Young 2010). Chowa, Despard, Osei-Akoto (2012) found that the

people are making more financial decisions at younger ages (Fraczek, and Klimontowicz,
2015). They discussed that  teenagers
have a high spending rate when using cash, checks, or credit cards, but
unfortunately, it does not mean that they have sufficient financial literacy.

According to Lusardi, Mitchell, and Curto (2010), financial mistakes made early
in life can be costly. They mentioned that young people find themselves having
large amounts of loans or debts and these can hinder their ability to
accumulate wealth. Research outcomes show that many young people are lacking
financial knowledge, skill, and financial management training (Rajna,
Ezat, Junid, and Moshiri, 2011). Their financial literacy is poor. Not being
knowledgable does not enable them to make reasonable financial decisions and
choose good bank offers.

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            People often make financial
decisions based on advertisements and promotions, rather than on calculations
and financial analysis (Fraczek and Klimontowicz, 2015). Some people also make
financial decisions by consulting friends and colleagues (Lusardi, Mitchell,
and Curto, 2010). Chowa, Despard, Osei-Akoto (2012) found that the two main
sources of financial education are from parents, and school, respectively. This
result varied between regions. Different regions may have different access and
use of public education. According to Fraczek and Klimontowicz (2015), some
young people today make financial decisions on the basis of their emotions and
not on their financial knowledge and skills


            Financial literacy can help
university students on how to budget and how to save (Özdemir, Temizel, and
Sönmez, 2015). An analysis of financial literacy was conducted on college
students by Chen and Volpe (1998). They have found that business majors are
more knowledgeable than those who were not business majors. This finding is not
surprising because business majors take more finance related courses and
business seminars. Their findings also suggested that higher class rank
students are more knowledgeable than those in the lower class rank. They also
mentioned that graduate students are more knowledgeable than undergraduate
students. Rajna, Ezat, Junid, and Moshiri (2011)
found that about three quarter of Malaysian doctors have a high and positive
financial attitude towards financial management. They have financial goals and
financial responsibilities towards their families. Along with Chen and Volpe
(1998), they have found that demographic characteritics did not influence their
level of finanacial management attitude. However, Rajna, Et. Al (2011) found
that ethnicity and exposure overseas during undergraduate studies has an impact
on the financial attitude of doctors. Özdemir, Temizel, Sönmez, and Er (2015)
also found that financial illiteracy is highly common among some certain
demographic groups. They mentioned that it decreases proportional to different
age groups.


and Volpe (1998), they have found that male students are more knowledgeable
than female students. Male respondents are more likely to answer questions
concerning saving and loan interest correctly than female respondents (Chowa,
Despard, Osei-Akoto, 2012). According to Rajna, Ezat, Junid, and
Moshiri (2011), male
medical practitioners practice better financial management than female medical
practitioners. “The gender gap in financial literacy continues to persist even
after taking into account marital status, education, income, and other
socioeconomic characteristics” (Bucher-Koenen, Lusardi, Alessie, van Rooij,
2016). Women are more likely to state that they do not know the answer to the
question than to respond to the question correctly. They are also not likely to
consult financial advisors for their lack of knowledge. They have also found
that older women may be less literate because they stayed home to care for
children and less likely to be in the workforce. They have experiences less, or
maybe no financial decisions. The younger female generation today are more
likely to be educated. Özdemir, Et. Al, (2015) states otherwise. They mentioned
that they did not observe a significant relationship between their male and
female respondent.


            Young people are seen contributing
to the problems of society but it should be remembered that they are important
assets for the economic life of their respective communities. (Fraczek and Klimontowicz,
2015). The decisions of the youth today will affect their families and
communities, as well as the country that they live in. In some cases, they may
react with risky or harmful behavior to themselves or towards the society. It
is critical to teach young people basic knowledge in financial management and
skills suck as decision making. These elements of financial literacy help
create the financial awareness of the young. These factors help them make
informed good financia decisions and it improves their financial well-being.

Fraczek and Klimontowicz  (2015) also
mentioned that young people need all the support they can get to contribute to
the well-being of their society.