How Financially Literate is Todays Youth?

Abstract

Article HistoryThe current study investigated the level of financial literacy of youth in Malaysia. Quantitative questionnaires were used to test the financial literacy by examining the financial knowledge, practices and attitudes towards money, money management and entrepreneurship of youth in Malaysia. A sample consisting of 220 secondary school students from five schools in Kuala Lumpur, Malaysia had participated in the study. Cross tabulation was used to understand the background of respondents better which included the gender (male and female) and the ethnic group (Malay, Chinese and Indian) of the youth. The findings indicated that male youths are better-informed on financial management and money matters compared to the females. From the survey, Indians have lower level of financial related knowledge compared to other ethnic groups. In addition, both genders had revealed that they have positive attitudes and good practices money matters. These findings contributed to the development of financial empowerment program of youth in Malaysia. The study provides awareness to the public regarding the importance of financial planning in the present and the future as well.Contribution/ Originality: This study contributes in the existing literature by providing comprehensive understanding on the relationship between gender and ethnicity groups with financial literacy among Malaysia youth. Academic researchers can increase their understanding of Malay, Chinese and Indian youth"s financial literacy, hence significantly contributed to the development of financial empowerment program.

Investigating Financial Literacy Knowledge, Attitude, and Practice of Malaysian Secondary School Students

“…Implementing financial planning, which includes budgeting and cash flow, credit management, risk management, investment, estate planning, and retirement planning, are examples of financial practices. Money management is an aspect of financial practices that necessitates basic personal finance knowledge, abilities, and experience to make sensible financial decisions daily (Sabri & Lee, 2017;Kapoor et al, 2004). According to the findings of (Sherraden et al, 2011), young people's ability to interpret and manage financial decisions has piqued their interest in financial practices and the effectiveness of financial education.…”

Strategi Penghidupan, Manajemen Keuangan, Kerentanan Ekonomi, dan Ketahanan Keluarga Nelayan

“…Kerentanan ekonomi adalah keterpaparan keluarga terhadap kemungkinan menderita kesulitan ekonomi sebagai akibat dari peristiwa negatif yang memengaruhi kemampuannya untuk memastikan JISH P-ISSN: 2303-2898 | E-ISSN: 2549-6662 bahwa setiap anggotanya menikmati standar hidup yang berlaku di wilayah tempat tinggal (Curatolo & Wolleb, 2010). Kerentanan ekonomi merupakan kondisi kemiskinan yang ditunjukkan dengan tingkat kesehatan yang rendah dan tidak dapat mengatasi krisis keuangan yang tidak terduga (Sabri & Poh, 2017). Menurut Sitorus (2004), tingkat kepemilikan aset yang terbatas menjadi penyebab keluarga nelayan miskin dan tidak dapat bertahan jika hanya mengandalkan ekonominya pada sektor perikanan sehingga strategi penghidupan perlu ditempuh.…”

Exploratory Factor Analysis (EFA) and Reliability Analysis of Financial Literacy Instrument Among Trainee Teachers

“…According to Nor Fazleen Zakaria, general manager of the AKPK Operations Division, every year, participants in credit management programmes are disproportionately older (30 to 40 years old) for a variety of reasons, including poor financial planning and high living costs (Abu Bakar et al, 2019;AKPK, 2022). Given the definition outlined earlier, it can be expressed more distinctly that FL encompasses financial attitude, financial knowledge, as well as financial behaviour (M. Rahman et al, 2021;Sabri & Poh, 2017). Numerous research studies have looked at how financial attitudes affect financial practices and behaviours.…”

“…Based on earlier research, the FL instrument includes the following three sub-constructs: Knowledge, attitudes, and behaviour related to money (S. A. Sabri & Poh, 2017;Sel, 2020). A Likert scale of 7 points is used in this investigation.…”

“…Each construct needs to go through the EFA technique to see if the item dimensions differ from those from earlier studies. As an alternative, the instrument's reliability was evaluated through the application of Cronbach's Alpha statistical test, as indicated by previous research (Hair et al, 2020;Sabri & Poh, 2017). By employing data from the pilot study to examine the categorisation of items into dimensions, the researcher utilised EFA to identify the underlying dimensions associated with each construct's scores.…”