Improving Financial Management Literacy Among Undergraduate Students in East Coast Malaysia

Abstract

This study is conducted to analysed factors that influence financial management literacy among the undergraduate students. Among the factors examined are family background, financial management literacy, social influence and personal factor. Online questionnaires were distributed to undergraduates’ students that are currently studying at universities located in east coast states in Malaysia. Using SPSS 24.0, descriptive analysis, bivariate analysis, and multivariate analysis were performed, and the data collected from 381 undergraduates. The results have demonstrated that financial knowledge has the highest and is positively significant relationship with financial management literacy among the undergraduate’s students at east coast universities in Malaysia. This is followed with family background that shows significant positive relationship with financial management literacy. Looking at the results of correlation analysis, financial knowledge has higher impact on personal attitudes and vice versa, compared to all other independent variables. The findings of this study highlighted the importance of establishing financial knowledge to youth and it need to be demonstrated from home and continuously involving family, peers, and community. Furthermore, this study proved that knowledge is the beginning of a person to become literate of what he/she is doing.