The Extent of Financial Well-being among Students of Higher Education Institutions

Abstract

— This article aims to determine the extentand difference of financial well-being among students of
higher education institutions (IPT) in Malaysia. Quantitative design using the survey method was applied in
this study. The sample of the study consisted of students of a public university(UA) and Institute of Teacher
Education(IPG), focusing on students in the field of education. A total of 413 respondents were involved in
this study. Descriptive analysis and independent samplest-test were used to determine the extent and
difference of respondents’ financial well-being. The results of the study showed that the level of financial
well-being of IPT students was moderate with no significant difference between UA and IPG students. The
majority of the respondents were seen to have a stable financial position,which reflects their satisfaction
with theirlivesas university students. Therefore, emphasis on programmes in the form of financial
management knowledge and skills for IPT students should be enhanced through the cooperation of the
university management with government and non-government bodies. These programmes provide students
with the opportunity to improve their ability to manage cash flows well, thus enabling them to make
financial plans for current and future situations apart from dealing with the upcoming risks and challenges in
various aspects related to money.