Inculcating financial literacy among young adults through trust and experience

The current and future financial choices of the young generation are likely to be more challenging than those of their parents, given the greater complexity in financial products, use of new digital technology, new financial systems and regulations. Thus, this study attempts to measure the financial literacy (FL) amongst a specific group of students i.e. upper-secondary students of a private religious school. It is expected that parents’ educational achievement, occupational and income levels of this group to be almost invariable, therefore allowing us to focus on other factors that influence financial literacy. FL is measured using two latent constructs namely, financial knowledge and financial behaviour, covering aspects such as general money management, investment management, credit management, charity giving and entrepreneurship. The findings of this study show that while their level of financial knowledge is generally good, the majority of respondents are not entrusted nor guided to manage their own finances, make budgets and record their expenditures; particularly since most schooling expenses including food and transport are paid in advance by their parents. Around 85.2 percent reported zero or very little experience in business or helping out in business activities at school or for their family members. Parents and the school authorities must realize that financial literacy is worth investing time and resources into if the future generation is to lead financially sustainable lives. Policymakers need to design effective interventions targeted at this age group, aiming towards empowering individuals to manage their financial matters effectively and towards promoting responsible consumer behaviour

Islamic marketing strategy: eradicating rural poverty in Malaysia

This applied research work is new and on of tis kind in Malaysia. It seeks to identify the causes for prolonged condition of poverty in the fishing villages of Malaysia despite vigorous efforts by numerous government and non-government bodies. It introduces the Islamic financing model, Musyarakah, as in integrated approach to grassroot development. Poverty solution does not lie only in improving facilities and mechanisms, but in bringing about a fresh outlook of life and the the same time establishing a fair and just society for all; irrespective of economic, social or political background

Substantiating the roles of higher education system in Malaysia: identifying issues and charting the way forward

Education is one of the key factors for national transformation and advancement. Higher education (HE) stands as an important sector in any country including Malaysia, which roles range from workforce supplier to knowledge and innovation centers. During the early days of HE, focus has been given to producing knowledgeable workforce but over time, the roles have changed to producing new knowledge and solving societal problems. Though many expect HE to produce more knowledgeable and competent graduates, the country’s strategic way forward has made it imperative for HE sector to be significant players that drive transformation. We argue that the role of HE is beyond producing workforce, but to help the country in shaping the advancement of social growth and economic prosperity through various academic activities, especially research and innovation. This paper addresses issues in the current Malaysian HE landscape, in terms of its research and development activities. The paper also highlight various future global scenario that necessitate the active roles of HE in research and development agenda. The paper also addresses whether the current agenda on research and development is relevant to the country’s direction, or suitable to address the needs of various stakeholders. The findings will enlighten the HE authority of the issues that require proper attention, and in turn steer the direction of HE services

Substantiating the roles of higher education system in Malaysia: identifying issues and charting the way forward

Education is one of the key factors for national transformation. Higher education (HE) stands as an important sector in any country including Malaysia, which roles range from workforce supplier to knowledge and innovation centers. During the early days of higher education focus has been given to producing knowledgeable workforce. Over time, the roles have changed to producing new knowledge and solving problems faced by the societies. The changes perpetuate, driven by various factors, especially the direction of the country which strategies have made impacts on the ways universities behave or operate. In Malaysia, the National Higher Education Strategic Plan (NHESP), was launched in August 2007 to drive transformation of HE with the main agenda of producing graduates who are knowledgeable and competent in their fields, innovative, multilingual and technology-savvy. Nevertheless we argue that the roles of higher education are more than just producing workforce, in that HEs must help the country shape the advancement of social growth and economic prosperity. Thus this paper addresses several pertinent gaps between the current Malaysian HE landscape and various future global scenario. Consequently, we need to assess whether the conception of NHESP has recognized this gap and considered measures to address it for the benefit of the direct stakeholders and the country as a whole. The findings will enlighten the HE authority of the timely issues that require proper attention, and in turn steer the direction of HE services