Financial Readiness, Combat Readiness: Factors Influencing the Financial Planning of Military Personnel

Objectives: Financial planning is a vital component of military personnel's comprehensive well-being. It affects their short-term financial security and has lasting implications for their quality of life and retirement. This research examines the determinants affecting the financial planning of Malaysian military personnel. The purpose is to achieve SDGs 1, 2, and 3. Theoretical Framework: This study applies the theory of planned behaviour, the life-cycle model of consumption and savings theory, and stress and coping theory. Methods: This research utilised a quantitative methodology using a cross-sectional design. Surveys including 1850 questionnaires were gathered from personnel in the Malaysian Armed Forces. The research analysed data with SPSS 29.0 and SmartPLS4. Results and Discussion: The results indicated a favourable correlation among financial literacy, financial resiliency, financial inclusion, military culture, and retirement awareness in connection to financial planning. Conversely, financial stress, vulnerability, and religiosity exhibited no significant correlation with financial planning. The results corroborate the theory of planned behaviour, the life-cycle model of consumption and savings theory, and stress and coping theory. Research Implications: This study clarifies the importance of financial planning strategies for military personnel's financial readiness. It is also aligned with the Big Bold Enculturation of the MADANI Society and parts of the United Nations Sustainable Development Goals (UNSDGs) to achieve people’s overall well-being. Originality/Value: This study is the first to examine the financial planning of military personnel by integrating existing aspects with those uniquely connected to military organisations.