Childhood Consumer Experience and the Financial Literacy of College Students in Malaysia

The purpose of this study was to investigate the impact of personal and family background, academic ability, and childhood consumer experiences on the financial literacy of college students in Malaysia. The sample comprised 2,519 students in 11 public and private colleges in Malaysia. Financial literacy was measured with a 25‐item test of financial knowledge. On average, students answered less than half of the questions correctly. Methods of analysis included bivariate t tests, analysis of variance, and multiple regression analysis. The childhood consumer experience of discussing family finances with parents has a substantial positive relationship with financial literacy. Students of Chinese ethnicity, who live on campus, and who attend private colleges are less likely to be financially literate.