TO EXAMINE FINANCIAL LITERACY AMONG MILLENNIALS IN MALAYSIA: THE GAP BETWEEN THEORY AND PRACTICE

Abstract

The Millennial generation encounter numerous significant hurdles in achieving financial stability. Escalating living costs and economic instability have influenced their consumption habits, financial management, and monthly savings. It was reported that over 20% of bankruptcy cases between 2018 and 2022 involved millennial generation. Based on the survey conducted by a Malaysian private university UCSI revealed that approximately three-quarters of Malaysian youth lack of adequate capital for their financial obligations. This generation has gone through various levels of theoretical exposure about the importance of financial literacy, whether in education or employment. However, the statistical data shows in reality the level of financial literacy is still low. In this regard the research is important to examine to close the gap between the theory and the practical aspect of financial literacy in order to ensure the effectiveness of financial literacy program can be translated into the real-world financial scenario among the millennial generation.