Exploring the Relationships of Financial Literacy and Financial Behaviour with Health-Related Quality of Life (HRQOL) among the Low-Income Working Population in Malaysia during the COVID-19 Pandemic
Abstract
:1. Introduction
2. Materials and Methods
2.1. Study Design and Duration
2.2. Instrument
2.3. Data Collection
2.4. Data Analysis
3. Results
3.1. Association between Independent Variables with EQ-5D-5L Scores
3.2. Association between Financial Literacy Statements with EQ-5D-5L Scores
3.3. Multivariate Analysis
4. Discussion
Limitations and Future Studies
5. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Acknowledgments
Conflicts of Interest
Appendix A. Financial Literacy (Malay Version)/Pengetahuan Kewangan (Versi Melayu)
No | Pernyataan/Statements | Salah/Wrong | Betul/Correct |
1. | Senarai membeli-belah membantu mengawal perbelanjaan. Shopping lists help control spending. | [····] | [····] |
2. | Semua jenis pelaburan di Malaysia adalah sah di sisi undang-undang. All types of investments in Malaysia are legal. | [····] | [····] |
3. | Individu perlu menyimpan minimum sebanyak 10% daripada pendapatan. Individuals must save a minimum of 10% of their income. | [····] | [····] |
4. | Semua bentuk risiko boleh diinsuranskan. All forms of risk are insurable. | [····] | [····] |
5. | Seseorang itu boleh mengagihkan semua hartanya melalui wasiat. A person can distribute all his property through a will. | [····] | [····] |
6. | Produk Shariah bebas daripada risiko. Shariah products are risk-free. | [····] | [····] |
7. | Agensi Kaunseling dan Pengurusan Kredit (AKPK) memberikan perkhidmatan pinjaman. The Credit Counselling and Debt Management Agency (AKPK) provides loan services. | [····] | [····] |
8. | Sistem Maklumat Rujukan Kredit Pusat (CCRIS) merupakan satu biro kredit yang mengumpul, memproses, menyimpan dan mewujudkan maklumat kredit. The Central Credit Reference Information System (CCRIS) is a credit bureau that collects, processes, stores, and creates credit information. | [····] | [····] |
9. | Pelaburan dengan pulangan yang tinggi mungkin berisiko tinggi. Investments with high returns may be high risk. | [····] | [····] |
10. | Inflasi yang tinggi bermakna kos sara hidup meningkat dengan pesat. High inflation means the cost of living is rising rapidly. | [····] | [····] |
Appendix B. Financial Behaviour (Malay Version)/Tingkah Laku Kewangan (Versi Melayu)
Tidak Pernah/Never Sangat Kerap/Selalu/Always | |||||
No | Pernyataan/Statements | Skala/Scale | |||
1. | Saya belanja mengikut bajet mingguan atau bulanan. | ||||
I spend according to a weekly or monthly budget. | 1 | 2 | 3 | 4 | |
2. | Saya mencatat ke mana wang saya dibelanjakan. | ||||
I keep track of where my money is spent. | 1 | 2 | 3 | 4 | |
3. | Saya mengasingkan wang untuk perbelanjaan kecemasan. | ||||
I set aside money for emergency expenses. | 1 | 2 | 3 | 4 | |
4. | Saya menyimpan untuk memenuhi matlamat kewangan diri/keluarga. | ||||
I save to meet personal/family financial goals. | 1 | 2 | 3 | 4 | |
5. | Saya menyimpan resit pembelian. | ||||
I keep the purchase receipt. | 1 | 2 | 3 | 4 | |
6. | Saya membuat bayaran minimum untuk pinjaman yang dibuat. | ||||
I made the minimum payment for the loan made. | 1 | 2 | 3 | 4 | |
7. | Saya merekodkan pembayaran ansuran pinjaman. | ||||
I recorded the loan instalment payment. | 1 | 2 | 3 | 4 | |
8. | Saya lewat membayar ansuran pinjaman. | ||||
I’m late paying the loan instalments. | 1 | 2 | 3 | 4 | |
9. | Saya meneliti harga barangan dengan berhati-hati sebelum membelinya. | ||||
I scrutinize the price of the item before buying it. | 1 | 2 | 3 | 4 | |
10. | Saya mempunyai matlamat kewangan jangka masa panjang dan berusaha untuk mencapainya. | ||||
I have long-term financial goals and strive to achieve them. | 1 | 2 | 3 | 4 |
Appendix C. EQ-5D-5L (Malay Version)/EQ-5D-5L (Versi Melayu)
PERGERAKAN/MOBILITY | |
Saya tidak menghadapi masalah untuk berjalan | [···] |
I have no problems in walking about | [···] |
Saya menghadapi sedikit masalah untuk berjalan | [···] |
I have slight problems in walking about | [···] |
Saya menghadapi masalah yang sederhana untuk berjalan | [···] |
I have moderate problems in walking about | [···] |
Saya menghadapi masalah yang teruk untuk berjalan | [···] |
I have severe problems in walking about | [···] |
Saya tidak berupaya untuk berjalan | [···] |
I am unable to walk about | [···] |
PENJAGAAN DIRI/SELF-CARE | |
Saya tidak menghadapi masalah untuk membersihkan diri atau memakai | [···] |
sendiri pakaian saya | [···] |
I have no problems washing or dressing myself | |
Saya menghadapi sedikit masalah untuk membersihkan diri atau memakai | [···] |
sendiri pakaian saya | [···] |
I have slight problems washing or dressing myself | |
Saya menghadapi masalah yang sederhana untuk membersihkan diri atau | [···] |
memakai sendiri pakaian saya | [···] |
I have some problems washing or dressing myself | |
Saya menghadapi masalah yang teruk untuk membersihkan diri atau memakai | [···] |
sendiri pakaian saya | [···] |
I have severe problems washing or dressing myself | |
Saya tidak berupaya untuk membersihkan diri atau memakai sendiri pakaian saya | [···] |
I am unable to wash or dress myself | [···] |
AKTIVITI-AKTIVITI BIASA (misalnya bekerja, belajar, membuat kerja rumah, aktiviti-aktiviti keluarga atau masa lapang)/ USUAL ACTIVITIES (e.g., work, study, housework, family or leisure activities) | |
Saya tidak menghadapi masalah untuk melakukan aktiviti-aktiviti biasa saya | [···] |
I have no problems doing my usual activities | [···] |
Saya menghadap sedikit masalah untuk melakukan aktiviti-aktiviti biasa saya | [···] |
I have slight problems doing my usual activities | [···] |
Saya menghadapi masalah yang sederhana untuk melakukan aktiviti-aktiviti biasa saya | [···] |
I have some problems doing my usual activities | [···] |
Saya menghadapi masalah yang teruk untuk melakukan aktiviti-aktiviti biasa saya | [···] |
I have severe problems doing my usual activities | [···] |
Saya tidak berupaya untuk melakukan aktiviti-aktiviti biasa saya | [···] |
I am unable to do my usual activities | [···] |
KESAKITAN/KETIDAKSELESAAN/PAIN/DISCOMFORT | |
Saya tidak berasa sakit atau tidak selesa | [···] |
I have no pain or discomfort | [···] |
Saya berasa sakit atau tidak selesa sedikit | [···] |
I have slight pain or discomfort | [···] |
Saya berasa sakit atau tidak selesa yang sederhana | [···] |
I have moderate pain or discomfort | [···] |
Saya berasa sakit atau tidak selesa yang teruk | [···] |
I have severe pain or discomfort | [···] |
Saya berasa sakit atau tidak selesa yang teramat sangat | [···] |
I have extreme pain or discomfort | [···] |
ANXIETY/DEPRESSION | |
Saya tidak berasa risau atau murung | [···] |
I am not anxious or depressed | [···] |
Saya berasa risau atau murung sedikit | [···] |
I am slightly anxious or depressed | [···] |
Saya berasa risau atau murung yang sederhana | [···] |
I am moderately anxious or depressed | [···] |
Saya berasa risau atau murung yang teruk | [···] |
I am severely anxious or depressed | [···] |
Saya berasa risau atau murung yang teramat sangat | [···] |
I am extremely anxious or depressed | [···] |
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Variables | Mean (SD) | n (%) | EQ-5D-5L, Mean (SD) | Pearson’s r | p-Value | |
---|---|---|---|---|---|---|
Age (year) | Mean | |||||
20–30 | 42.10 (10.81) | 226 (19.1) | 0.97 (0.09) | −0.131 | <0.001 * | |
31–40 | 309 (26.1) | 0.97 (0.08) | <0.001 * | |||
41–50 | 327 (27.6) | 0.95 (0.11) | ||||
51–60 | 324 (27.3) | 0.93 (0.12) | ||||
Gender | Male | 790 (66.6) | 0.96 (0.11) | 0.198 | ||
Female | 396 (33.4) | 0.95 (0.09) | ||||
Ethnicity | Malay | 820 (69.1) | 0.96 (0.10) | 0.094 | ||
Chinese | 75 (6.3) | 0.94 (0.14) | ||||
Indian | 109 (9.2) | 0.97 (0.08) | ||||
Pribumi | 115 (9.7) | 0.95 (0.10) | ||||
Others | 67 (5.6) | 0.93 (0.13) | ||||
Marital Status | Single | 166 (14.0) | 0.97 (0.07) | 0.024 * | ||
Married | 862 (72.7) | 0.96 (0.11) | ||||
Widowed | 132 (11.1) | 0.93 (0.11) | ||||
Separated/Divorced | 25 (2.1) | 0.95 (0.09) | ||||
Education Level | Primary | 134 (11.6) | 0.94 (0.11) | 0.259 | ||
Secondary | 731 (63.3) | 0.95 (0.11) | ||||
Pre-University | 190 (16.5) | 0.97 (0.07) | ||||
University | 90 (7.8) | 0.97 (0.08) | ||||
Others | 10 (0.9) | 0.98 (0.07) | ||||
Employment Status | Employed | 876 (73.9) | 0.96 (0.10) | 0.010 * | ||
Unemployed | 310 (26.1) | 0.94 (0.11) | ||||
Income | Less than RM 2500 | 883 (74.5) | 0.95 (0.11) | 0.351 | ||
RM 2500–RM 4850 | 303 (25.5) | 0.96 (0.09) | ||||
Chronic Diseases | None | 884 (74.5) | 0.97 (0.10) | <0.001 * | ||
One | 207 (17.5) | 0.94 (0.10) | ||||
More than one | 95 (8.0) | 0.91 (0.12) | ||||
Financial Literacy | Low | 5.95 (1.48) | 802 (67.6) | 0.96 (0.11) | −0.004 | 0.892 |
High | 384 (32.4) | 0.95 (0.09) | 0.716 | |||
Financial Behaviour | 22.08 (4.79) | 0.072 | 0.013 * | |||
EQ-5D-5L total index | 0.96 (0.10) |
Financial Literacy Statements | n (%) | EQ-5D-5L Mean (SD) | p-Value |
---|---|---|---|
Shopping lists help control spending. | |||
Wrong | 62 (5.2) | 0.90 (0.21) | 0.042 * |
Correct | 1121 (94.8) | 0.96 (0.09) | |
All types of investments in Malaysia are legal. | |||
Wrong | 495 (41.8) | 0.95 (0.11) | 0.033 * |
Correct | 688 (58.2) | 0.96 (0.10) | |
Individuals must save a minimum of 10% of their income. | |||
Wrong | 153 (12.9) | 0.95 (0.08) | 0.602 |
Correct | 1030 (87.1) | 0.96 (0.11) | |
All forms of risk are insurable. | |||
Wrong | 416 (35.2) | 0.95 (0.09) | 0.302 |
Correct | 767 (64.8) | 0.96 (0.11) | |
A person can distribute all his property through a will. | |||
Wrong | 214 (18.1) | 0.94 (0.11) | 0.030 * |
Correct | 969 (81.9) | 0.96 (0.10) | |
Shariah products are risk-free. | |||
Wrong | 335 (28.3) | 0.95 (0.09) | 0.241 |
Correct | 848 (71.7) | 0.96 (0.11) | |
The Credit Counselling and Debt Management Agency (AKPK) provides loan services. | |||
Wrong | 444 (37.5) | 0.95 (0.10) | 0.442 |
Correct | 739 (62.5) | 0.96 (0.11) | |
The Central Credit Reference Information System (CCRIS) is a credit bureau that collects, processes, stores, and creates credit information. | |||
Wrong | 252 (21.3) | 0.94 (0.11) | 0.052 |
Correct | 931 (78.7) | 0.96 (0.10) | |
Investments with high returns may be high risk. | |||
Wrong | 158 (13.4) | 0.94 (0.12) | 0.018 * |
Correct | 1025 (86.6) | 0.96 (0.10) | |
High inflation means the cost of living is rising rapidly. | |||
Wrong | 150 (12.7) | 0.95 (0.10) | 0.312 |
Correct | 1033 (87.3) | 0.96 (0.11) |
Factors | Unadjusted | Adjusted Model 1 | Adjusted Model 2 | ||||||
---|---|---|---|---|---|---|---|---|---|
B | SE | 95% CI | B | SE | 95% CI | B | SE | 95% CI | |
Age (year) | −0.001 * | 0.0003 | −0.002, −0.001 | −0.001 * | 0.0003 | −0.002, −0.001 | −0.001 * | 0.0003 | −0.002, −0.0002 |
Gender | −0.004, 0.021 | −0.009, 0.019 | −0.110, 0.170 | ||||||
Male | 0.008 | 0.0065 | 0.005 | 0.0071 | 0.003 | 0.0070 | |||
Female | ref | ref | ref | ref | ref | ref | |||
Ethnicity | |||||||||
Malay | 0.029 * | 0.0132 | 0.003, 0.055 | 0.030 * | 0.0139 | 0.003, 0.058 | 0.033 * | 0.014 | 0.006, 0.060 |
Chinese | 0.010 | 0.0175 | −0.024, 0.044 | 0.02 | 0.018 | −0.015, 0.056 | 0.017 | 0.018 | −0.018, 0.052 |
Indian | 0.036 * | 0.0162 | 0.004, 0.067 | 0.041 * | 0.0165 | 0.008, 0.073 | 0.041 * | 0.016 | 0.009, 0.073 |
Pribumi | 0.015 | 0.0167 | −0.018, 0.047 | 0.011 | 0.0168 | −0.022, 0.044 | 0.015 | 0.017 | −0.018, 0.047 |
Others | ref | ref | ref | ref | ref | ref | |||
Marital Status | |||||||||
Single | 0.017 | 0.0227 | −0.028, 0.061 | −0.007 | 0.023 | −0.052, 0.039 | 0.001 | 0.023 | −0.045, 0.046 |
Married | 0.006 | 0.0215 | −0.036, 0.049 | −0.004 | 0.022 | −0.047, 0.039 | 0.001 | 0.022 | −0.042, 0.043 |
Widowed | −0.019 | 0.0231 | −0.064, 0.027 | −0.018 | 0.023 | −0.064, 0.027 | −0.013 | 0.023 | −0.058, 0.032 |
Separated/Divorced | ref | ref | ref | ref | ref | ref | |||
Employment Status | 0.002,0.029 | −0.006, 0.023 | −0.006,0.022 | ||||||
Employed | 0.016 * | 0.007 | 0.008 | 0.007 | 0.008 | 0.007 | |||
Unemployed | ref | ref | ref | ref | ref | ref | |||
Education Level | |||||||||
Primary | −0.032 | 0.0341 | −0.099, 0.035 | −0.025 | 0.034 | −0.092, 0.042 | −0.027 | 0.0337 | −0.093, 0.039 |
Secondary | −0.023 | 0.0332 | −0.088, 0.042 | −0.033 | 0.033 | −0.097, 0.032 | −0.03 | 0.0327 | −0.095, 0.034 |
Pre−University | −0.010 | 0.0338 | −0.076, 0.057 | −0.028 | 0.034 | −0.094, 0.038 | −0.026 | 0.0334 | −0.091, 0.040 |
University | −0.011 | 0.0347 | −0.079, 0.057 | −0.036 | 0.035 | −0.104, 0.032 | −0.036 | 0.0345 | −0.103, 0.032 |
Others | ref | ref | ref | ref | ref | ref | |||
Income | −0.021, 0.007 | ||||||||
Less than RM 2500 | −0.007 | 0.007 | 0.004 | 0.008 | −0.015,0.015 | 0.003 | 0.0075 | −0.012, 0.018 | |
RM 2500–RM 4850 | ref | ref | ref | ref | ref | ref | |||
Financial Literacy | −0.0001 | 0.0021 | −0.004, 0.004 | −0.0005 | 0.0021 | −0.005, 0.004 | −0.0005 | 0.0021 | −0.005, 0.004 |
Financial Behaviour | 0.002 * | 0.0006 | 0.001, 0.003 | 0.001 * | 0.0007 | 0.0001, 0.003 | 0.001 * | 0.0007 | −0.00013, 0.00243 |
Chronic Diseases | |||||||||
None | 0.056 * | 0.0113 | 0.888, 0.931 | 0.047 * | 0.0117 | 0.024, 0.070 | |||
1 | 0.025 * | 0.013 | 0.034, 0.078 | 0.021 | 0.0129 | −0.004, 0.047 | |||
More than 1 | ref | ref | ref | ref |
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Share and Cite
Sabri, M.F.; Said, M.A.; Magli, A.S.; Pin, T.M.; Rizal, H.; Thangiah, N.; Ithnin, M.; Abdul Majid, H.; Ismail, R.; Su, T.T.; et al. Exploring the Relationships of Financial Literacy and Financial Behaviour with Health-Related Quality of Life (HRQOL) among the Low-Income Working Population in Malaysia during the COVID-19 Pandemic. Int. J. Environ. Res. Public Health 2022, 19, 12520. https://doi.org/10.3390/ijerph191912520
Sabri MF, Said MA, Magli AS, Pin TM, Rizal H, Thangiah N, Ithnin M, Abdul Majid H, Ismail R, Su TT, et al. Exploring the Relationships of Financial Literacy and Financial Behaviour with Health-Related Quality of Life (HRQOL) among the Low-Income Working Population in Malaysia during the COVID-19 Pandemic. International Journal of Environmental Research and Public Health. 2022; 19(19):12520. https://doi.org/10.3390/ijerph191912520
Chicago/Turabian StyleSabri, Mohamad Fazli, Mas Ayu Said, Amirah Shazana Magli, Tan Maw Pin, Hussein Rizal, Nithiah Thangiah, Muslimah Ithnin, Hazreen Abdul Majid, Rozmi Ismail, Tin Tin Su, and et al. 2022. "Exploring the Relationships of Financial Literacy and Financial Behaviour with Health-Related Quality of Life (HRQOL) among the Low-Income Working Population in Malaysia during the COVID-19 Pandemic" International Journal of Environmental Research and Public Health 19, no. 19: 12520. https://doi.org/10.3390/ijerph191912520