Unlocking Student Happiness: Exploring the Nexus of Financial Literacy and Saving among Malaysian Students

Abstract

The objective of this study is to examine the role of financial planning (FP), general saving of student and saving for unknown future in the level of student happiness. Therefore, the relationship between FP, general saving, saving for unknown future and student happiness is considered. Survey was carried out among the Malaysian university students. Structural Equation Modeling (SEM) was preferred in this study to examine the relationship between FP, general saving of students, saving for unknown future and student happiness. 255 questionnaires were used for data analysis. It is revealed that FP is the essential for effectively managing money for future use. University students desire to obtain the best money management abilities preceding all-day work. Better FP can increase the ability of students for general saving. It also helps to save money for the future to handle any emergency. Therefore, students must focus on better financial planning to increase the level of happiness.