Objective - This study aims to assess students' financial literacy levels using digital financial literacy (DFL), the most recent element. Methodology – Students who are based in Selangor, Malaysia, were chosen for this study as they recorded a high rate of youth bankruptcy. Convenience sampling was used to distribute the questionnaires among the students between March and August of 2021, where a total of 184 responses were retrieved. Findings and Novelty – The results indicated that students possessed advanced financial knowledge and confidence. Despite the extensive experience in completing online financial transactions, the students lack digital financial knowledge and an understanding of the risks associated with digital financial services. Therefore, including DFL in financial education is essential to ensuring future generations' financial well-being. This study also adds to the limited literature on financial digital literacy and serves as an eye-opener to policymakers on its importance in financial education. Type of Paper - Empirical Keywords: Financial literacy, financial confidence, Digital financial literacy, Digital financial knowledge, Students JEL Classification: I22, M29, O16

Objective - The study aims to examine the financial literacy level of Malaysian households and the role of financial socialization in improving an individual’s financial literacy level. Methodology/Technique – Convenience sampling was used to select respondents in Malaysian households through questionnaires distributed between August and December of 2021 with a total of 132 retrieved responses. Findings - The results indicated that the Malaysian financial literacy level is above average. Financial education and financial socialization significantly enhanced an individual's financial literacy level. Novelty - The study is based on the Social Learning Theory and demonstrated the importance of financial socialization in improving an individual’s financial literacy level. Hence, measures should be taken to enhance the role of social agents (family or friends) in informal financial education. Type of Paper: Empirical. JEL Classification: I22, M29 Keywords: Financial literacy, financial socialization, financial education, drivers of financial literacy, social agents Reference to this paper should be referred to as follows: Rahim, N.M; Ali, N. (2022). Determinants of Malaysian Financial Literacy: A Financial Socialization Perspective, Acc. Fin. Review, 7(1), 51 – 61. https://doi.org/10.35609/afr.2022.7.1(2)

Financial literacy is defined by the OECD (2020) as "a set of awareness, knowledge, skills, attitudes, and behaviors that enable individuals to make smart financial decisions and ultimately attain individual financial well-being". Financial literacy is comprised of two critical components: the knowledge of pertinent financial information and the capacity of an individual to use that information to make wise financial decisions.Concerns with financial literacy have been identified in recent research. In 2018, household debt in Malaysia was 82 percent of GDP, higher than in other high-income countries such as Japan (58 percent), Italy (40 percent), and the United States (40 percent) (76 per cent). Additionally, according to a 2018 Credit Counselling and Debt Management Agency (AKPK) report, many are saddled with massive debts, with many declaring bankruptcies (AKPK, 2018). Keywords: Financial literacy, financial socialisation, financial education, drivers of financial literacy, social agents

Financial instability and a lack of financial literacy are commonly blamed for the growth in bankruptcy and social concerns among the younger generation. Between 2017 and October 2021, 36,173 Malaysians aged 18 to 44 were declared bankrupt, according to the latest numbers from the Malaysian Department of Insolvency. Furthermore, Selangor had the highest number of instances (25 per cent) (MdI, 2021). This problem offers a substantial obstacle to achieving the Sustainable Development Goals (SDGs), which aim to reduce inequality and promote social and economic inclusion for all citizens. Additionally, due to the recent outbreak of Pandemic COVID-19, financial transactions have shifted from physical to electronic. This circumstance creates an additional risk since it has resulted in the ease of conducting financial transactions. Thus, it is vital for students to have a solid understanding and awareness of online transactions, commonly referred to as digital financial literacy (DFL), to practice sound financial management. Financial literacy deficiencies (both fundamental and digital) would pose a substantial threat to individual financial management. As a result, assessing current university students' financial literacy is crucial. Most of these students will confront financial challenges such as budgeting for study-related costs using the scholarship or pocket money they earned. This research aims to determine the degree of financial literacy (both basic and digital) among Selangor university students. Keywords: Financial literacy, Financial confidence, Digital financial literacy, Digital financial knowledge, Students