An investigation on psychological determinate of rural household financial sustainability amidst prevailing socio-economic conditions in Malawi

Registration ID: IJNRD_182290

Published ID: IJNRD2210047

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Hastings Kumwenda , Dr. N. Prakash

Financial attitudes, financial behaviours, financial self-efficacy, financial literacy, financial sustainability

Malawi is seeing a growing national economy and a rise in real household income, but the research that is currently available suggests that more families are having trouble in managing their money, particularly in the rural areas. Studies done in the past have looked into how socioeconomic factors affect financial sustainability. The psychological elements that may be connected to the financial sustainability of rural households have not received much attention in this line of research, nevertheless. Therefore, the aim of the present study was to fill the research gap by examining the effects of financial attitudes, financial behaviour, financial self-efficacy and financial literacy on rural households' financial sustainability. In order to achieve the determined objectives, the study was conducted and the distribution of questionnaire guides was carried out. Non-probability sampling was used to choose the sample, which resulted in 121 individuals. The acquired data were analysed with SPSSS and Excel 2016. The results of this study demonstrate that financial attitudes, financial behaviour, financial self-efficacy, and financial literacy have a significant impact on the financial sustainability of rural households. Thus, it may be inferred that the development of financial literacy may aid in the formation of positive financial behaviour, financial attitudes, and financial self-efficacy among rural households. The study recommends the need for individuals needs to have household savings and investment policies, proper income and expenses ratio and be transparent and accountable on family income issues. Furthermore, the local government should conduct financial awareness improvement initiatives on financial sustainability. Lastly, the government should launch campaigns to raise knowledge about the credit facility and execute initiatives to combat corruption among leaders.

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Hastings Kumwenda & Dr. N. Prakash (October-2022). An investigation on psychological determinate of rural household financial sustainability amidst prevailing socio-economic conditions in Malawi. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 7(10), 398-404. https://ijnrd.org/papers/IJNRD2210047.pdf

Volume 7 Issue 10, October-2022

Pages : 398-404

Paper Reg. ID: IJNRD_182290

Published Paper Id: IJNRD2210047

Research Area: Commerce

Author Type: Foreign Author

Country: Mangochi , Lilongwe, Malawi

Published Paper PDF: https://ijnrd.org/papers/IJNRD2210047.pdf

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Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

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