The Effect of Spending Patterns on The Financial Well-Being of Malaysian Consumer Across Income Level
DOI:
https://doi.org/10.37134/Keywords:
Financial well-being, Spending pattern, Income levelAbstract
This study examined consumers' spending patterns, their impact on financial well-being, and differences across income levels in Malaysia. A quantitative approach with convenience sampling was used to collect data from 308 respondents aged 18 and above through a self-administered questionnaire, analyzed using SPSS with descriptive and Multiple Regression analysis. The findings showed prosocial spending had the highest level (4.9652), while other spending types were moderate. Financial well-being was relatively high (4.8562). Regression results indicated experiential (β=0.164), self-expressive (β=0.296), prosocial (β=0.126), and conspicuous (β=0.143) spending positively impacted financial well-being, while compulsive (β=-0.290) and impulsive (β=-0.255) spending had negative effects. Across income groups, compulsive, experiential, and self-expressive spending influenced the low-income group, compulsive, self-expressive, and conspicuous spending affected the middle-income group, and impulsive and conspicuous spending impacted the high-income group. To enhance financial well-being, especially for low- and middle-income consumers, spending behaviors should be monitored. These insights help consumers adopt prudent spending habits and assist stakeholders in designing effective financial programs to address financial challenges in Malaysia.
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