Malaysians lack financial literacy but are generally unaware of the fact. The national level of financial literacy measured in terms of financial knowledge is still low among Malaysians. A survey by the Credit Counselling and Debt Management Agency (AKPK) found that 1 out of 3 Malaysians rated themselves as having a low level of confidence about financial management. Research on the issue has made some attempt to examine the cause of lower financial literacy and its effects on decision making, but studies have been limited. This paper examines studies on the topic compiled between the years 2017 and 2019 and some surveys made by organizations in Malaysia to see the current scenario of financial literacy in Malaysia. Up to the present, it is clear that current approaches and strategies toward financial literacy have been ad-hoc. The latest initiative from the Financial Education Network concerned with empowering financial literacy is the National Strategy for Financial Literacy 2019-2023. Each of the organizations involved is committed to improving financial literacy among Malaysian by organizing financial education initiatives such as carnivals, clubs, and seminars. The present study will benefit other researchers and maybe a reference for any organizations that will benefit from the updated statistics and information.

The differences in skill expectations and knowledge are amongst factors that contribute to the variances when men and women choose financial products. Women are claimed to be risk averse, somewhat insecure, lacking self-confidence and interest in financial investment products. Nevertheless, the evolving working and educational environment has changed this stereotype, wherein women are increasingly more educated, knowledgeable, and are more exposed to investments. Gender equality between men and women in terms of the volume of investments has turned into a requirement that boosts economic growth with people being the most important factor to contribute through investing habit. This cannot be realised if only men are involved in investment. Financial institutions aim certain figures of targeted investment volume each year. As such, this study identified the factors of women investments, particularly in Islamic unit trusts. A total of 201 respondents were selected via the convenience sampling technique. The Likert scale questionnaires were analysed using SMART PLS software. As a result, several investment behaviours, including investment objectives, return expectations, awareness, and risk attitude, emerged as factors that influenced women investors to choose unit trusts. The study outcomes are beneficial in devising effective strategies that may attract women to invest in Islamic unit trust. Besides, certain agencies should conduct campaigns or seminars on financial literacy for this potential sector, so as to enhance their knowledge in investing in Islamic unit trusts.