A recent study has examined the level of financial literacy among youth in Malaysia. It used quantitative questionnaires to measure financial knowledge. The sample comprised 220 secondary school students. The responses were analyzed using cross tabulation. The findings show that male youths are better informed than females, and that Indian youths have lower financial knowledge than other ethnic groups. However, the importance of financial planning for youth is not completely lost.
One of the ways to improve financial literacy among Malaysia’s youth is to make financial literacy an integral part of the curriculum. Three major companies have come together to help promote financial education among youth in Malaysia. ThreeM is one such company. The company is working with V2T, a national NGO that focuses on improving income generation capacity.
Financial literacy is one of the stepping stones to successful retirement planning. Research shows that individuals who are financially literate are more likely to save for retirement. However, there are many individuals who are not equipped to make sound financial decisions and fail to plan for their retirement. This study aims to examine the level of financial literacy among Malaysian youth and explore the relationship between financial literacy and retirement planning practices. To do this, the study used a survey questionnaire. The respondents were selected based on their age and gender using a purposive sampling technique.
Until Malaysia develops a financial literacy programme for young people, the problems associated with this ailment will persist. The key to solving this problem is to implement an effective, long-term nationwide financial literacy campaign. By educating youth about sound financial management, they can better manage their finances and become financially independent.
One of the most important steps toward achieving financial literacy among youth is integrating financial education into the school curriculum. It doesn’t need to be a standalone subject, but should be integrated with other subjects to provide real-life experiences. In-school education is a good addition to home-based education, but it should not replace it.