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Financial Literacy Among IIUM Students

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Ina Azmi

on 13 December 2013

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Transcript of Financial Literacy Among IIUM Students

Problem Statement:
Students facing budgeting challenge due to independence life of students from their family financial support.
OVERVIEW (cont.)
Gap :
Financial literacy among university students.
Issue :
Financial challenge faced by university students.
Research purpose :
To identify the financial behavior among IIUM students and relationship between financial literacy on students’ financial behavior.

Mohamad Fazli Sabri and Maurice MacDonald (2010)
Issue : Financial problem and saving behavior due to lack of financial literacy among college students.
Findings :
1) Students who had higher financial knowledge test
scores were more likely to report savings behavior and also reported fewer financial problems.
2) The financial experience before college influence the financial management of a student during college.
Financial Literacy Among IIUM Students
“Ones’ knowledge of facts, concepts, principles, and technological tools that are fundamental to be smart about money.”
( Garman & Gappinger, 2008)
"Being smart about money"
Ability to manage money (financial planning)
Lim Chee Seong, Sia Bik Kai and Gan Guan Joo (2011)
Issue : Lack of understanding on savings behavior of savers in Malaysia.
Findings :
1) People save more when they able to exercise self-control and receive parental influence during childhood.
2) Attitudes towards saving do not have significant impact on the saving patterns of savers.
RO 1 : To determine the financial behavior of IIUM students and influence person on such behavior.

RO 2 : To examine the relationship between financial literacy and financial problem of the students
Research Objective (1)

Major influences
Life experience (56%)
Parents (20%)
Least influences
Financial planner (2%)
Job experience (1%)
Research Objective (2)
Finance is significant sources of worry to them (57%)
Certain about where their money was spent (57%)
Capable in handling their future financial condition (70%)
Importance of savings (70%)
Ability in managing own finance (65%)
Important to maintain financial record (65%)
Spending less than their budget (49%)
Students did not plan their budget and track their spending (62%)
Students compared the prices before they bought the item (62%)
FINANCIAL KNOWLEDGE : Moderate level (Neutral)
RO 1
IIUM students have good financial attitudes.
IIUM students however have contradict behavior.
Life experience and parents guidance during childhood could be good lessons in molding their financial behavior.
RO 2
Negative relationship between financial literacy and financial problem.
IIUM students have a moderate level of financial knowledge.
IIUM students did not apply the financial knowledge that they have in managing their spending and saving.
Their financial attitudes did not reflect the financial behaviors.
IIUM students did not faced any critical financial problems due to moderate level of knowledge in financial planning.
IIUM : Introduce financial subject.
Students : Change to positive behaviors, reflect the attitudes.
Questionnaire : 5-Likert scale (neutral view)
Major respondents - KENMS students
Improve the clarity of questionnaire.
Equal number of respondents from each Kuliyyah or specific target of respondents.
Thank you.
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