Does financial education matter? Education literacy among undergraduates in Malaysia

Low financial literacy is a global phenomenon. In an increasingly materialistic and complex world, lack of financial literacy can lead to financial problems, even among college and university students. Despite the importance of financial literacy among the young, there is still a dearth of studies on financial literacy and behaviour. Hence, a survey was carried out to provide some insights on this topic. A total of 605 students from four institutions of higher learning in Klang Valley, Malaysia were selected using convenience sampling to provide information on financial literacy, attitude and behaviour as well as financial socialisation factors. The survey revealed that college and university students generally have low financial literacy, a tenuous link between knowledge and attitude but a close association between attitude and behaviour. Parental guidance and life experience were significant predictors of financial knowledge but year of study was not an important predictor. Hence, there is a need to promote experiential learning on financial matters, as financial literacy will lead to positive attitude and good practices

Aging in multi-ethnic Malaysia

Multiethnic Malaysia provides a unique case study of divergence in population aging of different sociocultural subgroups within a country. Malaysia represents 3 major ethnicities in Asia—the Malay, Chinese, and Indian. The 3 ethnic groups are at different stages of population aging, as they have undergone demographic transition at different pace amidst rapid social and economic changes. Between 1991 and 2010, the Malaysian population aged 60 and over has more than doubled from about 1 million to 2.2 million, and this is projected to rise to about 7 million or 17.6% of the projected population of 40 million by 2040. In 2010, the aging index ranged from 22.8% among the Bumiputera (Malays and other indigenous groups), to 31.4% among the Indians and 55.0% among the Chinese. Population aging provides great challenges for Malaysia’s social and economic development. The increasing prevalence of noncommunicable diseases in older adults, coupled with the erosion of the traditional family support system has increased demands on health care services with an overwhelming need for multidisciplinary and specialized geriatric care. Following the adoption of the National Policy for the Elderly in 1995, issues of population aging have gained increasing attention, especially among researchers. There is an urgent need to increase public awareness, develop infrastructure, as well as support action oriented research that will directly translate to comprehensive and cohesive social strategies, policies, and legislation to protect not just the current older Malaysians but the future of all Malaysians