Malaysian Undergraduates Financial Literacy and Financial Education: a Study in Universiti Utara Malaysia
Keywords:Financial education, financial knowledge, financial literacy and undergraduates.
Financial literacy is becoming increasingly important not only for investors but also for individual in planning his or her day to day budget. Hence, recent development in financial education has highlighted the increasingly important to be financial healthy. Hence, the objectives of this study are (i) to investigate the level of UUM undergraduatesâ€™ in financial literacy and (ii) to assess UUM undergraduatesâ€™ preferable method in learning financial education. Questionnaires were distributed to 400 undergraduate in UUM, age ranging 20 to 28 years old in 2017. The finding of this study revealed that female have a better saving knowledge compare to male respondents. Furthermore, this study concluded that first year undergraduateâ€™s saving knowledge is slightly better. Meanwhile, final year undergraduates are better in spending and budgeting knowledge. Besides, business programme undergraduate showcase a good financial literacy knowledge. This study also find that preference method in learning financial knowledge are website / internet / online followed by workshop / seminar / talks / conferences and finally social network / social media. Meanwhile, preferable personal financial topic that undergraduate would like to enroll and learn are budget planning or expenses management, followed by debt management and lastly about insurance.
 Chin-Wen Huang and Chun-Pin Hsu, â€œUsing Online Games to Teach Personal Finance Conceptsâ€, American Journal of Business Education, Vol. 4, Number 12, (2011).
 Donald, Johnston, â€œImportance of Financial Literacy in the Global Economyâ€, Keynote address to the â€œFinancial Education Summit, Kuala Lumpur, (2005).
 Hastings, Justine, and Lydia, Tejeda-Ashton, â€œFinancial Literacy, Information, and Demand Elasticity: Survey and Experimental Evidence from Mexicoâ€, NBER Working Paper no. 14538, (2008).
 Joseph, W. Goetz, et al., â€œA Peer-Based Financial Planning & Education Service Program: An innovative Pedagogic Approachâ€, Journal of College Teaching and Learning, Vol. 8, no. 4. Pp. 7â€“14, (2011).
 Johnson, Elizabeth and Sherraden, Margaret S., â€œFrom Financial Literacy to Financial Capability among Youthâ€, The Journal of Sociology & Social Welfare, Vol. 34(3), Articles 7, (2007)., available online: http://scholarworks.wmich.edu/jssw/vol34/iss3/7
 Lusardi, Annamaria, and Olivia, S. Mitchell, â€œFinancial Literacy and Planning: Implications for Retirement Wellbeingâ€, MRRC Working Paper no. 144, (2006).
 Lusardi, Annamaria, and Olivia, Mitchell, â€œFinancial Literacy and Retirement Preparedness. Evidence and Implications for Financial Education, Business Economics, pp. 35-44, (2007).
 Lusardi, Annamaria and Peter, Tufano, â€œDebt literacy, financial experiences, and over indebtednessâ€, Mimeo, Harvard Business School, (2008).
 Lusardi, A. and Tufano, P., â€œDebt literacy, financial experiences, and over indebtedness, Journal of Pension Economics and Finance, Vol. 14 No. 4, (2015), pp. 332-368.
 Lyons, A. C., â€œA profile of financially at-risk college students, The Journal of Consumer Affairs, Vol. 38(1), (2004), pp. 56-80.
 Morris, L., â€œAn investigation into the financial knowledge levels of New Zealand senior secondary school students, (2001), available online: http://www.enzt.co.nz/pdf/Financial%20Literacy.pdf.
 Noctor, M., Stoney, S. and Stradling, R., â€œFinancial Literacy: A Discussion of Concepts and Competences of Financial Literacy and Opportunities for its Introduction into Young Peopleâ€™s Learningâ€, Report prepared for the National Westminster Bank, National Foundation for Education Research, London, (1992).
 Organization for Economic Co-Operation and Development, Improving Financial Literacy: Analysis of Issues and Policies. Paris, France, (2005).
 Stango, Victor, and Jonathan, Zinman, â€œExponential Growth Bias and Household Financeâ€, Working Paper, Dartmouth College, (2008).
 Van Rooij, Maarten, Annamaria, Lusardi and Rob, Alessie, â€œFinancial Literacy and Stock Market Participationâ€, MRRC Working Paper, (2007), pp.-162.
View Full Article:
How to Cite
LicenseAuthors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under aÂ Creative Commons Attribution Licensethat allows others to share the work with an acknowledgement of the work''s authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal''s published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (SeeÂ The Effect of Open Access).