A Study on Financial Literacy and Its Correlation to Financial Knowledge, Savings, and Consumptions Among TVET Students in Northern Polytechnics, Malaysia
-
Rosasmanizan binti Ahmad
*
Politeknik Tuanku Syed Sirajuddin, Perlis,
Malaysia
- Shaharoni Shafie Politeknik Kuching Sarawak, Sarawak, Malaysia
- Mohd Shamsul Ismail Politeknik Kuching Sarawak, Sarawak, Malaysia
Abstract
Financial literacy promotes sustainability for individuals, families, businesses, and economies. Thus, this study aimed to examine the efficiency of financial literacy among the students of polytechnics from Perlis and Kedah. The factors studied were financial knowledge, savings, and consumption. The study was conducted to provide a source of information that can aid in the development of strategies by polytechnics and government agencies to improve student financial literacy and help them manage their money well to avoid indebted later. The study was focused on financial literacy and its relation to financial knowledge, savings, and consumption. Respondents are chosen from the sample of 122 students from the Commerce Department, Politeknik Tuanku Syed Sirajuddin, Arau, Perlis, and Politeknik Tuanku Sultanah Bahiyah, Kulim, Kedah. The self-structured questionnaires were distributed using convenience sampling to the respondents. The results of the descriptive analysis show that saving has reached the highest level of agreement, followed by financial literacy and consumptions. While for the correlation analysis shows that financial literacy will grow along with rising consumption and financial knowledge. It is believed that this study will give interested parties helpful information to help students get ready for their future financial planning.
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