Does Financial Education Matter? Education Literacy among Undergraduates in Malaysia
Siew-Yong Yew (),
Chen-Chen Yong (),
Kee-Cheok Cheong () and
Nai-Peng Tey ()
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Siew-Yong Yew: Department of Economics, Faculty of Economics and Administration, University of Malaya
Chen-Chen Yong: Department of Economics, Faculty of Economics and Administration, University of Malaya
Kee-Cheok Cheong: Institute of China Studies, University of Malaya
Nai-Peng Tey: Department of Applied Statistics, Faculty of Economics and Administration, University of Malaya
Authors registered in the RePEc Author Service: Chen Chen Yong ()
Institutions and Economies (formerly known as International Journal of Institutions and Economies), 2017, vol. 9, issue 1, 43-60
Abstract:
Low financial literacy is a global phenomenon. In an increasingly materialistic and complex world, lack of financial literacy can lead to financial problems, even among college and university students. Despite the importance of financial literacy among the young, there is still a dearth of studies on financial literacy and behaviour. Hence, a survey was carried out to provide some insights on this topic. A total of 605 students from four institutions of higher learning in Klang Valley, Malaysia were selected using convenience sampling to provide information on financial literacy, attitude and behaviour as well as financial socialisation factors. The survey revealed that college and university students generally have low financial literacy, a tenuous link between knowledge and attitude but a close association between attitude and behaviour. Parental guidance and life experience were significant predictors of financial knowledge but year of study was not an important predictor. Hence, there is a need to promote experiential learning on financial matters, as financial literacy will lead to positive attitude and good practices.
Keywords: Insurance financial attitude; financial behaviour; financial knowledge; financial literacy; financial behaviour; undergraduates (search for similar items in EconPapers)
JEL-codes: D14 I22 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:umk:journl:v:9:y:2017:i:1:p:43-60
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