Financial literacy and debt burden among Malay youth workers in Malaysia

• Published in: Advanced Science Letters
• Main Author: Idris N.H.; Yazid Z.A.; Faique F.A.; Daud S.; Ismail S.; Bakri M.H.; Taib N.M.
• Format: Article
• Language: English
• Published: American Scientific Publishers 2016
• Online Access: https://www.scopus.com/inward/record.uri?eid=2-s2.0-85012008453&doi=10.1166%2fasl.2016.8130&partnerID=40&md5=3de44936a314782e77707cbd28313667

Asian household de continuously rise in recent years, including in Malaysia. This scenario might lead to a number of challenges in achieving the nation’s dream to have a high-income status. The lack of financial management and financial skills is the main reasons of debt problem. As both financial management and financial skills are parts of financial literacy, this study was conducted to investigate the level of understanding of financial literacy and the debt burden among Malay youth workers in Malaysia. Further, it adopts a qualitative methodology that involved semi-structured interviews. The findings show that Malay youth workers have a limited knowledge about shares (stocks). In addition, home loan is a major contributor for the debt burden among the youth workers. © 2016 American Scientific Publishers All rights reserved.