Authors : Norhayati Alias, Noraizah Abu Bakar, Radziah Mohamed Sadique and Noor Hasniza Haron
Abstract: Household debt has increased among Malaysian citizen due to the increasing in cost of living. With the global economic crisis at present, the situation will become worsen. As a result, government’s agenda of having a high income nation by year 2020 seems impossible. However, with the appropriate elucidation provided by the responsible parties to combat the economic crisis, hopefully the household income can be increased. Thus, this study aims to conceptualize the household accounting education for Malaysian citizen to enhance their economic resilience despite the economic crisis. The paper will explain the household accounting concepts that consist of the budgeting process, financial planning and its usage and the interpretation of primary financial statements towards household. Further discussion will be made on the impact of obtaining comprehensive knowledge and applying the household accounting techniques. Utilizations of proper household accounting techniques may enhance their family relationships and spouse accountability of each household.
Norhayati Alias, Noraizah Abu Bakar, Radziah Mohamed Sadique and Noor Hasniza Haron, 2016. Household Accounting: Road to Economic Resilience. The Social Sciences, 11: 4912-4917.