Article2010

A study of financial awareness among youths

Joyce K.H. Nga · Rathakrishnan Sellappan

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Financial Literacy, Pension, Retirement Analysis Financial Analysis and Corporate Governance Financial Literacy and Behavior

Abstract

Purpose Credit card bankruptcies in Malaysia trebled from 2006 to 2007 and study loan defaults increased by 103 percent in the same period. In response to this, the paper aims to investigate the level of general financial and product awareness among young adults. The two research questions addressed are: how do demographic factors (age, gender and education level) influence the general financial awareness, and whether undertaking a business degree promotes greater financial and product awareness amongst youth today. Design/methodology/approach A survey method was employed using a sample of 280 students at a private higher education institution in Subang Jaya, Malaysia. The study also develops valid and reliable scales for general financial awareness and financial product awareness. Hypothesis testing was conducted using multivariate analysis of covariance. Findings The findings of the study revealed that the level of education and majors influence general and financial product awareness among youths. Also, males were found to have higher levels of financial awareness compared to females. Research limitations/implications Future research is required to investigate whether family background has an impact on personal finance knowledge. Practical implications By identifying the specific areas where financial product awareness may be lacking, the paper may assist educators, regulators and financial institutions to design financial planning courses in helping youths to achieve greater financial freedom and be better equipped for retirement. Originality/value This paper also develops reliable and valid measurement scales for both general and financial product awareness which were not evident in previous studies. The paper's findings may prompt the educational institution and government authorities to be concerted in promoting financial planning awareness nationwide.

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References

1994A Meta-Analysis of Cronbach's Coefficient Alpha 2008Predictably irrational: the hidden forces that shape our decisions 1998An Analysis of Personal Financial Literacy Among College Students 2001Applied Business research: Qualitative and Quantitative Methods 2007Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education 2004An Exploratory Framework of the Determinants of Financial Satisfaction 2008Generational differences in work values, outcomes and person‐organisation values fit 2008Generational differences in psychological traits and their impact on the workplace

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