Gender Differences in Financial Literacy and Financial Behaviour Among Young Adults: The Role of Parents and Information Seeking

Abstract

This research aimed to examine the impact of gender on the mechanism that translates family financial socialisation to financial literacy and behaviour among Malaysian young adults and also to examine the role of financial information-seeking behaviour and its antecedents in this mechanism. A cross-sectional survey was undertaken. A total of 572 young Malaysian adults from four major universities participated in the study. The results revealed that both parents’ teaching and behaviour directly inform young adults’ financial behaviour. However, among females, parents’ teaching through planned behaviour drove their financial information-seeking behaviour, which in turn informed their financial literacy. Contrary to popular notions, financial literacy had no influence on financial behaviour. Moreover, a negative relationship between parental teaching and financial literacy among males was found.