Determinants of Financial Readiness of Malaysian Military Personnel: Questionnaire Development and Validation

Objective: This paper presents the assessment of the reliability and validity of a proposed questionnaire on determinants of financial readiness of military personnel. Theoretical Framework: This study integrates the Theory of Planned Behaviour (TPB), Stress and Coping Theory and Life-Cycle model of consumption and savings as theoretical foundations. Method: The questionnaire is developed based on the existing measurement scales from the literature. The study analysed a total of 220 questionnaires using SPSS 29.0. A purification process involves scale reliability and Exploratory Factor Analysis. Results and Discussion: Results showed a relatively high internal consistency, with a Cronbach's alpha greater than 0.7 for all constructs. 8 constructs and 86 out of the initial 92 items representing the theoretical model. Items assigned to each dimension consistently exhibited high loadings on their constructs. Exploratory factor analysis showed a KMO value of above 0.7 for all constructs. Research Implications: The findings help introduce a research framework as a standard measurement for determinants of financial readiness, specifically for military personnel. The financial planning is part of the strategies for realising SDGs no poverty, zero hunger, and good health and well-being. Originality/Value: This study contributes to theory extension and testing, verification of the conceptualisation and operationalisation of constructs, and replication of the previous studies.