Abstract
Recently, interest in exploring professional financial issues mainly money management was shown to be highly increased due to the societal awareness of its benefits. The skill of money management is a major tool in exercising control over them to obtain quality life as working adults. Stratified random sampling was used to examine the spending patterns of student population at one of Malaysia universities. Due to the habit of student expenditures on campus which was shown to influence the way money is managed through their lives. Taking a look at literatures from researchers outside Malaysia, it can be seen that financial literacy among students is required to restrain future problems that may arise from lack of knowledge on individual financial management. This study emphasizes the need on financial literacy awareness among the students looking into their background, financial awareness, attitude and family. Data analysis show that majority of the students do not put to practice correct skill in money management.
Highlights
Taking a look at literatures from researchers outside Malaysia, it can be seen that financial literacy among students is required to restrain future problems that may arise from lack of knowledge on individual financial management
Students play significant roles in assisting the countries economy, while the expenditure has been identified as one major part of the overall consumer spending in Malaysia
Local community expenditures on college students maybe important because a good number of residential colleges are regularly seen as major players in the local economy through the present employment and spending, as well as potential catalysts for the rural economic development
Summary
Students play significant roles in assisting the countries economy, while the expenditure has been identified as one major part of the overall consumer spending in Malaysia. College student’s expenditure has been identified as one major part of the overall consumer spending in Malaysia. A good number of programs have been designed to educate the youths on financial management. This comprises of collaborations with the youth development organizations and cooperative extensions. The target of the program was to make students have knowledge about the associations between educational attainment and power earnings, factors that determine income, understanding needs versus wants, typical monthly expenses for a family, factors that affect spending and the benefits of savings and budgeting.
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