Dr. Chin Phaik Nie is currently a Senior Lecturer at the Graduate School of Business. Her research interests and ongoing projects focus on behavioral finance, personal finance, and corporate finance. She holds a Ph.D. in Economics from Universiti Sains Malaysia, a Master of Business Administration (MBA) from Heriot-Watt University, and a Bachelor of Economics (Honours) from the Universiti Malaya. She currently teaches finance courses in the MBA and DBA programmes at the School.

This study examines how sustainable financial behaviours based on the Sufficiency Economy Philosophy (SEP)—moderation, reasonableness, and self-immunity—together with financial knowledge and investment risk tolerance, influence retirement preparedness among working adults. A quantitative, cross-sectional design is employed, with data collected through a self-administered online survey of 352 employed adults aged 18 to 65. Marginal effects analysis based on a logistic regression model is conducted to assess the relationships among the variables. When the full model is estimated, reasonableness emerges as the dominant predictor, while investment risk tolerance and financial literacy remain significantly associated with retirement preparedness. In contrast, moderation and self-immunity lose statistical significance. Regarding socio-demographic factors, individuals in the M40 household income group have a lower probability of high retirement preparedness than those in the B40 group, whereas public-sector employees have a higher probability of being well prepared for retirement than self-employed individuals. The findings contribute to the existing literature by integrating SEP into personal finance theory and provide insights for policymakers and financial institutions to promote rational financial decision-making and improve retirement preparedness among Malaysians.

Dr. Tee Chee Lip is a Senior Lecturer in Economics at Xiamen University Malaysia. He holds a Ph.D. in Economics from Universiti Putra Malaysia. With over 10 years of experience in macroeconomics, monetary economics, and international economics, his research focuses on monetary policy, financial markets, foreign direct investment, and Malaysia’s economic development. He has a strong record of peer-reviewed publications, has contributed to national policy papers, and regularly shares his economic insights through Malaysian media.

Malaysia’s rapidly ageing population is expected to intensify socioeconomic pressures in the coming decades, underscoring the urgency of early and adequate retirement planning. This study assesses whether Malaysians’ projected retirement savings are sufficient to meet their financial needs during retirement. It projects retirement savings and required retirement funds across different age cohorts under alternative income and living-cost scenarios. The findings reveal a clear age gradient in retirement preparedness. Younger cohorts, benefiting from longer accumulation horizons, are more likely to achieve adequate savings under optimistic assumptions, while older cohorts fall below even the basic retirement savings threshold. When rising retirement expenditures are considered, the longevity of retirement savings declines sharply with age, indicating that retirement insecurity in Malaysia is an immediate and pressing challenge, particularly for individuals approaching retirement age. Targeted wage and retirement policies are needed to narrow retirement adequacy gaps, especially among older workers. Stronger incentives for voluntary EPF contributions can improve retirement savings outcomes, while premature withdrawals should be approached cautiously to avoid undermining long-term retirement security.

Dr. Loke Yiing Jia is an Associate Professor of Economics at the School of Social Sciences, Universiti Sains Malaysia. Her research interests include the transition away from cash payments, consumer and merchant payment preferences, consumer credit, financial capability and financial literacy, and family financial socialisation. She holds a Ph.D. in Economics from the University of Essex, United Kingdom.

The COVID-19 pandemic serves as a critical stress test of Malaysian households’ financial resilience. The implementation of various government assistance schemes during the pandemic provides a unique opportunity to examine the effectiveness and utilisation of financial aid. Using data from Malaysia’s Financial Capability and Inclusion Demand Survey 2021, with a sample of 2,377 respondents, this study evaluates the impact of the pandemic on Malaysians’ income and financial resilience, focusing on how these factors, together with individuals’ financial knowledge, influence the utilisation and breadth of government assistance. The findings reveal widespread negative income shocks across all income groups, with the lowest-income group (below RM2,999) being the most severely affected. These income shocks significantly weaken individuals’ financial resilience and expose underlying financial vulnerabilities. Among the policy measures, utility discounts are the most widely accessed form of assistance, while loan moratoriums and EPF withdrawals are perceived by recipients as having the greatest impact. The findings further show that negative income shocks and weaker financial resilience significantly increase the likelihood of individuals relying on multiple categories of assistance. Interestingly, individuals with higher financial knowledge are more likely to utilise a broader range of assistance, suggesting that financial literacy plays an important role in navigating available support programmes. The findings highlight the need for crisis-response policies that provide meaningful financial relief while ensuring accessibility and clear communication, particularly for individuals with lower levels of financial literacy. This study offers useful insights for policymakers in designing targeted and effective support mechanisms for future economic crises or pandemics.

Dr. Ahmad Shauqi Haji Mohamad Zubir holds a Ph.D. in Finance from the University of Birmingham, United Kingdom. He is currently a faculty member at the Faculty of Business, Economics and Social Development, Universiti Malaysia Terengganu, where he is actively involved in teaching and research. His research interests include financial policy, financial literacy, investment strategies, and financial econometrics, with a particular interest in the intersection of financial systems and societal structures. He also holds professional certifications from various finance bodies, reflecting his commitment to bridging academic knowledge with practical expertise. His interdisciplinary research contributes to a broader understanding of how financial policies and systems influence social dynamics and equity

This study investigates the impact of digital financial inclusion on banking sector stability across 20 Asian economies from 2010 to 2023. Unlike prior studies that assume a linear relationship, this study employs a Panel Threshold Regression (PTR) model, which identifies a critical threshold of 83.31 mobile subscriptions per 100 people. Below this threshold, digital financial inclusion significantly reduces non-performing loans (NPLs), supporting the stabilisation hypothesis for developing markets. However, beyond this threshold, the marginal benefit diminishes to zero, indicating a saturation effect. To further examine this heterogeneity, the study applies Panel Quantile Regression using Canay’s two-step estimator. The results reveal a distinct asymmetry: while digital financial inclusion is associated with a mild increase in credit risk in relatively stable banking sectors (β0.10 > 0), its effect becomes statistically insignificant under conditions of high banking-sector risk (β0.90 ≈ 0). These findings suggest that the benefits of digital financial inclusion are regime-dependent. Accordingly, the study proposes a two-tiered policy framework that prioritises infrastructure access in emerging economies while shifting the focus towards financial resilience and digital literacy in more mature and digitally saturated markets.

Dr. You Hui Wei is an Assistant Professor at Xiamen University Malaysia, a Research Fellow at UNITAR International University, and an Adjunct Supervisor at SEGi University. She received the Emerald Literati Outstanding Reviewer Award 2025 for Management Research Review. Her research interests include finance, fintech, crowdfunding, digital inclusion, and intersectionality.

This study examines how quality signals predict equity crowdfunding (ECF) campaign success in Malaysia using interpretable machine learning. Grounded in signalling theory, the study argues that, under severe information asymmetry, retail investors rely on observable campaign-level cues to infer latent project quality, often in the presence of limited digital financial literacy. Using data from 335 campaigns hosted on three licensed ECF platforms in Malaysia, the study evaluates predictive performance across original, oversampled, and undersampled datasets to address class imbalance. Eight classifiers are trained using five-fold stratified cross-validation and evaluated on a held-out test set. While advanced ensemble models demonstrate strong learning capacity and resilience to class imbalance during cross-validation, logistic regression exhibits superior generalisation performance on the test set, highlighting the importance of interpretability and calibration in high-uncertainty contexts. Feature-importance analysis identifies social-proof cues, particularly the number of investors, as the most influential predictors of campaign success, followed by valuation disclosure. Younger firms exhibit higher predicted probabilities of success, whereas campaign duration and industry contribute limited predictive value. The findings suggest that digital financial literacy initiatives should prioritise investors’ ability to interpret a small set of high-impact signals rather than focusing solely on complex financial information.

Dr. Christianingrum, M.M. is a lecturer and researcher in the Management and Business Study Program, Faculty of Economics and Business, Universitas Bangka Belitung, Indonesia. Her research specialises in experiential marketing and consumer behaviour, focusing on customer experiences, emotional engagement, digital interactions, and marketing stimuli. Her broader interests include digital marketing, digital payment adoption, financial literacy, MSME development, and technology-based marketing. She is involved in teaching, research, and community engagement.

Indonesia’s rapid expansion of digital payment systems has reshaped everyday transactions and financial decision-making, with the widespread adoption of the Quick Response Code Indonesian Standard (QRIS) accelerating cashless consumption in major urban centres. While QRIS is commonly associated with greater efficiency and financial inclusion, behavioural finance suggests that frictionless payment systems may reduce payment salience and alter consumers’ perceptions of spending. This study examines whether the intensity of QRIS usage increases financial vulnerability through two key psychological mechanisms: financial illusion and reduced pain of paying. Using a city-stratified purposive sampling approach, primary data are collected from adult QRIS users in Jakarta, Surabaya, and Bandung (minimum n = 450; 150 respondents per city), capturing variation in age, income, and transaction frequency. Structural Equation Modelling (SEM) is employed to estimate the direct and indirect relationships among digital payment usage intensity, financial illusion, pain of paying, and financial vulnerability, as well as to conduct robustness checks across key user segments. Grounded in mental accounting and behavioural finance, the study conceptualises financial vulnerability as a perceived and behavioural outcome arising from everyday consumption behaviour in cashless environments. The findings provide evidence from an emerging-market context that intensive digital payment usage may heighten financial vulnerability by weakening expenditure monitoring and reducing psychological resistance to spending. These findings offer policy-relevant insights for regulators and payment service providers in designing spending-feedback mechanisms, behavioural nudges, and consumer protection measures to mitigate financial vulnerability among frequent digital payment users.

Mr. Lim Siok Jin is a Senior Lecturer and Programme Coordinator for the Bachelor of Finance and Accounting at New Era University College, Malaysia. He is interested in sustainable finance, financial literacy, investment and market resilience, alongside practical sustainability initiatives. He is particularly passionate about zero-plastic living, sustainable consumption, indoor farming and self-sufficient lifestyles, with a strong interest in connecting financial knowledge, responsible investment and everyday sustainability to create meaningful long-term impact.

This paper examines whether cross-country differences in financial literacy are associated with how national stock markets respond to global equity shocks, after controlling for market size. Using daily data on national stock market indices and the S&P 500 as a proxy for global equity market risk, nine countries are selected and grouped into three market-capitalisation tiers: large, medium, and small. Within each tier, one country with high, medium, and low levels of financial literacy is selected based on international survey scores, allowing comparisons across financial literacy levels among markets of similar size. MGARCH-DCC models are used to estimate time-varying correlations between each country’s equity market and the S&P 500 before, during, and after major global stress episodes. Wavelet analysis is subsequently employed to examine these relationships across different investment horizons, distinguishing short-term contagion from more persistent market integration. Based on these results, indicators of market resilience are derived, including the magnitude of correlation spikes, the persistence of elevated co-movement, and the severity of equity market drawdowns. The study investigates whether, within each market-capitalisation tier, countries with higher financial literacy exhibit more orderly and less persistent contagion patterns than their medium- and low-literacy counterparts. The findings provide policy-relevant insights into the potential role of financial literacy in strengthening market resilience, with implications for financial education and market development, including in Malaysia.

Ms. Amanda Tan graduated with a Master of Business Administration from HELP University. She has professional experience in supporting program managers in tactical and administrative activities while coordinating with cross-functional teams and customer representatives. This research examines the impact of Malaysia’s 2025 Expanded Sales and Services Tax (SST) on consumer spending behaviour, affordability perceptions, and financial sensitivity among B40, M40, and T20 households, with a focus on understanding consumer responses to fiscal policy changes.

This study evaluates the impact of Malaysia’s expanded Sales and Service Tax (SST), implemented on 1 July 2025, on consumer spending behaviour, affordability perceptions, and disparities across income groups. Using a quantitative research design, data from 300 respondents across the B40, M40, and T20 income groups are analysed using SmartPLS 4 to assess measurement reliability, construct validity, and structural relationships. The findings show that the expanded SST is significantly associated with changes in consumption patterns, including reduced discretionary spending, shifts towards lower-priced substitutes, and heightened concerns about the rising cost of living. Income level moderates these effects, with B40 and M40 households experiencing greater financial strain than T20 households. Consumer awareness and perceptions also shape behavioural responses: greater awareness is associated with more adaptive consumption behaviour and improved financial planning, whereas negative perceptions intensify the perceived tax burden. Overall, the study highlights important economic and behavioural implications of the expanded SST, particularly for lower- and middle-income households. The findings provide policy-relevant insights for designing targeted mitigation measures, improving communication strategies, and informing future tax reforms, while contributing to the broader literature on consumption taxation and household welfare.

Dr. Ruzanifah Binti Kosnin is a Senior Lecturer at Universiti Malaysia Kelantan. She holds a Ph.D. in Business Management (Finance), an MBA, and a Bachelor’s Degree in Business Administration (Finance). Her research interests include financial management, Islamic finance, gold dinar acceptance, mental well-being, waqf, community development, and entrepreneurship. Drawing on her academic leadership and industry experience as a finance manager, she integrates practical expertise into teaching, research, and academic programme development.

Financial stress has emerged as a significant source of economic vulnerability among university students, with potential implications for mental well-being, human capital formation, and long-term financial inclusion. This study examines the relationship between financial stress and mental well-being among Malaysian university students, relative to academic, personal, and social stressors, and considers the implications for youth financial literacy and financial inclusion policies. Using cross-sectional survey data from 383 students at Universiti Malaysia Kelantan, the study employs Partial Least Squares Structural Equation Modelling (PLS-SEM) for data analysis. The findings reveal that financial, academic, and social stressors are significantly and negatively associated with mental well-being, while personal stressors show no significant relationship. Notably, financial stress emerges as an important factor associated with lower mental well-being, representing an economic constraint distinct from non-financial stressors. These findings highlight the economic dimension of student mental well-being and underscore the importance of financial capability in strengthening youth resilience. This study contributes to the existing literature by providing evidence from Malaysia on the intersection of financial vulnerability, financial literacy, mental well-being, and financial inclusion among university students. The findings support the development of targeted and stress-sensitive financial literacy interventions within higher education as part of a broader strategy to strengthen youth financial inclusion and human capital resilience in Malaysia.