Digital Literacy, Financial Behaviour, and Socialisation as Predictors of Financial Literacy: A Generalised Ordinal Logistic Regression Approach
List of Authors
Ahmad Fadly Nurullah Rasedee, Muhammad Firdaus Mohd Fuad, Norizarina Ishak, Siti Raihana Hamzah
Keyword
Digital Literacy, Financial Behaviour, Financial Socialisation, Financial Literacy, Malaysia, University Students.
Abstract
This study seeks to establish demographic factors and the relationship between digital literacy, financial behaviour, and financial socialisation with the level of financial literacy among university students in Malaysia. Data for the study were obtained through the survey-based approach from 437 respondents who had been selected using random sampling. Consequently, the study analysed significant demographic factors contributing to financial literacy level, including gender, age, year of study, field of study, and employment status. Further, the study employed the Ordinal Logistic Regression model analysis in assessing the effect of digital literacy, financial behaviour, and financial socialisation on financial literacy. The findings indicated that demographic variables such as age, years of study, field of study, and employment status have a significant effect on financial literacy. However, it was found that gender does not affect financial literacy. Additionally, financial behaviour, digital literacy, and financial socialisation were found to significantly affect the level of financial literacy. These observations indicate that targeted educational programs need to be implemented to increase the level of financial literacy among students for informed financial decision-making.