Financial Literacy, Demographic Characteristics, and Savings Behavior among Young Adults in Malaysia
DOI:
https://doi.org/10.37134/Keywords:
Financial literacy, Demographic, Savings BehaviorAbstract
The inability of the younger generation to save money is a complex issue that warrants further investigation. Factors such as low financial literacy and materialistic tendencies, often associated with youth, hinder their ability to save for the future. This study examines the relationship between financial literacy, demographic characteristics (such as gender, education, and income), and savings behavior among young adults in Malaysia. Primary data were collected through online questionnaires distributed to young adults in 2023. Descriptive, correlation, and regression analyses were conducted on data from 216 valid respondents. Overall, the findings indicate a strong relationship between financial literacy and gender with savings behavior, while education and income do not significantly impact youth savings behavior in Malaysia. This study provides valuable insights into how financial literacy and demographic factors influence young adults' savings behavior.
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