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Does financial literacy really matter for Malaysians? a review

Mohd Aziz, Nor Izzati and Kassim, Salina (2020) Does financial literacy really matter for Malaysians? a review. Advanced International Journal of Banking, Accounting and Finance (AIJBAF), 2 (2). pp. 13-20. E-ISSN 2682-8537

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Malaysians lack financial literacy but are generally unaware of the fact. The national level of financial literacy measured in terms of financial knowledge is still low among Malaysians. A survey by the Credit Counselling and Debt management Agency (AKPK) found that 1 out of 3 Malaysians rated themselves as having a low level of confidence about financial management. Research on the issue has made some attempt to examine the cause of lower financial literacy and its effects on decision making, but studies have been limited. This paper examines studies on the topic compiled between the years 2017 and 2019 and some surveys made by organizations in Malaysia to see the current scenario of financial literacy in Malaysia. Up to the present, it is clear that current approaches and strategies toward financial literacy have been adhoc. The latest initiative from the Financial Education Network concerned with empowering financial literacy is the National Strategy for Financial Literacy 2019-2023. Each of the organizations involved is committed to improving financial literacy among Malaysian by organizing financial education initiatives such as carnivals, clubs, and seminars. The present study will benefit other researchers and maybe a reference for any organizations that will benefit from the updated statistics and information.

Item Type: Article (Journal)
Additional Information: 4600/ 87421
Uncontrolled Keywords: Financial literacy, financial knowledge, financial behaviour, financial Education
Subjects: H Social Sciences > HG Finance > HG3368 Islamic Banking and Finance
H Social Sciences > HJ Public Finance
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): Institute of Islamic Banking & Finance (IIiBF)
Depositing User: Prof. Dr. Salina Kassim
Date Deposited: 04 Jan 2021 11:15
Last Modified: 04 Jan 2021 11:15
URI: http://irep.iium.edu.my/id/eprint/87421

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