UNDERSTANDING FINANCIAL LITERACY AND FINANCIAL WELL-BEING AMONG YOUNG MALAYSIANS
While financial well-being among Malaysians is improving due to coordinated efforts by the government and various stakeholders, notable gaps remain, such as poor money management habits and high debt levels, especially among the younger generation. These challenges are largely attributed to limi...
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| Main Author: | |
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| Format: | Article |
| Language: | English |
| Published: |
UUM PRESS
2025-07-01
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| Series: | Journal of Business Management and Accounting |
| Subjects: | |
| Online Access: | https://www.e-journal.uum.edu.my/index.php/jbma/article/view/26209 |
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| Summary: | While financial well-being among Malaysians is improving due to coordinated efforts by the
government and various stakeholders, notable gaps remain, such as poor money management habits and
high debt levels, especially among the younger generation. These challenges are largely attributed to
limited financial literacy, especially concerning financial awareness. This study seeks to shed light on
the financial insights of young Malaysians by exploring the relationships between financial awareness,
knowledge, attitudes, behaviors, and financial well-being. An online survey was carried out to gather
data. The study utilized partial least squares structural equation modeling (PLS-SEM) to test its
hypotheses, engaging 197 respondents. The findings revealed that individuals with strong financial
knowledge, shaped by their financial awareness, possess significantly positive financial attitudes and
behaviors, ultimately leading to enhanced financial well-being. The study provides meaningful
perspectives that can enrich theoretical frameworks surrounding financial literacy, emphasizing the
need for a multifaceted approach to promoting financial well-being. The study also offers invaluable
information for the government, government agencies, educational institutions, and other stakeholders,
to further advance efforts in raising financial awareness. Empowering young adults with financial
literacy, encompassing financial awareness, knowledge, attitude, and behavior, is essential for
improving the overall financial well-being of Malaysians and addressing the persistent knowledge gap
in the country. However, the primary focus should be on continuously reinforcing awareness within this
demographic to bridge the knowledge gap.
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| ISSN: | 2231-9298 2636-9249 |