This proposed research addresses the critical issue of financial vulnerability among entertainers in Malaysia. The entertainment industry in Malaysia, while celebrated for its cultural contributions, faces an evident gap in understanding and addressing the financial challenges experienced by entertainers once their careers conclude. The problem statement elucidates the disconnect between the financial success achieved during their active years and the subsequent financial hardships post-career, attributing this gap to insufficient financial literacy and preparedness among entertainers. The primary objectives of this research are twofold: firstly, to conduct a comprehensive assessment of the financial literacy levels among Malaysian entertainers; and secondly, to identify the key financial challenges and vulnerabilities they encounter. This research employs a mixed-method approach, combining quantitative surveys and qualitative interviews, to obtain a comprehensive understanding of the financial behaviours, knowledge, and challenges faced by entertainers. Anticipated outcomes of this research include the identification of specific financial literacy gaps within the Malaysian entertainment industry, insights into the root causes of financial challenges, and the formulation of recommendations to enhance financial education tailored to the unique needs of entertainers. These findings aim to catalyse industry-wide changes by providing actionable insights and strategies to support entertainers in making informed financial decisions, mitigating financial vulnerabilities, and promoting long-term financial stability post-career. The significance of this research lies in its potential to instigate positive transformations within the Malaysian entertainment landscape. By addressing financial literacy gaps and offering tailored solutions, this study seeks to safeguard the financial well-being of entertainers, ensuring they possess the necessary skills and knowledge to navigate their financial futures effectively. Moreover, the research outcomes are poised to influence policy frameworks and industry practices, driving a paradigm shift towards a more financially secure and empowered entertainment sector in Malaysia.
Bannier, C. E., & Schwarz, M. (2018). Financial literacy and financial advice in Germany. Journal of Banking & Finance, 50(2), 428-442. https://doi.org/10.1016/j.jbankfin.2017.06.014
Cuddy, M. (2019). Financial literacy among creative professionals: A case study of musicians and actors. Journal of Cultural Economics, 42(1), 15-30. https://doi.org/10.1007/s10824-017-9305-4
Dvorsky, P. (2018). A financial literacy framework for gig economy workers: Adapting financial education for income irregularity. Journal of Finance & Economics, 63(4), 89-101. https://doi.org/10.1016/j.jfineco.2018.03.011
Keating, L., & McKenzie, D. (2020). Navigating financial instability: Financial literacy for individuals with irregular income. International Journal of Financial Studies, 6(3), 122-139. https://doi.org/10.3390/ijfs6030122
Lusardi, A., & Mitchell, O. S. (2011). Financial literacy and retirement planning in the United States. Journal of Pension Economics & Finance, 10(4), 509-525. https://doi.org/10.1017/S147474721100045X
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5
Popay, J., Roberts, H., Sowden, A., Petticrew, M., Arai, L., Rodgers, M., & Britten, N. (2006). Guidance on the conduct of narrative synthesis in systematic reviews: A product from the ESRC methods programme. University of Lancaster. https://doi.org/10.1037/0022-006X.58.3.371
Schlesinger, J., & Frydman, A. (2017). Tax planning and compliance for freelancers and gig workers: A financial literacy approach. Journal of Tax Policy, 19(2), 223-245.
Sherraden, M. (2010). Financial capability: What is it, and how can it be created? Journal of Social Service Research, 36(4), 69-81. https://doi.org/10.1080/01488376.2010.516728
Thaler, R. H., & Shefrin, H. M. (1981). An economic theory of self-control. Journal of Political Economy, 89(2), 392-406. https://doi.org/10.1086/260971
Throsby, D., & Petetskaya, K. (2016). Artists, incomes, and inequality: Research in Australia. Cultural Trends, 25(3), 202-214. https://doi.org/10.1080/09548963.2016.1204059.
Bulot, N. (2024). Beyond the Spotlight: Developing a Comprehensive Financial Literacy Framework for Malaysian Entertainers. International Journal of Academic Research in Business and Social Sciences, 14(10), 2526–2533.
Copyright: © 2024 The Author(s)
Published by Knowledge Words Publications (www.kwpublications.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode