FINANCIAL STRESS AND CONSUMER ANXIETY AMONG YOUNG CONSUMERS

Abstract

This article looks at the perspective of young people coping with financial pressure
and consumer anxiety. It explores the impact of financial pressure and anxiety on
young consumers' purchase likelihood. This study employs a literature review to
synthesize existing research on consumer anxiety and utilizes a quantitative
questionnaire survey to gather data on the subject. The research questions were
formulated based on insights from the literature review. The collected questionnaire
sample data were organized and analyzed to explain the causes of financial stress
and consumer anxiety affecting young people, enriching related research. The
questionnaire was distributed to young consumers at Universiti Kebangsaan Malaysia
through social media platforms, specifically using Google Forms for data collection.
The analysis of 308 responses revealed that 68.2% of young consumers believe that
social media impacts their shopping behavior, and 41.2% experience significant
anxiety related to consumption. Living expenses, large purchases (e.g., house/car),
and personal entertainment experiences were identified as the primary sources of
financial stress. The findings suggest that living expenses, large purchases, and
personal entertainment are the primary sources of financial stress among young
consumers. To address the anxiety, Governments and educational institutions should
focus on promoting financial literacy among young people. They will help young
people master the required knowledge to manage their finances properly. Furthermore,
the availability of financial planning and management courses and tools will enhance
their capabilities.

Keywords: Financial stress, Consumer anxiety, Young consumers