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Financial Literacy among Malaysian: Level of Financial Knowledge Score

Author

Listed:
  • N. Sawandi*

    (Tunku Puteri Intan Safinaz School of Accountancy, UniversitiUtara Malaysia,06010Sintok,Kedah,Malaysia)

  • A. S Abu Bakar

    (School of Economic, Finance & Banking Universiti Utara Malaysia, 06010 Sintok, Kedah, Malaysia)

  • H.Shaari

    (Tunku Puteri Intan Safinaz School of Accountancy, UniversitiUtara Malaysia,06010Sintok,Kedah,Malaysia)

  • R. A. Saad

    (Tunku Puteri Intan Safinaz School of Accountancy, UniversitiUtara Malaysia, 06010 Sintok, Kedah, Malaysia)

  • N. A. Amran

    (Tunku Puteri Intan Safinaz School of Accountancy, UniversitiUtara Malaysia, 06010 Sintok, Kedah, Malaysia)

Abstract
This study aims to provide empirical evidence on the current level of financial knowledge score among households in Malaysia. A survey approach was employed to gather research data. The survey was carried out between February to May 2017 in several states in Peninsular Malaysia. The selection of respondents was based on random sampling technique with a total of 451 respondents. Data collected was descriptively analyzed. The study finds that less than 50% of the respondents achieved high score of financial knowledge. The study also observes that female respondents have much lower level of financial knowledge than male respondents. The study concludes that the current level of financial knowledge among Malaysian is still low to moderate with less than half of the respondents achieved high score .Hence, it is crucial for the relevant and responsible Malaysian authorities and agencies to formulate and implement appropriate strategies in improving Malaysian financial literacy.

Suggested Citation

  • N. Sawandi* & A. S Abu Bakar & H.Shaari & R. A. Saad & N. A. Amran, 2018. "Financial Literacy among Malaysian: Level of Financial Knowledge Score," The Journal of Social Sciences Research, Academic Research Publishing Group, pages 300-304:6.
    • Handle: RePEc:arp:tjssrr:2018:p:300-304
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    References listed on IDEAS

    as
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    2. Annamaria Lusardi & Olivia Mitchell, 2006. "Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education Programs," Working Papers wp144, University of Michigan, Michigan Retirement Research Center.
    3. Simon Starcek & Aleš Trunk, 2013. "The Meaning and Concept of Financial Education in the Society of Economic Changes," Active Citizenship by Knowledge Management & Innovation: Proceedings of the Management, Knowledge and Learning International Conference 2013,, ToKnowPress.
    4. Annamaria Lusardi & Olivia S Mitchelli, 2007. "Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 42(1), pages 35-44, January.
    5. Andreas Oehler & Christina Werner, 2008. "Saving for Retirement—A Case for Financial Education in Germany and UK? An Economic Perspective," Journal of Consumer Policy, Springer, vol. 31(3), pages 253-283, September.
    6. Adele Atkinson & Flore-Anne Messy, 2012. "Measuring Financial Literacy: Results of the OECD / International Network on Financial Education (INFE) Pilot Study," OECD Working Papers on Finance, Insurance and Private Pensions 15, OECD Publishing.
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