IDEAS home Printed from https://ideas.repec.org/p/gtr/gatrjs/afr212.html
   My bibliography  Save this paper

Determinants of Malaysian Financial Literacy: A Financial Socialization Perspective

Author

Listed:
  • Nurhazrina Mat Rahim

    (Faculty of Accountancy, Universiti Teknologi MARA Author-2-Name: Norli Ali Author-2-Workplace-Name: Faculty of Accountancy, Universiti Teknologi MARA Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:)

Abstract

"Objective - The study aims to examine the financial literacy level of Malaysian households and the role of financial socialization in improving an individual's financial literacy level. Methodology/Technique - Convenience sampling was used to select respondents in Malaysian households through questionnaires distributed between August and December of 2021 with a total of 132 retrieved responses. Findings - The results indicated that the Malaysian financial literacy level is above average. Financial education and financial socialization significantly enhanced an individual's financial literacy level. Novelty - The study is based on the Social Learning Theory and demonstrated the importance of financial socialization in improving an individual's financial literacy level. Hence, measures should be taken to enhance the role of social agents (family or friends) in informal financial education. Type of Paper - Empirical."

Suggested Citation

  • Nurhazrina Mat Rahim, 2022. "Determinants of Malaysian Financial Literacy: A Financial Socialization Perspective ," GATR Journals afr212, Global Academy of Training and Research (GATR) Enterprise.
    • Handle: RePEc:gtr:gatrjs:afr212
    DOI: https://doi.org/10.35609/afr.2022.7.1(2)
    as

    Download full text from publisher

    File URL: http://gatrenterprise.com/GATRJournals/AFR/pdf_files/AFR-Vol-7(1)/2.Nurhazrina%20Mat%20Rahim.pdf
    Download Restriction: http://gatrenterprise.com/GATRJournals/online_submission.html
    File URL: https://libkey.io/https://doi.org/10.35609/afr.2022.7.1(2)?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Yoshihiko Kadoya & Mostafa Saidur Rahim Khan, 2020. "Financial Literacy in Japan: New Evidence Using Financial Knowledge, Behavior, and Attitude," Sustainability, MDPI, vol. 12(9), pages 1-15, May.
    2. Snehal Bawre & Sujata Kar, 2019. "An investigation of the demographic factors affecting financial literacy and its components among urban Indians," International Journal of Education Economics and Development, Inderscience Enterprises Ltd, vol. 10(4), pages 398-426.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mostafa Saidur Rahim Khan & Naheed Rabbani & Yoshihiko Kadoya, 2021. "Can Financial Literacy Explain Lack of Investment in Risky Assets in Japan?," Sustainability, MDPI, vol. 13(22), pages 1-12, November.
    2. Hiroshi Fujiki, 2019. "Who needs guidance from a financial adviser? Evidence from Japan," Working Papers on Central Bank Communication 011, University of Tokyo, Graduate School of Economics.
    3. S. Ananda & Raghavendra Prasanna Kumar & Tamanna Dalwai, 2024. "Impact of financial literacy on savings behavior: the moderation role of risk aversion and financial confidence," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(3), pages 843-854, September.
    4. Nurhazrina Mat Rahim, 2022. "Students' Financial Literacy: Digital Financial Literacy Perspective," GATR Journals jfbr195, Global Academy of Training and Research (GATR) Enterprise.
    5. Ester Muñoz-Céspedes & Raquel Ibar-Alonso & Sara de Lorenzo Ros, 2021. "Financial Literacy and Sustainable Consumer Behavior," Sustainability, MDPI, vol. 13(16), pages 1-21, August.
    6. Khurram Rehman & Md Aslam Mia, 2024. "Determinants of financial literacy: a systematic review and future research directions," Future Business Journal, Springer, vol. 10(1), pages 1-25, December.
    7. Md. Faruk Abdullah & Muhammad Nazmul Hoque & Md. Habibur Rahman & Jamaliah Said, 2022. "Can Islamic Financial Literacy Minimize Bankruptcy Among the Muslims? An Exploratory Study in Malaysia," SAGE Open, , vol. 12(4), pages 21582440221, November.
    8. Fujiki, Hiroshi, 2020. "Who adopts crypto assets in Japan? Evidence from the 2019 financial literacy survey," Journal of the Japanese and International Economies, Elsevier, vol. 58(C).
    9. Hiroshi Fujiki, 2023. "Attributes needed for Japan’s central bank digital currency," The Japanese Economic Review, Springer, vol. 74(1), pages 117-175, January.
    10. Fujiki, Hiroshi, 2020. "Are the actual and intended sources of financial knowledge the same? Evidence from Japan," Japan and the World Economy, Elsevier, vol. 55(C).
    11. David Aristei & Manuela Gallo, 2021. "Financial Knowledge, Confidence, and Sustainable Financial Behavior," Sustainability, MDPI, vol. 13(19), pages 1-21, September.
    12. Hiroshi Fujiki, 2020. "Empirical Analysis on Understanding of Financial Products," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 16(7), pages 1-25, October.
    13. Yousef Makhlouf & Neil M. Kellard & Dmitri V. Vinogradov, 2020. "Finance‐Inequality Nexus: The Long And The Short Of It," Economic Inquiry, Western Economic Association International, vol. 58(4), pages 1977-1994, October.
    14. Johnson Antwi & Cephas B. Naanwaab, 2022. "Generational Differences, Risk Tolerance, and Ownership of Financial Securities: Evidence from the United States," IJFS, MDPI, vol. 10(2), pages 1-17, May.
    15. Mostafa Saidur Rahim Khan & Naheed Rabbani & Yoshihiko Kadoya, 2020. "Is Financial Literacy Associated with Investment in Financial Markets in the United States?," Sustainability, MDPI, vol. 12(18), pages 1-14, September.
    16. Yi Jiang & Shohei Shimizu, 2024. "Does Financial Literacy Impact Investment Participation and Retirement Planning in Japan?," Papers 2405.01078, arXiv.org.
    17. Liu, Liu & Zhang, Hua, 2021. "Financial literacy, self-efficacy and risky credit behavior among college students: Evidence from online consumer credit," Journal of Behavioral and Experimental Finance, Elsevier, vol. 32(C).

    More about this item

    Keywords

    Financial literacy; financial socialization; financial education; drivers of financial literacy; social agents;
    All these keywords.

    JEL classification:

    • I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid
    • M29 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Other

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gtr:gatrjs:afr212. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Prof. Dr. Abd Rahim Mohamad (email available below). General contact details of provider: http://gatrenterprise.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.