Determinants of Personal Financial Literacy among Young Adults in Malaysian Accounting Firms


Loh, Aik Myin and Peong, Kwee Kim and Peong, Kwee Peng (2019) Determinants of Personal Financial Literacy among Young Adults in Malaysian Accounting Firms. Global Journal of Business and Social Science Review, 7(1) (1-3). pp. 8-19. ISSN 2180-0421

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Objective - In the twenty-first century, financial competencies are an essential tool in understanding the connection between financial behaviour and knowledge of individual financial problems. High financial knowledge may encourage young adults to carry less debt, increase their wealth and have a better financial retirement plan. According to Wolla (2017), less than one-third of youths have basic financial knowledge. This will have an impact to their lifelong financial well-being. Hence, this research intends to explore the personal financial literacy of young adults in Malaysian accounting firms. Methodology/Technique – The study examines 150 young working adults between the ages of 18-35 years old, working in accounting firms in Malacca, Malaysia. Stratified sampling and convenience sampling techniques were used to distribute questionnaires. Descriptive statistics, Pearson correlation coefficient and multiple regression analyses were also employed. Findings - The empirical findings show that geographical locations and family characteristics are significantly related to the personal financial literacy of young adults in accounting firms in Malacca. However, financial education and financial experience do not influence young adults in their financial decision making. Novelty – The results of this study suggest that the relevant authority should take an appropriate action to improve the financial well-being of young adults in Malacca, Malaysia. Type of Paper: Empirical. JEL Classification: M40, M41, M49

Item Type: Article
Uncontrolled Keywords: Financial, , Family Characteristics, Geographical Location.
Subjects: H Social Sciences > HG Finance > HG179 Personal finance
Divisions: Faculty of Business (FOB)
Depositing User: Ms Suzilawati Abu Samah
Date Deposited: 29 Apr 2022 01:01
Last Modified: 29 Apr 2022 01:01


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