Learning, Self-Management and Family Coping to Household Financial Security of Young Muslim Families in Yala Province

Abstract

This study aims to 1) investigate the debt situation and household financial security of young Muslim families, 2) to examine the learning, self-management, and family coping that contribute to household financial security, and 3) to find out the conditions of learning, self-management, and fam ily coping in achieving household financial security among young Muslim families. The study primarily utilized a qualitative field research approach. Nine young Muslim families in Yala province served as the primary informants. The findings reveal the financial situation of Muslim families burdened with debt, primarily related to car, home, land, and loan payments. The study found that families are earger to repay their debts as quickly as possible. Muslim families define household financial security through six components: 1) investment and supplementary income, 2) savings, 3) financial planning, 4) clear account ing without reliance on apps or ATMs, 5) regular income, and 6) property ownership. They believe that learning plays a crucial role in self-management and family coping to achieve financial security, which involves three processes: 1) continuous learning through studying, staying updated on trends, adapting, listening to financial advice, and online learning; 2) learning content, including financial management, child-rearing, children’s education, and business management; and 3) motivations for learning, including religious beliefs, income improvement, setting an example for family members, personal development, and staying informed about new knowledge. The study emphasizes that self-management and family coping should focus on 1) household economic management, including debt repayment planning, long term financial planning, investment, supplementary income, expense management, emergency fund management, stock investment, and clear accounting; and 2) personal and family coping, involving mutual support between spouses, teaching family members about saving, making joint decisions, maintaining continuous communication, and granting trust to spouse. Additionally, the study identifies conditions that contribute to learning, self-management, and family coping for household financial security, categorized into 1) environmental conditions, including support from family and friends, experiences assisting parents during childhood, work experiences, and religious principles; and 2) personal conditions, involving avoiding frugality, self-reliance, responsibility, self-awareness, continuous learning, and adaptability.