Financial Literacy Levels among Youth: The Perspectives from Undergraduate Students

Financial literacy is the ability to manage finances including saving, investing and managing debt. In the past studies, the financial literacy level among youth is moderate in Malaysia and have reported low across the most part of the world. Therefore, it brings a motivation to get the idea on what are the factors of financial literacy among youth, particularly in university. This preliminary study was conducted in 2023 through a random interview among undergraduate students from different bachelor degree programmes in Universiti Sultan Zainal Abidin (UniSZA). The interview questions mainly focus on the financial literacy and its influencing factors among youth consists of financial knowledge, financial behaviour, financial attitudes, and family influence. The results revealed that 35 out of 65 respondents tend to have perspectives that family influence is the highest influencing factor towards financial literacy level. It is demonstrated by 38% of influencing factors towards financial literacy is family influence. The findings concluded that UniSZA students which represent a small group of youth in Malaysia acquire a moderate financial literacy level with the perspective that family give the most influencing factors towards financial literacy. Therefore, this study implies that individual, academicians, government, agencies, and Non-Government Organisations (NGOs) should give extra awareness on financial education crafting more effective financial education programs and encourage students to practice a good financial management to increase their financial literacy level.