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The dilemma of millennial Muslims towards financial management: an Islamic financial literacy perspective

Ismah Osman (Department of Economics and Financial Studies, Faculty of Business and Management, Universiti Teknologi MARA, Puncak Alam Campus, Shah Alam, Malaysia)
Sharifah Faigah Syed Alwi (Arshad Ayub Graduate Business School, Universiti Teknologi MARA, Shah Alam, Malaysia)
Mohsin Abdur Rehman (Department of Marketing, Management and International Business, Oulu Business School, University of Oulu, Oulu, Finland)
Ruhaini Muda (Department of Economics and Financial Studies, Faculty of Business Management, Universiti Teknologi MARA, Puncak Alam Campus, Shah Alam, Malaysia)
Faridah Hassan (Department of Ranking UiTM Global, Universiti Teknologi MARA, Shah Alam, Malaysia)
Rohail Hassan (Othman Yeop Abdullah Graduate School of Business, Universiti Utara Malaysia, Sintok, Malaysia)
Hasni Abdullah (Department of Economics and Financial Studies, Faculty of Business and Management, Universiti Teknologi MARA, Puncak Alam Campus, Shah Alam, Malaysia)

Journal of Islamic Marketing

ISSN: 1759-0833

Article publication date: 31 March 2023

Issue publication date: 4 January 2024

836

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

Copyright © 2023, Emerald Publishing Limited

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