The Triad of Financial Stability: Savings, Investing, and Expense Management Strategies

The Triad of Financial Stability: Savings, Investing, and Expense Management Strategies

Rikinorhakis Ridzwan^*1, Mohamad Syauqi Mohamad Arifin², Nik Mohamad Shamim Nik Mohd Zainordin³, Muhammad Syafiq Hassan⁴, Nik Mohammad Wafiy Azmi⁵, Muhammad Fadhli Musa⁶, Muhammad Faris Hami Mohd Zahibi⁷

¹Faculty of Entrepreneurship and Business, Universiti Malaysia Kelantan

^2,7Faculty of Information Science, Universiti Teknologi MARA, Kelantan Branch

³Faculty of Business and Management, Universiti Teknologi MARA, Kelantan Branch

⁴Faculty of Administrative Science and Policy Studies, Universiti Teknologi MARA, Kelantan Branch

⁵Faculty of Computer Mathematical Sciences, Universiti Teknologi MARA, Kelantan Branch

⁶Academy of Contemporary Islamic Studies, Universiti Teknologi MARA, Kelantan Branch

^*Corresponding Author

DOI: https://dx.doi.org/10.47772/IJRISS.2025.914MG00180

Received: 02 October 2025; Accepted: 08 October 2025; Published: 04 November 2025

ABSTRACT

This study investigates the critical components of personal financial stability by examining the interrelated roles of savings, investing, and expense management. Drawing upon the findings of empirical studies, the research identifies key patterns and factors influencing financial behavior, including financial literacy, psychological well-being, technological adoption, and socioeconomic variables. A review of the literature reveals that individuals who adopt effective financial management practices experience increased financial security, reduced stress, and improved long-term financial outcomes. Utilizing a synthesis of prior research, the study highlights the growing importance of digital financial tools and the psychological dimensions of money management in shaping financial decisions. The findings emphasize the need for comprehensive financial education and adaptive strategies that consider both rational and emotional influences. This study contributes to the ongoing discourse on financial well-being and provides recommendations for future research, including the examination of digital finance and culturally informed financial practices. Ultimately, the research supports a holistic approach to personal finance that integrates savings, investment planning, and careful expense control as a pathway to long-term financial resilience.

Keywords: expense management, financial literacy, financial resilience, investment practices and savings behavior

INTRODUCTION

In today’s rapidly changing economic environment, achieving and maintaining financial stability is more crucial than ever. Personal financial stability refers to the ability to manage income, expenses, savings, and investments in a way that ensures long-term security and resilience against unforeseen events(Amaravathi & Nandhini, 2025; Shi et al., 2024). The recent global disruptions, including the COVID-19 pandemic, have reinforced the importance of strong personal financial foundations, highlighting how financial preparedness is directly tied to individual well-being and quality of life (OECD, 2021). Thus, cultivating financial literacy and adopting disciplined financial practices have become essential skills for navigating modern economic challenges.

At the core of personal financial stability lie three interconnected pillars: savings, investing, and expense management. Savings provide the necessary liquidity to address emergencies and meet short-term goals without incurring debt (Ansar et al., 2023; Collins & Gjertson, 2013). Investing, on the other hand, is critical for growing wealth over the long term, offering protection against inflation and supporting future financial goals such as retirement (Lusardi, 2019). Effective expense management ensures that individuals live within their means, optimize resource allocation, and consistently free up funds for saving and investing in activities. The synergy among these three elements creates a self-reinforcing cycle that strengthens financial security.

Understanding and balancing savings, investing, and expense management is not just about wealth accumulation but also about fostering financial resilience and mental health. Studies show that individuals with solid savings and investment habits, paired with disciplined spending, report lower levels of stress and greater life satisfaction (Kadoya & Khan, 2019; Katauke et al., 2023). Financial stress has been linked to poor physical and mental health outcomes, further underlining the importance of proactive financial management strategies (Altaf & Dodamani, 2024; Salignac et al., 2016). Therefore, developing these financial skills contributes not only to economic stability but also to overall well-being.

Moreover, embracing these three strategies requires financial education and strategic planning. Research emphasizes that individuals who receive financial education are more likely to engage in positive financial behaviors such as budgeting, regular saving, and diversified investing (Klapper & Lusardi, 2020). Without a conscious approach to managing expenses and understanding investment opportunities, individuals risk falling into debt cycles and missing out on wealth-building opportunities. A proactive, informed attitude towards managing one’s finances thus acts as a buffer against economic shocks and promotes long-term financial independence.

Therefore, the triad of savings, investing, and expense management forms the foundation of personal financial stability. These practices are deeply interconnected and mutually reinforcing, ensuring that individuals can meet their present needs while securing their future. Given the increased financial uncertainties in recent years, mastering these three areas is vital for promoting financial security and enhancing overall quality of life. As financial landscapes continue to evolve, empowering individuals with the knowledge and skills to manage their finances effectively remains a key priority for policymakers, educators, and society at large.

LITERATURE REVIEW

Research on financial management practices has expanded significantly in recent years, with savings behavior being a central focus. Savings behavior is often linked to factors such as financial literacy, self-control, future orientation, and income stability. According to Owusu et al. (2020), young adults with higher financial literacy demonstrate stronger saving habits, highlighting the role of education in influencing financial behaviors. Financial literacy enables individuals to understand the value of saving, manage their expenses wisely, and make informed financial decisions (Alekam et al., 2018). Similarly, Sabri et al. (2021) found that individuals with better financial knowledge were more likely to maintain emergency savings, which in turn buffered them against financial shocks like job loss or unexpected expenses.

Investment behavior is another critical area widely explored in financial management research. Studies show that demographic factors such as age, gender, education level, and risk tolerance significantly influence investment decisions (de Bassa Scheresberg, 2013). Moreover, Lusardi (2019) emphasized that financial literacy not only promotes saving but also encourages participation in more complex financial products like stocks and retirement funds. However, despite increased awareness, many individuals remain reluctant to invest due to fear of risk and lack of confidence, pointing to a persistent education gap regarding risk management and portfolio diversification strategies.

Expense management practices have also garnered research attention, especially in the context of budget adherence and consumption patterns. Research by Salignac et al. (2016) suggested that individuals who practice conscious spending and budgeting report higher financial resilience. Their study illustrated that careful expense management reduces the likelihood of falling into debt and enhances the capacity to save and invest. Furthermore, Yazdanparast and Alhenawi (2022) noted that during the COVID-19 pandemic, households with strict budgeting habits were better able to adapt to sudden income changes, demonstrating the vital role of disciplined expense management during crises.

Several studies have attempted to integrate these three behaviors such as saving, investing, and expense management, into a unified model of financial well-being. For instance, Yoganandham (2025) proposed that effective financial management is a holistic process where savings, investment, and controlled spending are interconnected, and each behavior reinforces the other. This model has been supported by empirical evidence showing that individuals who save regularly are also more likely to invest and manage their expenses prudently. However, there is still a need for models that account for cultural, psychological, and situational factors that influence financial behavior holistically.

Despite these contributions, there are notable gaps in literature. For example, most existing studies heavily focus on developed countries, particularly the United States and parts of Europe (Alatawi et al., 2023; Lim et al., 2022). There is limited research that examines financial behaviors in emerging economies, where factors such as informal saving mechanisms, different cultural attitudes toward debt, and limited access to financial products may alter saving and investment behaviors. As Martinez-Nuñez et al. (2025) noted, a one-size-fits-all approach to financial education and management strategies is ineffective across different socio-economic contexts.

Another limitation observed in current literature is the insufficient exploration of digital financial management tools. While there is increasing use of fintech solutions for budgeting, saving, and investing, academic studies have yet to fully explore how digital literacy affects financial behavior (Islam & Khan, 2024; Koskelainen et al., 2023). Mobile banking apps, robo-advisors, and automated savings tools could significantly change traditional behaviors, yet research has lagged the pace of technological adoption. Understanding the intersection between technology and financial management is crucial for modernizing financial education programs.

Furthermore, while much attention has been given to the quantitative aspects of financial behaviors (e.g., how much individuals save or invest), fewer studies delve into the qualitative motivations behind these behaviors. For example, Kadoya and Khan (2019) suggested that psychological factors such as financial anxiety, trust in financial institutions, and perceived social norms significantly shape financial decisions but are often overlooked in favor of measurable financial outcomes. Incorporating psychological and emotional variables would offer a richer understanding of financial behavior.

Additionally, longitudinal research remains scarce. Most studies provide cross-sectional snapshots of financial behavior at one point in time (Narmaditya & Sahid, 2023). However, financial behaviors are dynamic and evolve over a person’s life cycle, influenced by changes in employment, family status, and health. Longitudinal studies would allow researchers to observe how savings, investing, and expense management practices develop and change over time, providing more nuanced insights into policy-making and educational interventions.

Finally, there is a call for greater interdisciplinary approaches in studying financial management practices. Combining insights from economics, psychology, sociology, and technology studies could provide a more comprehensive view of what drives financial stability. For instance, Salignac et al. (2020) argued that financial resilience is not purely a function of individual choices but is also shaped by social safety nets, economic policies, and cultural attitudes. An interdisciplinary lens would better capture the complex, interconnected factors influencing savings, investment, and expense management behaviors.

In summary, while significant strides have been made in understanding financial management practices, critical gaps remain in terms of geographical diversity, the impact of technology, qualitative motivations, longitudinal analysis, and interdisciplinary research. Addressing these gaps is essential to develop more inclusive and effective financial education initiatives and policies that promote sustainable financial well-being across diverse populations.

METHODOLOGY

Recent studies investigating financial management practices have largely employed quantitative research designs, particularly cross-sectional surveys. For instance, Prempeh et al. (2024) utilized a structured questionnaire to examine financial literacy and financial behavior among young adults in Ghana, collecting data through self-administered surveys distributed both online and offline. Their research relied on convenience sampling complemented with stratified methods to ensure demographic variety, which allowed them to assess key financial behaviors such as saving and investing. Similarly, Kaur (2021); Mad et al. (2024)adopted a survey-based quantitative method, emphasizing the use of validated scales to measure variables like financial literacy and saving habits among Malaysian Youth.

Data collection methods often involve the use of standardized questionnaires designed based on previous financial literacy and behavior frameworks. Salignac et al. (2016) in their study on financial resilience used survey instruments combining subjective and objective measures to capture both actual behaviors and self-perceptions related to savings and expense management (Salignac et al., 2020). Analysis typically involves descriptive statistics, correlation analysis, and multiple regression models to examine relationships between demographic characteristics, financial literacy, and financial behaviors. Ethical procedures are consistently emphasized across studies, with researchers obtaining informed consent and ensuring confidentiality of respondents’ information (Karunarathna et al., 2024). Moreover, some researchers have highlighted the importance of piloting the survey instruments to test for reliability and validity before full data collection (Aung et al., 2021; Wadood et al., 2021). While the dominance of quantitative methods offers strong generalizability, several scholars acknowledge limitations particularly the inability to capture deeper psychological drivers of financial behavior and suggest that future research incorporate mixed method approaches for richer insights (Kadoya & Khan, 2019).

DISCUSSION AND FINDINGS

The findings from previous studies collectively support the foundation and direction of the current research, which investigates the triad of financial stability: savings, investing, and expense management.

TABLE I THE FINDINGS FROM PREVIOUS STUDIES

Based on the cited studies, the findings consistently emphasize the significant role of financial literacy in shaping financial behavior, well-being, and decision-making. For instance, studies by Lusardi (2019), Klapper and Lusardi (2020), and OECD (2021) indicate that financial literacy directly contributes to individuals’ capacity to manage savings, investments, and budgeting, especially among youth and low-income earners. Financial literacy is not merely about knowledge but also the practical application of that knowledge in daily financial decisions. Owusu et al. (2020) and Prempeh et al. (2024) further emphasize that young adults’ saving, and investment behaviors are strongly influenced by parental financial behavior and early financial socialization, supporting the idea that financial education should begin at an early age and include the home environment.

Another recurring theme is the interplay between financial stress, behavior, and resilience. Altaf and Dodamani (2024) and Salignac et al. (2020) explain how financial stress can negatively impact psychological and physiological well-being, ultimately reducing individuals’ ability to make sound financial decisions. Conversely, Klapper and Lusardi (2020) argue that those with higher financial literacy exhibit greater financial resilience, especially during crises like COVID-19 (Yazdanparast & Alhenawi, 2022). Studies by Sabri et al. (2021) and Islam and Khan (2024) highlight the moderating roles of digital literacy and financial self-efficacy in enhancing financial outcomes. These findings emphasize the need for a multidimensional approach to financial education that goes beyond mere knowledge acquisition to include confidence building and digital skills.

Moreover, various socio-demographic and behavioral factors influence financial literacy outcomes. Alekam et al. (2018) and Kadoya and Khan (2019) point out that gender, cultural background, and peer influence can shape individuals’ financial attitudes and behaviors. Katauke et al. (2023) further link impulsivity to lower financial literacy, suggesting that behavioral traits must be considered in financial education programs. Meanwhile, Mad et al. (2024) report that Malaysian youths exhibit varying saving habits based on gender, which aligns with findings by Ansar et al. (2023) that emergency preparedness and access to savings and credit differ across contexts. These studies suggest that financial literacy initiatives must be context-specific and tailored to the diverse needs of different demographic groups.

The findings from previous study also demonstrate the importance of financial literacy in economic planning, policy-making, and sustainable development. Alatawi et al. (2023) and Martinez-Nuñez et al. (2025) show how corporate social responsibility (CSR) and sustainable development goals can be supported through better financial planning and education. Amaravathi and Nandhini (2025) emphasize that financial literacy is vital not just for personal stability but also for business risk management and sustainability. The systematic reviews by Shi et al. (2024) and Koskelainen et al. (2023) reveal a growing need for integrating financial literacy with digital competencies in the face of rapid FinTech developments.  The collective findings present a compelling case for embedding financial literacy into formal education, community programs, and digital platforms to empower individuals and promote inclusive economic growth.

At the same time, the current study highlights the importance of an integrated approach to financial management, emphasizing the interaction between savings, investing, and expense management as a holistic framework for achieving financial stability. Empirical evidence supports this triad model through various recent studies. For instance, Fan and Zhang (2021) found that financial literacy significantly enhances individuals’ likelihood of maintaining emergency savings, emphasizing the critical role of education in promoting saving behavior. Similarly, a study by Boto-García et al. (2022) found that financial socialization and self-control are strong predictors of positive saving habits among young adults, indicating that behavioral and psychological factors are essential in shaping responsible financial practices.

In addition, Sajid et al. (2024) revealed that financial literacy and confidence contribute directly to financial well-being, with financial behaviors such as budgeting and expense management serving as mediating factors. This finding reinforces the idea that expense management and investing complement savings efforts in achieving sustainable financial outcomes. Furthermore, research by Li et al. (2020) on Chinese households confirmed that higher financial literacy levels are associated with improved portfolio diversification and higher investment returns, providing empirical support for the investment component of the triad.

Finally, a 2024 study conducted in Sarawak by Adee et al. (2024) examined the mediating effects of financial behavior on retirement savings and overall well-being, suggesting that individuals’ priorities shift across life stages (from short-term saving to long-term investment) depending on income stability and financial goals. Collectively, these studies provide robust empirical backing for the triad approach proposed in this study, emphasizing that financial literacy, behavioral discipline, and adaptive management of resources across different life stages are key to long-term financial security and resilience.

CONCLUSION

The study’s findings reinforce that financial stability is best achieved through the integrated practice of saving, investing, and prudent expense management. Synthesizing insights from recent studies, it is evident that individuals who cultivate financial literacy, apply disciplined savings habits, make informed investment choices, and maintain control over their expenses are more likely to attain financial security and resilience. Additionally, the research highlights the significant influence of behavioral and psychological factors, as well as the accelerating role of digital technology, in shaping contemporary financial decision-making. These findings support the holistic approach adopted in this study and validate the interdependent nature of personal financial behaviors.

The benefits of effective financial management practices are both practical and far-reaching. Individuals who budget wisely and commit to regular saving are better prepared to face unexpected financial disruptions, plan for long-term goals, and enjoy enhanced financial well-being. Investment literacy, combined with accessible digital tools, further empowers individuals to grow wealth efficiently. As financial tools become more sophisticated and user-friendly, managing personal finances has become more achievable, especially for young adults. Ultimately, strong financial capabilities lead not only to reduced financial stress but also to greater personal satisfaction and long-term economic independence.

Nevertheless, the study identifies a need for continuous research and adaptive strategies in response to evolving financial landscapes. Rapid technological changes, fluctuating economic conditions, and shifts in consumer behavior highlight the importance of regularly updating financial education content and delivery methods. Future investigations should delve into emerging innovations such as AI-powered financial apps, behavioral economics in personal finance, and more inclusive approaches to financial literacy. Strengthening financial resilience across different demographic groups requires a personalized, data-driven, and future-focused approach, ensuring that financial management strategies remain effective and equitable in a changing world.

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