PARENTS' CHOICE IN LEARNING FINANCIAL EDUCATION FOR THEIR CHILDREN: A STUDY IN NORTHERN MALAYSIA

Abstract

Financial education is a lifelong endeavor, and it is never too late or too early to learn about financial matters. According to the OECD (2018), the level of financial knowledge or literacy and well-being can be significantly improved through financial education. Therefore, the objective of this research is to identify the preferred methods of parents in teaching financial education to their children in the northern region of Malaysia. This study utilized 419 parents as respondents from Kedah, Penang, Perak, and Perlis. Primary data was collected through online questionnaires in 2022. Our key finding is that across all states, the most common method for teaching financial literacy is through subjects that specialize in personal finance, offered by schools. This suggests a growing emphasis on integrating financial education into the core curriculum. However, the preferred methods vary depending on factors such as income level, job type, education level, and type of school. Additionally, support from all relevant parties, including the government, NGOs, universities, and industry players, is also significantly important. The results from this study contribute to the academic body of knowledge in the field of financial education and financial literacy, especially among the younger generation.