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Financial Literacy among University Students and its Implications towards Financial Scams

Author

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  • Norzitah Abdul Karim
  • Zainora Ab Wahid
  • Syahrul-Niza Kamarul Ariffin
  • Sharifah Heryati Syed Nor
  • Ahmad Najib Nazlan
  • Salina Kassim

Abstract

The acquisition of financial literacy is crucial in facilitating improved financial decision-making and promoting the long-term financial stability of individuals, families, and the nation as a whole. It is anticipated that increased levels of financial literacy, particularly among younger cohorts, will result in enhanced economic indicators, improved payment records, and more sustainable levels of debt for both people and the nation. The attainment of a high quality of life is of paramount importance for Malaysia's progression towards achieving the status of a developed nation. However, it is worth noting that a significant proportion of Malaysians, specifically one out of every three individuals, perceive their level of financial awareness to be relatively low. Moreover, a significant disparity exists in the level of financial literacy among 15-year-old pupils in OECD and partner countries, such as Malaysia. This study attempts to explore conceptually the relationship between financial literacy and its impacts on financial scams among university students. This study will increase the level of financial literacy among Malaysians before embarking on any financial investments.

Suggested Citation

  • Norzitah Abdul Karim & Zainora Ab Wahid & Syahrul-Niza Kamarul Ariffin & Sharifah Heryati Syed Nor & Ahmad Najib Nazlan & Salina Kassim, 2023. "Financial Literacy among University Students and its Implications towards Financial Scams," Information Management and Business Review, AMH International, vol. 15(3), pages 124-128.
    • Handle: RePEc:rnd:arimbr:v:15:y:2023:i:3:p:124-128
    DOI: 10.22610/imbr.v15i3(I).3560
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    References listed on IDEAS

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    1. Yoshihiko Kadoya & Mostafa Saidur Rahim Khan & Tomomi Yamane, 2020. "The rising phenomenon of financial scams: evidence from Japan," Journal of Financial Crime, Emerald Group Publishing Limited, vol. 27(2), pages 387-396, January.
    2. Bannier, Christina E. & Schwarz, Milena, 2018. "Gender- and education-related effects of financial literacy and confidence on financial wealth," Journal of Economic Psychology, Elsevier, vol. 67(C), pages 66-86.
    3. Hussein A. Hassan Al‐Tamimi & Al Anood Bin Kalli, 2009. "Financial literacy and investment decisions of UAE investors," Journal of Risk Finance, Emerald Group Publishing Limited, vol. 10(5), pages 500-516, November.
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