Objective - The penetration rate of financial planning is still considered low according to a few studies done by our regulatory bodies in Malaysian and a few scholars and researchers. Therefore, the novelty of this research is ingrained in a study to explore the factors influencing working adults' awareness of individual financial planning. The possible factors included financial literacy, education level, and income level. Secondly, a critical discussion on the literature review that was done by the previous researchers regarding both the dependent variable and independent variables will be performed.

Methodology/Technique - On the other hand, a quantitative study approach is employed in this study. Hence, the targeted population is working adults, with data collected through a convenient sampling approach with a minimum sample size of 120 respondents. Additionally, the questionnaire was distributed through a digital survey.

Finding - Moreover, the analysis methods adopted in this study included validity tests, reliability tests, descriptive statistics, and inferential statistics. According to the findings, there is a significant relationship between financial literacy and awareness of personal financial planning among working adults in Penang. In other words, financial literacy represents a significant predictor for the dependent variable.

Novelty - However, the other two independent variables are insignificant predictors of the awareness of personal financial planning among working adults in Penang.

Type of Paper - Empirical

Keywords: Financial Planning, Awareness, Financial Literacy, Education Level, Income Level.

JEL Classification: J32, J39.

URI: http://gatrenterprise.com/GATRJournals/GJBSSR/vol10.3_4.html

DOI: https://doi.org/10.35609/gjbssr.2022.10.3(4)

Pages 148–162