependent variable and the independent variable are not typical. One reason the data is unusual for this questioner is that all FEB students have personal financial management skills.
However, it does not specify which variable is the cause and which is the effect. Simple correlation analysis involves two variables, while partial or multiple correlation analysis involves more than two variables. Karl Pearson's method is one of many commonly used mathematical formulas and approaches (Magnello, 2009).
Based on the results of the normality test, the Spearman correlation was calculated to determine the relationship between the variables affecting students' personal financial management skills.
HYPOTHESIS TESTING
- Pearson Correlation
- Summary of Hypothesis
This review aims to validate the relationship between personal financial management skills and independent variables. The result shows that there is a positive relationship between personal financial management skills and family influence r = 0.284, n = 351, sig = 0.000. The result shows that there is a positive relationship between personal financial management skills and financial knowledge, r = 0.266 n = 351, sig = 0.000.
The analysis concludes that there is a positive relationship between personal financial management skills and financial knowledge. The result shows there is a positive relationship between personal financial management skills and financial attitude, r = 0.124, n = 351, p=. The analysis concludes that there is a positive relationship between personal financial management skills and financial attitude.
SUMMARY
DISCUSSION AND CONCLUSION
- INTRODUCTION
- KEY FINDINGS
- DISCUSSION
- The relationship between financial attitude and personal financial management
- The relationship between family influence and personal financial management
- IMPLICATIONS OF STUDY
- LIMITATIONS OF THE STUDY
- RECOMMENDATION AND SUGGESTIONS FOR FUTURE RESEARCHER
- Recommendations to improve financial management skills among students
This study observed the factor influencing personal financial management skills among students in the Faculty of Entrepreneurship and Business at UMK. The findings of this study show a significant relationship between financial knowledge and personal financial management skills among UMK students. The second research question concerns the relationship between financial attitude and personal financial management skills among UMK students.
The finding of this study shows a significant relationship between financial attitude and personal financial management skills among UMK students. In response to the third question, the result of this study shows a significant relationship between family influence and personal financial management skills among UMK students. Therefore, the recommendations of this study confirm that family influence is one of the factors of personal financial management skills among students.
The purpose of this study is to identify the variables that influence students' personal financial management skills. This study provided the factor influencing personal financial management skills among University Malaysia Kelantan students: The case of University Malaysia Kelantan. Future research should focus on financial attitude in direct relation with personal financial management skills among University Malaysia Kelantan students.
The study implications of University Malaysia Kelantan students' personal financial management skills were investigated in this study. THE STUDY OF THE FACTORS AFFECTING PERSONAL FINANCIAL MANAGEMENT SKILLS AMONG FEB STUDENTS IN UNIVERSITY MALAYSIA.
