The dilemma of millennial Muslims towards financial management: an Islamic financial literacy perspective
ISSN: 1759-0833
Article publication date: 31 March 2023
Issue publication date: 4 January 2024
Abstract
Purpose
This study aims to empirically investigate the pathway to financial management behavioural intentions (FMBI) from Islamic perspectives, through dimensions of Islamic financial literacy (IFL; Islamic financial knowledge [IFK], financial skills [FS] and self-efficacy [SE]) based on an extension to the theory of planned behaviour (TPB) model.
Design/methodology/approach
Data was collected via a self-administered questionnaire by 300 millennials (Muslims) working in Malaysia. Structural equation modelling was used for data analysis purposes by using SmartPLS.
Findings
The results present the positive and significant influence of IFK on financial attitude (FA), FS on the elements of FA, subjective norm (SN), perceived behavioural control (PBC) and perceived moral obligation (PMO), SE on FA, FS on the elements of FA, SN and PBC. Furthermore, PBC and PMO were strong predictors of FMBI from an Islamic standpoint.
Originality/value
The findings successfully contribute to the theoretical extension of the TPB model via dimensions of IFL (IFK, FS and SE) as predictors of FA, SNs, PBC and PMO. Besides, this study provides some new insights of millennial Muslims concerning IFL and financial management from Islamic beliefs.
Keywords
Acknowledgements
The authors thank Amira Nur Safiah Zainal and Nurul Najihah Zainol for supporting in data collection of the current study.
Citation
Osman, I., Syed Alwi, S.F., Rehman, M.A., Muda, R., Hassan, F., Hassan, R. and Abdullah, H. (2024), "The dilemma of millennial Muslims towards financial management: an Islamic financial literacy perspective", Journal of Islamic Marketing, Vol. 15 No. 1, pp. 59-78. https://doi.org/10.1108/JIMA-09-2021-0283
Publisher
:Emerald Publishing Limited
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