The Issue of Living Frugally amongst Students of Private Higher Education Institution in Selangor

Abstract

Financial problem is amongst the issues frequently faced by students at the higher education level, particularly in private higher education institutions. This issue contributes to the decline in students’ academic performance and discipline throughout their period of study. The objective of this study is to identify the issue of “tightening one’s belt” or “living frugally” among students, as well as to analyze daily spending patterns in order to understand their financial management practices. The study also examines the relationship between knowledge of daily expenditure management and attitudes toward daily expenditure management. The study employs the planned behavior theory to evaluate the roles of knowledge and attitudes, as well as the relationship between intention and financial management behavior. A quantitative approach was adopted, using a questionnaire distributed to 214 respondents to obtain relevant data on daily expenditures and the issue of living frugally faced by students. The findings indicate that students’ knowledge of financial management is at a moderate level with a mean score of 3.36 (SD = 1.23), while students’ attitudes toward financial management is also moderate, with a mean score of 2.95 (SD = 1.15). The research hypothesis was rejected, as the correlation values showed no significant relationship between the two constructs. Both the Pearson test (r = 0.066, p > 0.05) and the Spearman test (rs = 0.053, p > 0.05) indicated statistically very weak and insignificant correlations. Nevertheless, this study still provides guidance for students on more efficient financial management practices. In addition, universities and religious institutions have the potential to serve as role models in assisting students to overcome financial difficulties. Overall, this study makes a valuable contribution on efforts to improve students’ well-being in private higher education institutions through better financial management and support from religious institutions