Parental Financial Socialisation: Pathways to Positive Financial Behaviour

Bakar, Mohd Zamri Abu; Bakar, Saridan Abu

doi:10.6007/ijarbss/v10-i6/7260

Cited by 5 publications

(10 citation statements)

References 38 publications

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“…For instance, the government may want to provide fiscal measures to help businesses to cope with the economic impact of the COVID-19 pandemic, including wage and utility subsidies and social security contributions (Han, 2021k; The Scoop, 2021). In addition, the government must encourage for the SMEs to use the digital tools such as the use of online order and online delivery booking, to thrive in an environment where uncertainty remains high amid the pandemic (Abu Bakar, 2021b). Overall, the government should also assist the SMEs in creating for the strategic business continuity plan in facing the COVID-19 pandemic, including the production plan and operating hour plan.…”

Section: Discussionmentioning

confidence: 99%

“…earnings were affected). Hence, the government offered several interim measures to help these SMEs with the financial impact brought on by the partial lockdown, such as the introduction of 25% wage subsidy (Abu Bakar, 2021b) and bank loan deferrals (Abu Bakar, 2021e; Abu Bakar and Han, 2021) for businesses to apply. The country had tried to avoid a full lockdown as it would result in businesses to forcefully be closed, leaving more workers to be unemployed as the businesses would not be able to either improve cash flows, hence the need for the people to follow and be cooperative with the regulations (Han, 2021i).…”

Section: Literature Reviewmentioning

confidence: 99%

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Bruneian SMEs amid the COVID-19 pandemic: challenges for the Halal food processing industry

Shahlehi

Shaya

Ismail

et al. 2023

JIMA

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Purpose Despite the world’s effort in grappling with the coronavirus disease that has affected many sectors globally, knowledge and research on the COVID-19 pandemic as well as on the halal food and beverage industry remain limited, particularly in Brunei Darussalam. Hence, the purpose of this paper is to investigate the challenges that small- and medium-sized enterprises (SMEs) in the halal food processing industry face amid the COVID-19 pandemic in the sultanate. Design/methodology/approach A qualitative approach based on four semi-structured interviews was employed using a purposive sampling of managers and business owners of the manufacturing SMEs. Several government agencies were also interviewed to further supplement the findings. This paper also uses the support from a review of relevant academic journal articles, and other secondary data including newspapers and websites, to uncover the hindering factors surrounding the phenomenon. Findings Four themes emerged, covering four overarching and inter-related challenges including limited production; closure of retail stores; delay in exporting; and less sales to cover overheads. Research limitations/implications This study positively contributes to the understanding of the challenges that the COVID-19 pandemic has brought into the country as well as adds and enriches the halal research sphere. Several implications for the SMEs, policymakers, as well as academic scholars, and limitations are also discussed. Originality/value To the best of the authors’ knowledge, this study is among the first to investigate the halal food processing industry in Brunei Darussalam especially, during the time of uncertainties such as the COVID-19 era. The paper’s value also lies in addressing the gap that there is a need to study on the impact of this outbreak on SMEs in the developing countries, inclusive of Brunei Darussalam.

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Section: Discussionmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Bruneian SMEs amid the COVID-19 pandemic: challenges for the Halal food processing industry

Shahlehi

Shaya

Ismail

et al. 2023

JIMA

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“…Parental financial socialization is a process of socialization in which parents purposefully or inadvertently impart knowledge and skills on financial concerns to their children, shaping their knowledge, abilities, attitudes, and financial habits (Bakar & Bakar, 2020). Parents play a vital role in these processes by communicating with their children directly and indirectly through spoken words and by modelling behavior that they want their children to follow.…”

Section: Parental Financial Socialisationmentioning

confidence: 99%

The Difference in Parental Financial Socialisation Across Parental Education Level

Ndou

2024

RESSAT

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Around the world, parental financial socialization now heavily depends on the educational attainment of the parents. This study looked into how parental financial socialization varied depending on the educational attainment of the parents. Parental financial behavior, financial monitoring, financial discussion, financial communication, and financial teaching were used as metrics for measuring parental financial socialization. In this study, a quantitative research approach was used. Since Fetakgomo Tubatse and Intsika Yethu municipalities are the most rural and low-income locations in South Africa, data were gathered through the use of a self-administered questionnaire. Data analysis techniques included Tukey HSD test, Welch robust test, Levene's test, descriptive statistics, and exploratory factor analysis (EFA). The results demonstrated that parental financial socialization varies significantly depending on the educational attainment of the parents. Therefore, financial socialization is more common among parents who have greater education levels than it is among those who have lower education levels. This study's findings are the first to show that parental financial socialization varies significantly depending on the educational attainment of the parents. This study suggests that more research be done on the variations in parental financial socialization across parental educational levels in other areas. Additionally, it is advised that the South African government develop initiatives aimed at addressing and raising parental education levels because research indicates that parents who have completed more education are more likely to participate in financial socialization, which affects young adults' financial literacy and well-being.

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“…Parental financial socialisation is a development of socialisation process where the parents transfer knowledge and skills on financial matters either intentional or unintentionally that shape, develop skills, knowledge, attitude, and financial practices of young adults (Bakar & Bakar, 2020). Parents are at the core of these processes through direct and indirect communication, both in their spoken words and in their patterned behaviours as a direction to follow.…”

Section: Parental Financial Socialisationmentioning

confidence: 99%

Parental Financial Socialisation of Young Black African Adults in South Africa

2024

Glob Bus Financ Rev

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Purpose: Parental financial socialisation is necessary to help young adults to effectively manage their finances and improve their financial well-being. This study examined parental financial socialisation of young black African adults by their parents in rural and low-income area in South Africa. Design/methodology/approach: Parental financial socialisation was measured through parental financial behaviour, parental financial monitoring, parental financial discussions, parental financial communications, and parental finan-cial teaching. This study adopted quantitative research approach and self-administered questionnaire to collect data from young black African adults in Fetakgomo Tubatse and Intsika Yethu municipalities because these municipal-ities are the most rural and low-income areas in South Africa. Descriptive statistics were used to analyse data. The composite score was calculated to determine parental financial socialisation. Findings: The overall score of Parental financial socialisation was 53%, which is moderate. Thus, young black African adults are financially socialised by their parents. This result was surprising as parents in rural and low-income areas uphold cultural norms and values and consider discussing certain issues like money with children a taboo. Research limitations/implications: Due to the low levels of general literacy among the respondents, which neg-atively affected data collection; some young adults did not understand the questionnaire and withdrew from partic-ipating in the study. Furthermore, even though confidentiality and anonymity were guaranteed, respondents were reluctant to participate in the study. They feared exposing their financial position and displayed a lack of trust. Originality/value: This study is the first to investigate parental financial socialisation of young black African adults in rural and low-income area in South Africa. This study concluded by providing recommendations and suggestions for future research.

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Parental Financial Socialisation: Pathways to Positive Financial Behaviour

Cited by 5 publications

References 38 publications

Bruneian SMEs amid the COVID-19 pandemic: challenges for the Halal food processing industry

Bruneian SMEs amid the COVID-19 pandemic: challenges for the Halal food processing industry

The Difference in Parental Financial Socialisation Across Parental Education Level

Parental Financial Socialisation of Young Black African Adults in South Africa

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