An investigation of the level and determinants of financial literacy among different groups in Sabah

In Sabah and the rest Malaysia, there are increasing signs of personal financial mismanagement and financial stress, especially among the young generation. Experts in the area of personal finance posit that financial illiteracy is one of the contributing factors to the inability of a person to prope...

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Main Authors: Lim, Thien Sang, Zatul Karamah A.B.U., Rasid Mail, Amer Azlan Abdul Jamal, Zaiton Osman, Rosle Mohidin
Format: Research Report
Language:English
Published: Universiti Malaysia Sabah 2014
Subjects:
Online Access:https://eprints.ums.edu.my/id/eprint/24976/1/An%20investigation%20of%20the%20level%20and%20determinants%20of%20financial%20literacy%20among%20different%20groups%20in%20Sabah.pdf
https://eprints.ums.edu.my/id/eprint/24976/
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Institution: Universiti Malaysia Sabah
Language: English
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spelling my.ums.eprints.249762020-02-19T03:23:58Z https://eprints.ums.edu.my/id/eprint/24976/ An investigation of the level and determinants of financial literacy among different groups in Sabah Lim, Thien Sang Zatul Karamah A.B.U. Rasid Mail Amer Azlan Abdul Jamal Zaiton Osman Rosle Mohidin HG Finance In Sabah and the rest Malaysia, there are increasing signs of personal financial mismanagement and financial stress, especially among the young generation. Experts in the area of personal finance posit that financial illiteracy is one of the contributing factors to the inability of a person to properly manage his or her financial matters as well as long­term financial commitment. Sabah, being one of the biggest and one of the diverse states has many preconditions for financial literacy research. The result of the research indicates the level of financial literacy in Sabah is very low. Based on the sample of size of 1191 from across the state, the mean of individual's score is 9.6 (based on maximum scale of 24) and almost 70 percent (69.8% to be exact) of the respondents fail in the literacy test. Analysis based on demographical factors suggests that males are better financial literacy than females. Financial literacy is also better among the higher age groups. Financial literacy gaps also exist in term of level of education and income group. This study also finds that geographical location is important factor. Perhaps the most interesting factor of the research of that a non-majority ethnic group has came up top in financial literacy, and the performance gap compare to all other ethnic groups is statistically significant. Last but not least, the researchers call for more financial education programmes that are aimed to inculcate positive attitude towards financial management in order to create a more positive financial behaviour among people. This call is made based on a series of bivariate relationship analyses that were conducted in the research. Universiti Malaysia Sabah 2014 Research Report NonPeerReviewed text en https://eprints.ums.edu.my/id/eprint/24976/1/An%20investigation%20of%20the%20level%20and%20determinants%20of%20financial%20literacy%20among%20different%20groups%20in%20Sabah.pdf Lim, Thien Sang and Zatul Karamah A.B.U. and Rasid Mail and Amer Azlan Abdul Jamal and Zaiton Osman and Rosle Mohidin (2014) An investigation of the level and determinants of financial literacy among different groups in Sabah. (Unpublished)
institution Universiti Malaysia Sabah
building UMS Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Malaysia Sabah
content_source UMS Institutional Repository
url_provider http://eprints.ums.edu.my/
language English
topic HG Finance
spellingShingle HG Finance
Lim, Thien Sang
Zatul Karamah A.B.U.
Rasid Mail
Amer Azlan Abdul Jamal
Zaiton Osman
Rosle Mohidin
An investigation of the level and determinants of financial literacy among different groups in Sabah
description In Sabah and the rest Malaysia, there are increasing signs of personal financial mismanagement and financial stress, especially among the young generation. Experts in the area of personal finance posit that financial illiteracy is one of the contributing factors to the inability of a person to properly manage his or her financial matters as well as long­term financial commitment. Sabah, being one of the biggest and one of the diverse states has many preconditions for financial literacy research. The result of the research indicates the level of financial literacy in Sabah is very low. Based on the sample of size of 1191 from across the state, the mean of individual's score is 9.6 (based on maximum scale of 24) and almost 70 percent (69.8% to be exact) of the respondents fail in the literacy test. Analysis based on demographical factors suggests that males are better financial literacy than females. Financial literacy is also better among the higher age groups. Financial literacy gaps also exist in term of level of education and income group. This study also finds that geographical location is important factor. Perhaps the most interesting factor of the research of that a non-majority ethnic group has came up top in financial literacy, and the performance gap compare to all other ethnic groups is statistically significant. Last but not least, the researchers call for more financial education programmes that are aimed to inculcate positive attitude towards financial management in order to create a more positive financial behaviour among people. This call is made based on a series of bivariate relationship analyses that were conducted in the research.
format Research Report
author Lim, Thien Sang
Zatul Karamah A.B.U.
Rasid Mail
Amer Azlan Abdul Jamal
Zaiton Osman
Rosle Mohidin
author_facet Lim, Thien Sang
Zatul Karamah A.B.U.
Rasid Mail
Amer Azlan Abdul Jamal
Zaiton Osman
Rosle Mohidin
author_sort Lim, Thien Sang
title An investigation of the level and determinants of financial literacy among different groups in Sabah
title_short An investigation of the level and determinants of financial literacy among different groups in Sabah
title_full An investigation of the level and determinants of financial literacy among different groups in Sabah
title_fullStr An investigation of the level and determinants of financial literacy among different groups in Sabah
title_full_unstemmed An investigation of the level and determinants of financial literacy among different groups in Sabah
title_sort investigation of the level and determinants of financial literacy among different groups in sabah
publisher Universiti Malaysia Sabah
publishDate 2014
url https://eprints.ums.edu.my/id/eprint/24976/1/An%20investigation%20of%20the%20level%20and%20determinants%20of%20financial%20literacy%20among%20different%20groups%20in%20Sabah.pdf
https://eprints.ums.edu.my/id/eprint/24976/
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