Bank Loan or Financing for Weddings Ceremonies: Causes and Reasons
Fatimah-Salwa Abd. Hadi1, Mohd Yahya Mohd Hussin2, Fidlizan Muhammad3, Azila Abdul Razak4, Nurhanie Mahjom5
1Fatimah-Salwa Abd. Hadi, Department of Management and Economic, University Pendidikan Sultan Idris, Tanjung Malim, Perak, Malaysia.
2Mohd Yahya Mohd Hussin, Department of Management and Economic, University Pendidikan Sultan Idris, Tanjung Malim, Perak, Malaysia.
3Fidlizan Muhammad, Department of Management and Economic, Universiti Pendidikan Sultan Idris, Tanjung Malim, Perak, Malaysia.
4 Azila Abdul Razak, Faculty of Management and Economic, University Pendidikan Sultan Idris, Tanjung Malim, Perak, Malaysia.
5Nurhanie Mahjom, Department of Management and Economic, University Pendidikan Sultan Idris, Tanjung Malim, Perak, Malaysia.
Manuscript received on 15 May 2019 | Revised Manuscript received on 22 May 2019 | Manuscript Published on 02 June 2019 | PP: 154-158 | Volume-8 Issue-7S2 May 2019 | Retrieval Number: G10250587S219/19©BEIESP
Open Access | Editorial and Publishing Policies | Cite | Mendeley | Indexing and Abstracting
© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open-access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: Today’s wedding expenses kept increasing and have created difficulties for many parties especially the couple who wants to get married. As an alternative, most couple have obtained loans or financing from banks. There are many studies debating the issue and conclude that this situation has not only resulted in the high rate of indebtedness of the young generation, but also has led to divorces. Therefore, the objective of this study is to identify the main reason as to why bridal couple get loans or financing from the bank, the amount of financing taken, the repayment period and the types of banks offering loans or financing. The questionnaire was used as a research instrument to obtain the required information. A total of 204 respondents were selected through a snow ball sampling technique. The findings of descriptive analysis showed that the main reason couple get a loan or bank funding because they have no money at all to perform a wedding ceremony. In addition, the repayment period for the majority of respondents were also longer than 5 years. With that, the study suggested that the couple need to manage their finances well and thoroughly while also becoming creative to generate additional income.
Keywords: Bank, Loan, Financing, Wedding Ceremony.
Scope of the Article: Information Ecology and Knowledge Management