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Determinants of Malaysian Financial Literacy: A Financial Socialization Perspective

Author

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  • 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)
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    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.
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    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

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