brm report.docx

8/20/2019 BRM REPORT.docx

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BUSINESS RESEARCH METHOD

EBB

STUDENTS VS FINANCIAL PROBLEM

SITI FATIHAH BINTI M.SARBANI

UMIRUL ADILLA BINTI MOHD NOOR IHSAN 62289113627

WAN NORDIANA BINTI MAHMOD 62289113827

MOHAMAD IZZAT BIN WAHID 62289214180

MOHAMAD NIZAM BIN HO!A NA!UMEDDIN 62289214310

DR. ASMAH ZAARIA

ACKNOWLEDGEMENT


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In the name of Allah, the Most Gracious and the Most Merciful.Alhamdulillah, all praises to

Allah for the strengths and His blessing in completing this report about “Students vs financial

problems”. There are no proper ords to conve! our deep gratitude and respect to our lecturer,

"r. Asmah #a$aria for the continuous support. Her guidance helped us in all the time of

research and riting of this report.

%e also ta$e this opportunit! to e&press a deep sense of gratitude to our team members

Siti 'atihah binti M. Sarbani, (mirul Adilla binti Mohd )oor Ihsan, %an )ordiana binti Mahmod,

Ahmad I**at bin %ahid and Mohamad )i*am bin +hoa )aumeddin for the cooperation given

during finishing this report assignment.

Sincere than$s to all our friends, classmates and others for their $indness and moral

support during our stud!. Than$s for the friendship and memories.

-ast but not least, our deepest gratitude goes to our beloved parents for their endless love,

pra!ers and encouragement. To those ho indirectl! contributed to this research, !our $indness

means a lot to us. Than$ !ou ver! much.

1.0 INTRODUCTION

As education loans become a maor source of financing for universit! students in

Mala!sia, their personal financial management s$ills need to be assessed to ensure effective

and efficient use of financial resources. Most universit! students believe that ith higher


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education the! could ensure higher ran$ occupations and hence, higher income. Therefore,

students ho pursue higher education have to spend their time in the universit!, hich, in turn,

$eeps them aa! from participating in the ob mar$et and having their on income. Thus,

finance is becoming a significant factor in the choice of hether to pursue universit! education

or to or$. Students often begin their universit! education ithout ever having been solel!

responsible for their on personal finances. %hile in the universit!, the students have to

manage their on e&penses.

The research findings indicate that hile students have ide access to financial

services, such as education loans and credit, the! lac$ the financial management $noledge

and e&perience to manage mone!, hich ma! lead to financial problems. The assessment of

students financial management s$ills is the primar! focus of the present stud!. The )ational

Higher /ducation 'und 0orporation loan 12T2T)3 is the maor source of financing for tertiar!

education in Mala!sia. The availabilit! of this loan since 4556 has enabled more students to

pursue higher education. -ogicall!, the loan received should be ade7uate to support the cost of

living8 hoever, studies b! Masud 19::;3 and Sabri 19::


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individual. In other ords, consumption is part of children>s and !oungsters formation and

sociali*ation, and pla!s an important role in the development of identit! and self=conception.

Therefore, there is a need to understand the financial s$ills and abilities of students, since their

financial behavior ill have an important impact on their future life and personal ell=being.

/ducational programs such as seminars, or$shops and even printed pamphlets have been

recogni*ed as tools to improve financial $noledge and enhance financial s$ills. Hoever,

$noledge about students financial s$ills and educational needs enable the polic!ma$ers and

financial planners to develop appropriate strategies and programs to enhance students financial

$noledge. /nhancing students financial s$ills ould benefit the individual, finance services

providers, universities and the nation. The specific obective of the present stud! is to assess

universit! students financial management s$ills and to determine students financial education

needs.

1.1 BACKGROUND OF STUDY

Throughout the 455:s, issues related to financial education and $noledge ere

discussed among famil! and economic educators. Most of the recent studies focused on the

financial planning of universit! students because man! of them fail to plan their e&penditure and

une&pectedl! e&perience financial problems. (niversit! students report having high debt,


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serious credit card usage, and high stress, as ell as lo financial satisfaction due to the lac$ of

financial management s$ills. ?oung adults ma! be unprepared to effectivel! manage the

ps!chological costs associated ith financial problems such as increased levels of stress and

decreased levels of ell=being. Hoever, it is generall! accepted among researchers that,

financial education is the $e! to decrease financial problems, especiall! among !oung adults.

0oncerning the importance of financial education, financial education pla!s a $e! role in

financial empoerment, as education helps consumers ac7uire the s$ills, right attitudes and

relevant $noledge needed in ma$ing choices for the best of their economic, health and safet!

ellness. The research findings among universit! students in the (S reveal that, financial

pressure is the most fre7uentl! cited reason for students discontinuing their education 10hiang,

9::63. A stud! b! 0hen and @olpe 1455


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understanding that allos people to ac7uire the s$ills to deal ith ever!da! financial matters

and ma$e the right choices.

Although most studies consider financial $noledge as a basic element of financial

decision ma$ing and planning, onl! a fe focused on financial s$ills. There is a difference

beteen providing information as $noledge and the abilit! to appl! it. 'inancial $noledge

refers to financial information and literac!8 hoever, financial s$ill is the abilit! to appl! such

$noledge to ma$e financial decisions and planning. Some researchers define financial s$ills as

the abilit! to understand and manage across a range of financial conte&ts including both

predictable and unpredictable situations. Desearchers in the field of finance, that financial s$ills

and competence are based on financial $noledge and understanding, and are influenced b!

the personal attitudes in spending and saving. Therefore, financial s$ill and abilit! are needed to

plan, control, manage and resolve financial ris$s and opportunities in the future.

Desearch has shon that several factors are associated ith personal financial s$ills

and $noledge, such as income, age, education, and sociali*ation the financial s$ills are based

on three factors E 43 demographic characteristics 1age, se&, education, values and attitudes or

habits3, 93 the phase of life and immediate environment 1famil!, sociali*ation3 and F3 the macro

environment 1societ! and its social, economic and cultural settings3. Hoever, these three

factors ma! have a direct or indirect effect on ones financial s$ills and abilities. )ot man!

studies have been done on the financial behavior of Mala!sian universit! students. Masuds

19::;3 stud! on Mala!sian universit! students revealed that, the maorit! of them ere

e&periencing financial problems because of the lac$ of $noledge and management s$ills.

The stud! concluded that, the purchasing poer for the overall Mala!sian population has

increased, ith no e&ception for students. Thus, although students are an important mar$et

segment, the maorities of Mala!sian students borros mone! for their education and easil! fall

into debt because of the lac$ of financial planning for the future. Sabri 19::


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among Mala!sian college students and found that, most of them ere uncertain about here

mone! is spent and that the! bought unnecessar! things and lent mone! to friends. According

to Sabri 19::


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2T2T) loan. The surplus of funds ma! cause them overspending hich ill bring negative

impact on their financial literac!.

Although people are saving for all the time, but the! ill confuse hat is the level of

saving conduced are considered ade7uate. %hat is seen as ade7uate ma! differ hether e

have an individual perspective or a collective perspective. It must be stressed that there is

limited information about the rate at hich individual are actuall! saving, ma$ing it difficult to

establish a solid benchmar$ against hich to measure ade7uac!. In additional, saving also

limited b! the income generated. All of these ill lead to bad personal finance management

hich is mismatch the goal and the financial resource.

According to Scobie, Gibson and -e 19::;3, as have superannuation as the bac$up of

the retirement, people ould not reduce their present consumption in order to save further for

their retirement. /&isting social insurance rule also reduce the need for such saving hile

current ta& rules reduce the return on monthl! savings 1'eldstein, 45593. These reasons ill

become the encumbrance of saving.

esides that, man! people have faced the problems of debt in the orld toda!. Most

people do not $no ho much had the! spend on food, housing and entertainment ever!

month. The! do not $eep trac$ of their e&penses and the! ust thin$ing about toda! hich leads

them cannot organi*e their finances ell 1+)S 'inancial, 9:443. This situation also leads them

to an unhealth! spending behavior ith the bad attitudes 1?ates %ard, 9:443. According to


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Salmons 19::63 spending plan ill ma$e people able to utili*e their mone! to obtain the things

hich are most important to them. If people able to prepare their monthl! spending plan, the!

ill have a bit concept of here their mone! gone and hich is an essential element of financial

control s!stem. Thus, monthl! e&penditure can be an important variable in financial literac!

problem.

General financial $noledge is important for individual to ell manage their finance.

Hoever, it comes to a 7uestion that hether a person has general financial $noledge ill

have a higher financial literac!. Is general financial $noledge important for each individual to

understand better in finance There is a different point of vie in financial literac! beteen

business and non=business students. The findings pointed out that business students displa!

higher financial literac! level than nonbusiness students. In addition, most of the non=business

students especiall! science students are lac$ of the general financial $noledge and poor in the

techni7ue to manage their finance. Hoever it is hard to appl! the financial $noledge in the

real orlds financial transactions and activities.

Cn the other hand, a lot of people are interested in finding out hether males of females

among tertiar! students are more $noledgeable in personal finance, ell management of their

savings and e&penditures. In addition, some people ma! interest to $no that hether bo!s or

girls can get more mone! from their parents. There are some arguments stated that men are


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$noledgeable in personal finance management compare to omen. This statement as

proved b! 0hen and @olpe 1455


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saving in the ban$, so that the! ill not face in financial problem in future. Therefore, the main

obective of this stud! are J

To ensure that students can use the mone! from variet! of sources are used in correct

a!.

To identif! here the universities students spend their mone!.

To bring aareness to students about the importance of saving mone!.

To provide guidance to here their mone! should be spent to avoid useless.

1.4 LIMITATIONS OF THE STUDY

The limitations of the stud! are characteristics of design or methodolog! that impacted or

influenced the application or interpretation of the results of our stud!. The! are the constraints


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and utilit! of findings that are the result of the a!s in hich e chose to design the stud! and

the method used to establish internal and e&ternal purpose.

The first limitation of our stud! is the limitation on collecting data since e have a hard

time in collecting our data. There might be some error on the 7uestionnaires given the

participant to fill our surve!s. In addition, the surve!s might not be understood ell b! the

participants here ma$e them to simpl! anser the 7uestionnaires. 'or instance, e have

found that all of our 7uestionnaires and data are obtainable, but there ere little errors on the

7uestionnaires hich ma$e our data collection to be a little difficult.

The ne&t limitation of our stud! is the lac$ of time carr!ing out this research. Since all of

us ere bus! to classes, reports, tests, and 7ui**es e could onl! obtain the primar! data

rather that obtaining the secondar! data because of our limitation to the obstacles. ut it did not

interrupt our finding, hoever ith the guidance of our lecturer, e can manage do complete our

finding as ell.

'inall!, the other limitation to our stud! about the research is because of the loer

priorit! for carr!ing out a surve! because of competing urgent tas$. Sometime e need to do

the things that e reall! need such as e need to prepare for the upcoming tests or

assignments that e need to do so. esides that, our research might ta$e some time because

of e are lac$ of funding necessar! to carr! out a surve!. To ma$e a good research !ou have to

bu! a good sample of 7uestionnaires and ournal hich care ver! costl! to us.

1.5 SIGNIFICANCE OF THE PROBLEM


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The primar! motivation for this stud! is to educate universit! students about the

importance of saving mone!. Through this stud!, e can see the attitude of universit! students

in managing their mone! that the! get, hether from scholarships, loans or from famil! sources.

In addition, this stud! ill enlighten the students here their mone! should be distributed. The!

should cut spending to activities that are less beneficial for them that involve mone!. 'or

e&amples are shopping, travelling, eating e&pensive food and so on.

This stud! ill also be great significance to the parents, here their children can manage

the mone! as ell as possible. So, parents are no longer burdened hen their children often

as$ for mone! hen the mone! runs out. %ith an unstable econom! and rising cost of living,

students should ta$e steps to reduce their spending on universities. This can give them a

chance to save mone! in an! ban$ for their future life.

2.0 L!"#$!%#" R"&"'


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As e $no, maorit! of students receive their scholarship or education loan at the

beginning of each semester. So, the! not have an! problem at the beginning semester compare

ith last of each semester. ased on “'inancial 2roblems among (niversities Students in

Mala!sia” b! Mohamad 'a*li Sabri, there are man! causes about student finance problems

such as parents marital status and educational level, famil! income, sibling ran$, t!pes of

universities, residence and education fund 1Mohamad 'a*li Sabri et al, 9::


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• The Influence of 'amil! Member

The second causes of student finance problems are famil! aspect. This is because

some student comes from lo income families. Student had gifted some mone! to their famil!

for help them from finance crisis. At the same time, this situation can ma$e the student cannot

manage their finance properl! because the! had to use their scholarship or education loan for

another things. Sometimes, student cant manage their finance because of a strong famil!

influence. ase on “0ollege Students and 'inancial -iterac!J %hat The! +no and %hat %e

)eed to -earn” b! 0ude . L, the influence of famil! members is important but comple&. Most

students reported hearing various messages about mone! from various famil! members. Most

of the messages students shared related to controlling spending and avoiding or using credit

isel!. In addition, man! ere ver! aare that the! and a sibling approached financial

management differentl! and anted to be different from or li$e their sibling, depending on

hether the sibling as more or less responsible. 10ude et al, 9::3.

(nli$e the research from 0ude . L et al 19::3, “the most significant influence on

students mone! management behaviors as their parents 16:.:K3. 'e students identified as

their most important influence a brothersister 14.9K3, grandparents 14.5K3, and other famil!

relative 14.9K3”. So, student should manage their finance ith using their on opinion and

a!s. It is because the! often influenced b! their famil! and not confident to ma$e on decision

about their finance”.

In this case, student ill lost focus for manage their finance because of famil!

intervention. The effect of this situation is student ill leave their finances managed b! famil!.

'or another situation that related ith this cause is famil! problem that can ma$e the student


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having a problem in their finance. Mohamad 'a*li Sabri et al 19::


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'inancial 2roblem

'inancial problem are influenced b! three independent determinants8 attitude, subective norm,

perceived behavioral control.

9.4.4 Attitude

Attitude toards the financial problem is referred as the respondents favorable or unfavorable

evaluation.

9.4.9 Subective )orm

Subective norm is a perceived social pressure to perform or not to perform the financial

problem

9.4.F 2erceived ehavioral 0ontrol

2erceived behavioral control is a belief about control of the opportunities and resources b! an

individual in creating the financial problem

FINANCIAL

PROBLEM

Attitude

Perceived Behavioral

Control


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METHODOLOGY

The surve! b! 7uestionnaire ere been used in this research. Despondent is the usual term for

an individual ho ta$es part in a research proect. Hoever, respondents can also be $non as

a participant in a research sample as e can recogni*e the value of more collaborative intervie

relationship beteen participants and us. In conducting this report, e have distributed :

7uestionnaires to the consumers in Mala!sia. After all the 7uestionnaires distributed, e have

anal!*ed it 7uantitativel!.

ased on our research conducted, there are to methods of data collection ere used,

hich are primar! data and secondar! data. 2rimar! data are data that ere previousl!

un$non and hich have been obtained directl! b! the researcher for a particular research

proect. 'or instance, from all the : 7uestionnaires distributed, e manage to anal!*e the data

obtained from it and there is so man! t!pe of ansers obtained. )e&t is b! using secondar!

data in the process of collecting or data. 0ommon sources of secondar! data for our research

used such as previous records, intervies among friends, boo$s, ournals from the ebsites,

databases and data collected through 7ualitative methodologies or 7ualitative research in the

librar!. Cne maor benefit of using secondar! data is that it has alread! been revieed suitabl!

used.

The findings of the results ere transferred into the Microsoft /&cel. The findings ere

anal!*ed through pie charts. The data ere calculated and the anal!sis of the data using the

charts as made easier.

RESEARCH DESIGN


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Nuantitative research is conduct through using the large scale of surve! research, using the

methods li$e 7uestionnaires. In this research, universit! students are treated as target

population in order to complete this research. T!pe of research that e conducted is surve! b!

distributing 7uestionnaires to the targeted : respondents in Mala!sia. The 7uestionnaires is

about ho financial problem affects students and ho spending habit affects students. In the

7uestionnaires, as$ about gender, t!pe of universit!, sponsorship, monthl! spending on

accommodation, telephone bills, transportation and food.

HYPOTHESIS

'or a maorit! of students, universit! attendance is the first time the! have e&perienced financial

independence ithout a parent>s supervision. %ith the e&pansion of educational services in

Mala!sia, universit! or college students have become one of the important consumer mar$et

segments, for to reasons. 'irst, this group has e&panded purchasing poer, ith easil!

available educational loans. Second, this student segment of the population has better potential

earnings than an! other segment of the population. There has been limited stud! on financial

problems among Mala!sians, especiall! college students, since the concern over the role of

!oung consumers is relativel! ne.

H)!"(( 1J The folloing variables ill predict effective financial behavior and greater

financial problemsJ gender, ethnicit!, and place of origin, parents marital status and educational

level, famil! income, childhood consumer e&perience, sibling ran$, t!pes of college, residence,

education fund, financial sociali*ation, G2A, spending patterns, savings, and financial literac!.

H)!"(( 2J 'amil!s influence can influence individuals financial management. Loe, Grable

and agell 19::3 claimed that, parents ho have financial problems are more li$el! to have

negative influence toard students financial behavior. %ebl! and )!hus 19::3 discovered that


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parents ith long term orientation ould influence their children to become long term oriented

as ell. The long term oriented is defined as peoples ho are illing to Opa! before the! Ogain.

The more the parents discuss about the financial management, the greater the commitment of

their children in managing their finance.

H)!"(( 3J Male can influence individuals financial management.

H)!"(( 4J 'emale can influence individuals financial management.

H)!"(( 5J umiputera can influence individuals financial management.

H)!"(( J )on=umiputera can influence individuals financial management. According to

the -!ons 19::63, demographic variables such as ethnicit! and gender ould affect individual

financial behaviors. -!ons 19::63 claimed that, female, blac$, andor Hispanic ere more li$el!

to face ith financial crisis. Hoever, /rs$ine, +ier, -eung and Sproule 19::3 sought that there

is no significant relationship beteen gender and individuals financial management.

3.2 SAMPLING DESIGN

%e are using a non=probabilit! sampling techni7ue and our population is : of students hether

public universit! and private universit! around Mala!sia. Cur sample si*e is : respondents.


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3.3 INSTRUMENTATIONS

The structured 7uestionnaire is used in gathering data for completion of this stud!. 'or this

surve!, the 7uestions are divided into to designs. 'or first F 7uestions e construct about

demographic profile. The rest are the discussions of our dependent and independent variable

7uestion.

3.4 DATA COLLECTION

The primar! and secondar! data ere both used in data collection and data sources for this

research.

F.;.4 2rimar! data

In this research, the primar! data as been collected from the students in universities around

Mala!sia. The data ere collected through 7uestionnaires via online surve! 1surve! mon$e!3

that are distributed to the target respondents hich are students b! social media 1titter and

hatsapp3

4.0 FINDINGS

;.4 Gender


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're7uenc! 2ercentage 1K3

Male

'emale

9<

F9

;.6

BF.FF

Total : 4::

Table ;.4J )umber of students based on gender.

Table ;.4 shos the number of respondents hom have ta$en part in our research. There are

;.6K of male students hich are e7ual to 9< students hile female students are BF.FFK

hich are F9 students.

;.9 (niversit!

're7uenc! 2ercentage 1K32ublic

2rivate

F

9;

:

;:

Total : 4::

Table ;.9J )umber of universit!

Table ;.9 shos the number of respondents hom have ta$en part in our research. There are

F students from public universit! hich are :K hile the rest ;:K are from private universit!

hich are 9; students.

;.F Sponsorship

're7uenc! 2ercentage 1K3MADA

L2A

2T2T)

Cther

96

4

9F

5

;B.::

4.6

F


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Table ;.FJ )umber of students based on sponsorship

The sponsorship b! MADA is the highest among others. The percentage is ;BK and 96

students. 'or L2A onl! 4 students received. 'or 2T2T) sponsorship has small different from

MADA hich are 9F students. The rest is other sponsorship such as pa!ment b! their famil!.

;.; Monthl! Spending


DMF:: E DMB::

DMB:: E DM


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Most of students spend their mone! around DMF:: to DMB:: hich is B4.6K or F4 students.

Cnl! 9 students spend above DM4:::. About 9F students spend their mone! monthl! around

DMB:: to DM


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Table ;.J )umber of students spend mone! on telephone bills

ased on the results, the highest spending on telephone bills is around DMF: to DM: hich

are 9B students. Cnl! 4 students spend above DM5:. %e can see that students spending their

mone! on telephone bills around DMF: and DM: to DM5: have the same number of students

hich are 46 or 9


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;.< MC)TH-? S2/)"I)G C) 'CC"


DM4:: E DM9::

DM9:: E DMF::

DMF:: E DM;::

DM;:: and above

4;

45

9:

6

9F.FF

F4.6

9


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5.0 RECOMMENDATION

In order to maintain a health! spending habit, students are suggested to manage their spending

on the accommodation and such.

'irst of all, students can loo$ for houses ith lo rental and are located as near

as possible to their campus. Students can negotiate the rental price ith the rental agent.

Students can get their friends to settle in the house as ell. The rental can then be divided

among them instead of being paid b! an individual.

As for food, students can get their housemates or friends to pinch in and coo$

together. The! can share the spending on groceries and learn ho to coo$. Students must cut

don on ta$e=outs and deliver! because these to added to the e&penses. 'urthermore, it is

healthier for the students to coo$ meals for themselves. The! can also choose the ingredients

hich can help in boosting their memories and maintain their energ! for curricular activities.


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Deference boo$s are $non to be e&pensive and not all students can afford that.

To solve the problem, students can get the e=boo$ version of the reference boo$s the! need.

esides, the! can tr! to bu! second=hand reference boo$s from their seniors hich are

positivel! loer in price compared to bu!ing from boo$stores. These prices are more relevant

for students. Hoever, if the! still cannot afford, students can opt to pa! for the boo$ b!

instalments or share the price ith another classmate.

Students are also suggested to sell their boo$s after the end of ever! semester.

This ill add up to their poc$et mone! and the! can use it later to bu! boo$s for the ne&t

semester.

Transportation is another thing the students need to consider since it involves a

big sum of mone!. It is ise for the students to choose the cheapest ride to campus. Its level of

being convenient is something that students should bear in mind too. 'or instance, public

transportation noada!s is convenient enough but students must ma$e sure that it is located

close enough from their rented house. And, that it is safe for them to move from the house to the

bus or train station.

Cn the other hand, students can opt to start car=pooling ith their housemates or

friends hos sta!ing nearb!. The most crucial part here is to have a housemate or a friend that

actuall! has a car and is going to drive to campus. Students can then divide the e&penditure of

fuel among themselves to let ease the spending on transportation. This helps the students to

commute an!here 1not ust to college3 even faster and safer.

Students can have fun, of course. Having fun cost mone! too so8 it is best to

ensure that no one over=spentP Instead of going to carnivals or concerts that is going to cost a

prett! penn!, students can go to free campus events. Students can get to $no people from and


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outside their campus here. Moreover, the campus events are going to benefit them ith better

inputs hich are $noledgeable and useful for future needs.

Also, b! bringing limited cash can help them to save and avoid over=spending.

-imited cash ma$es students thin$ carefull! on hat the! are going to spend since there ould

not be an! more cash ith them to bu! another item.

.0 CONCLUSION

In conclusion, the best a! for students to not engage ith financial problem is

for them to plan their spending 1be it monthl!, bimonthl! or even ee$l!3. Students can get help

from their advisors or counsellors hich ill provide them ith a!s to start health! spending

habit. Students can also use their smart phones to search for solutions from e&perts orldide.

Spending healthil! includes, not ust b! being careful hile spending but saving

mone! as ell. Having surplus of mone! in their ban$ accounts is ever! students dream. This is

as students might suddenl! need the mone! for emergenc! cases li$e, sudden fever or

accidents 1let it be hen riding or driving or even al$ing3 or pa!ing for 9Q4 rental house

deposit. Since it is time consuming to ait for famil! members to ban$ in the mone!, smart

students have their on savings to solve these matters.

/ven though it is important to spend healthil!, students can plan on ho to gain

mone! too. If saving mone! is not the best solution to prevent from having financial problem

perhaps gaining some more is. In order to have more, students ill have to or$ as a part=timer

or as free=lancer. ! the end of ever! month or after ever! tas$ given, students ill have e&tra

poc$et mone!. This ill add up to the alloance hich the! are receiving 1if sponsorship is

applied3 and hopefull! ill help students from having not enough mone!.


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REFERENCES

43 Allen, +. 19::53. 'inancial Management 2ractices of 0ollege Students. Global Lournal of

usiness Desearch, F143, 4:B=44.

93 Ibrahim, "., Harun, D., Isa, #. M. 19::53. A stud! on financial literac! of Mala!sian

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