Gender Differences in Financial Awareness and Financial Knowledge Among Tertiary Students in Malaysia

Abstract

A low level of financial literacy and the increasing trend of the young generation's bankruptcy rate has become a significant issue in Malaysia. Hence, this study aims to examine the level of financial knowledge and financial awareness among tertiary students in Malaysia. A total of 1,800 respondents were selected based on gender and location. There are from the Northern Region (Perlis, Kedah, Penang, and Perak), East Coast Region (Kelantan, Terengganu, and Pahang), Central Region (Selangor, Kuala Lumpur, and Putrajaya), and Southern Region (Negeri Sembilan, Melaka, and Johor). In this study, most respondents reported low financial knowledge but moderate financial awareness toward financial products. However, a factor of gender among the respondents shows a minor difference in financial knowledge and awareness which suggests that both indicators do not influence their low-level literacy and moderate awareness of finance products in Malaysia. To this extent, this study recommends that tertiary students raise their financial literacy before graduation. Tertiary students are encouraged to attend talks, webinar or seminars relevant to financial management to improve their financial knowledge and enhance their financial awareness toward financial products in Malaysia especially related to credit cards, car loans, personal loans, insurance, and mortgage. Educators and policymakers are urged to implement various financial education programs to improve literacy and awareness. In conclusion, this study contributed to Malaysia's literature on financial literacy.