EXPLORING THE ROAD MAP OF YOUNG NEWLY MARRIED MALAY COUPLES IN THE KLANG VALLEY ON THEIR QUEST FOR FINANCIAL WELL-BEING: A QUALITATIVE APPROACH

Financial management practices (FMP) are a road map to a higher level of financial well-being (FWB). By employing a qualitative method, this research aims to contribute to the existing literature by exploring the road map of newly married couples in pursuit of higher FWB. We focused on young Malay adults as Malaysian Insolvency Department and Agency Counselling and Debt Management (ACDM) reported that they are the most financially vulnerable group. This exploration provided insight into their plan of action to achieve higher FWB. We conducted in- depth interviews with seven couples sampled intensively. Each couple underwent three series of interviews where each series took between two and four hours for data enrichment to answer the research questions. To expose their understanding, the phenomenological method was used. Analyses revealed three emerging themes. Income insufficiency supports LCH theory to financial planning needs. Thrifty in wisdom and moonlighting are in line with utility theory. Besides the wisdom needed in distinguishing needs and wants, the willingness to postpone today’s satisfaction creates an opportunity to enjoy better FWB in the future. The findings are beneficial to the Religious Offices and ACDM. FMP should be included in the pre-marital course to instil awareness among potential brides.