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A preliminary evaluation of financial literacy in Malaysia

Malaysians have been adversely affected by the greatly increased cost of living in the last decade. The majority of them are feeling as if they are not able to cope with the current standard of living relative to the level of income they are generating. Many have been forced to work two jobs and it...

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Main Authors: Sabri, Mohamad Fazli, Moga Dass, Thinagaran, Mokhtar, Nuradibah, S. F. H., Catherine
Format: Article
Language:English
Published: Malaysian Financial Planning Council 2018
Online Access:http://psasir.upm.edu.my/id/eprint/72949/1/CASH.pdf
http://psasir.upm.edu.my/id/eprint/72949/
https://mfpc.org.my/wp-content/uploads/2019/03/03-16_Original-Research_A-Preliminary-Evaluation.pdf
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spelling my.upm.eprints.729492020-11-27T20:14:15Z http://psasir.upm.edu.my/id/eprint/72949/ A preliminary evaluation of financial literacy in Malaysia Sabri, Mohamad Fazli Moga Dass, Thinagaran Mokhtar, Nuradibah S. F. H., Catherine Malaysians have been adversely affected by the greatly increased cost of living in the last decade. The majority of them are feeling as if they are not able to cope with the current standard of living relative to the level of income they are generating. Many have been forced to work two jobs and it is not surprising that these challenges have made them desperate and susceptible to financial fraud and falling victims to financial scams. Economic challenges have impacted the way Malaysians save, spend, manage risks and invest in order to preserve their normal daily livelihood. Among the factors for this are the lack of understanding of how best to manage their finances and financial literacy. This research aims to reveal the financial literacy of Malaysians with information regarding financial understanding, knowledge, and skills that respondents possess. It applies a quantitative study method with a self-administered questionnaire to obtain relevant data from a sample of 2000 respondents across a wide selection of: i) public sector employees; ii) private sector employees; iii) FELDA/rural area residents; and iv) youth in institutions of higher learning. Findings reveal that the majority of Malaysians believe that expenses can be higher than income and possess inadequate understanding of risks and investment. Malaysian Financial Planning Council 2018 Article PeerReviewed text en http://psasir.upm.edu.my/id/eprint/72949/1/CASH.pdf Sabri, Mohamad Fazli and Moga Dass, Thinagaran and Mokhtar, Nuradibah and S. F. H., Catherine (2018) A preliminary evaluation of financial literacy in Malaysia. Journal of Wealth Management & Financial Planning, 5. pp. 3-16. ISSN 2289-6937 https://mfpc.org.my/wp-content/uploads/2019/03/03-16_Original-Research_A-Preliminary-Evaluation.pdf
institution Universiti Putra Malaysia
building UPM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Putra Malaysia
content_source UPM Institutional Repository
url_provider http://psasir.upm.edu.my/
language English
description Malaysians have been adversely affected by the greatly increased cost of living in the last decade. The majority of them are feeling as if they are not able to cope with the current standard of living relative to the level of income they are generating. Many have been forced to work two jobs and it is not surprising that these challenges have made them desperate and susceptible to financial fraud and falling victims to financial scams. Economic challenges have impacted the way Malaysians save, spend, manage risks and invest in order to preserve their normal daily livelihood. Among the factors for this are the lack of understanding of how best to manage their finances and financial literacy. This research aims to reveal the financial literacy of Malaysians with information regarding financial understanding, knowledge, and skills that respondents possess. It applies a quantitative study method with a self-administered questionnaire to obtain relevant data from a sample of 2000 respondents across a wide selection of: i) public sector employees; ii) private sector employees; iii) FELDA/rural area residents; and iv) youth in institutions of higher learning. Findings reveal that the majority of Malaysians believe that expenses can be higher than income and possess inadequate understanding of risks and investment.
format Article
author Sabri, Mohamad Fazli
Moga Dass, Thinagaran
Mokhtar, Nuradibah
S. F. H., Catherine
spellingShingle Sabri, Mohamad Fazli
Moga Dass, Thinagaran
Mokhtar, Nuradibah
S. F. H., Catherine
A preliminary evaluation of financial literacy in Malaysia
author_facet Sabri, Mohamad Fazli
Moga Dass, Thinagaran
Mokhtar, Nuradibah
S. F. H., Catherine
author_sort Sabri, Mohamad Fazli
title A preliminary evaluation of financial literacy in Malaysia
title_short A preliminary evaluation of financial literacy in Malaysia
title_full A preliminary evaluation of financial literacy in Malaysia
title_fullStr A preliminary evaluation of financial literacy in Malaysia
title_full_unstemmed A preliminary evaluation of financial literacy in Malaysia
title_sort preliminary evaluation of financial literacy in malaysia
publisher Malaysian Financial Planning Council
publishDate 2018
url http://psasir.upm.edu.my/id/eprint/72949/1/CASH.pdf
http://psasir.upm.edu.my/id/eprint/72949/
https://mfpc.org.my/wp-content/uploads/2019/03/03-16_Original-Research_A-Preliminary-Evaluation.pdf
_version_ 1685580235084398592
score 13.211869

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