Understanding the need for a revamped financial literacy program for Generation Z

Ahmad, Siti Yuliandi and Zakaria, Nurul Fardini and Sawari, Siti Salwa (2024) Understanding the need for a revamped financial literacy program for Generation Z. In: 2nd International Academic Conference on Business Administration and Communication Art (BACA II), 17th July 2024, Online Conference.

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Abstract

Financial literacy, a crucial factor in shaping good financial practices, is a significant concern for a portion of Generation Z. Despite the increasing recognition of the importance of financial education and literacy in achieving personal economic success, a vital segment of Generation Z remains uninformed in this domain. This lack of knowledge is not just a concern for the future but a pressing issue that needs immediate attention. Insufficient comprehension may lead to unintended consequences, such as a failure to recognize the need for increased retirement savings, poor financial decisions, or excessive repayment of high-interest debt. Moreover, there is a scarcity of research on financial literacy and education related to Generation Z in Malaysia. This paper makes a unique contribution to the field by exploring the financial literacy and practices of the young Generation Z in Malaysia. A quantitative research design was employed with 40 data from respondents aged 16 years old. A cluster random sampling was conducted, and the data was analysed using IBM SPSS Version 29. The results revealed a predominant presence of female respondents, accounting for 60% (n=24), in contrast to male counterparts at 40% (n=16). A significant portion of respondents, 52.5% (n=21), stated a good level of financial literacy, while 35% (n=14), moderate and 10% (n=4) were low. The mean values for various factors are Financial Literacy (M=3.605, n-40 ) and Financial Practices (M=3.638, n=40). This research not only aims to shed light on how financial literacy shapes individual decisions but also affects their ability to manage finances. A recommendation for an interactive approach is required to engage with Generation Z; thus, a financial education enables them to establish distinct financial objectives and strategies for the future, offering a promising path towards improved financial literacy.

Item Type:	Proceeding Paper (Slide Presentation)
Additional Information:	8086/115446
Uncontrolled Keywords:	Generation Z, Financial Education, Financial Literacy, Financial Practices, Business
Subjects:	H Social Sciences > HG Finance > HG179 Personal finance
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Kulliyyah of Sustainable Tourism and Contemporary Languages
Depositing User:	Dr. Siti Yuliandi Ahmad
Date Deposited:	05 Nov 2024 09:27
Last Modified:	20 Nov 2024 20:13
URI:	http://irep.iium.edu.my/id/eprint/115446

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