The Links Between Demographic Factors and Financial Literacy Among Youths
Abstract
There is a prevalent effort to increase financial literacy among youth due to increasing concerns over debt and bankruptcy. The issue becomes more pronounced for working youth due to their early financial responsibilities and lack of financial knowledge. Hence, the objective of this study is to assess the level of financial literacy among youth and investigate the association between financial literacy and their characteristics. A survey was administered to a sample of employed youth in Malaysia, with a focus on those between the ages of 18 and 35. The analysis of the 188 responses indicates that the participants possess an adequate level of financial literacy. The findings indicate that age, income level, number of dependent children, employment status, and number of credit cards have positive and significant correlations with financial literacy. This research study presents additional empirical findings about financial literacy and offers interesting insights towards the enhancement of financial literacy among youth in developing countries.
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References
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