4.

4 Discussion of the Findings

4.4.1 Factor that affecting the students’ money management

Overspending is one of the constraints that causes the student lack in

the financial management skills. This is based on the respond from the student
in the questionnaire in Figure 8.0. From the results show, most of them did not
always overspend their money. There is a different between the student who
spend their money well and not. A well-prepared student usually makes a
timetable to record their finance so that they can manage them properly.
Meanwhile, students whose did not prepared a timetable spent their money at
their lust only. As a result, they will face many consequences that may lead to
short on money before the semester end.

However, this is contrary to what Citi and Gan (2008) stated that most
of the Malaysians do not take control of their financial affairs because the
personal financial planning is still considered at its infancy stage. From the
finding, the researcher found that there are few consequences that cause the
students having a problem and crisis in manage their budget. One of the
effects that lead the students having fail in financial management is cannot
determine between wants and needs. This sounds very common, but many
students try to live outside their means because they have not thought on
organize their expenses. Determining wants and needs will help the students to
avoid from overspending.

Referring to Figure 10.0, the figure shows that the students have a
different perception on how they manage their finance. Based on what
students rated themselves about their level in financial management, most of
the students feel neutral about their financial management skill which shows
that they take this matter lightly. Hence, the results show that minority of the
students take serious about financial management. This is tally to what Citi
and Gan (2008), concludes that most of the Malaysians do not take control of
their financial affairs.

From both Figure 10.0 and Table 9.0, it can be said that the students
was exposed on how to manage their financial management since majority of
the student prove that they learn on financial management skill by observing
 their parent, influence from their friends and feeling self-motivated. This is
contrary to what Jeff Smith (2019) said. He said that most of the parents do
not know on how to deliver the information about financial management
effectively. Parents become a great influencer to the student since the students
live with their parents the whole time before entering the university life. Peer
pressure is the most obvious reason the young adults failed to manage their
finance which show at the results on Table 9.0. Most of the students feels on-
the-fence about their friends influence them to manage their finance properly.
The results show on Table 9.0 concluded that, none of the students have low
self-control since their know on how to manage their finance properly
independently.

Having an average level of financial management skills but not

proficient enough in these skills can prove to be a burden in the student’s daily
life as money is mostly everything in this world. Since the students deal with
money every day in their life, they need to be good in these skills, so it is very
important to practice every day.

Norhaslinda daud, Norlia Mat Norwani ann Rohaila Yusof, (2018)

concluded that financial management patterns among students who obtained
PTPTN said that the amount of loans they received was insufficient to cover
the cost of living and educations. From the results above, the researchers have
finalised that Engineering students in UiTM Shah Alam are not deliberate
enough in financial management skill. Lack of these skills may cause the
students difficult to proceed their daily life with peace. Thus, step need to be
taken in order to help students in enhancing their financial management skill.

4.4.2 Section the students spend their money the most

Based on table 6.0, it can be said that students spent their money the
most in a month were at entertainment and transportation which are from RM0
– RM50. On the other hand, foods became top priority for majority of the
students since they spent RM 50 and above for it. As teens graduate high
school and go off to college, this is the first time many students must manage
their own budgets and meals. There are a lot of ways food costs can add up.
For example, letting food go to waste and eating out can really add up.
Students also might want to study over lunch, grab a cup of coffee, or do
dinner but there’s a more cost-effective way to do that than to go to restaurants
all the time.

Engineering student of UiTM Shah Alam gave the same result as Jeff
Grabmeier from Ohio State News, 2015 which concluded that nearly 60
percent of students said that they worry about having enough money to pay for
school, while half are concerned about paying their monthly expenses.
Besides, the pressure felt by the students kept rising when the amount of loan
debt increased. As a result, the pressure felt by students will lead to lack of
quality and inconsistency of their study which is tally with the result from
Figure 11.0 that stated that most of the students lost their focus on lessons due
to financial problems.

4.4.3 The students’ source of money.

Figure 5.0 had shown a result where the main source of students’
money was from their parents. An important thing for brands to know, though,
is that the money college students get from their parents usually is not going
into savings. Most college students who are receiving an allowance from their
parents are using it as spending money. Most of them got enough money to
spend for entire month since they came from a wealthy family.

However, this is contrary with the research from the journal of

Academic Research in Business and Social Science by Norhaslinda daud,
Norlia Mat Norwani ann Rohaila Yusof, (2018), stated that financial
management patterns among students who obtained PTPTN financial loans at
University Putra Malaysia (UPM) found that the amount of loans they
received was insufficient to cover the cost of living and educations (Ahmad,
2005). It can be concluded that students who chose loans as their source of
money said that the loans did not enough to support them for the entire
semester.