Financial Risk Literacy and Financial Wellbeing Among Youths In Northern Malaysia.

Overwhelmed amount of household indebtedness, high rate of bankruptcy, and low Amount of emergency savings raise concerns regarding the financial risk literacy of the Youths in Malaysia. Therefore, the prime objective of this study is to examine the impact Of financial risk literacy factors (financial risk knowledge [FRK], financial risk awareness [FRA], financial risk attitude [FRAT], and financial decision-making [FDM]) on the Financial well-being among the youths living in the northern region of Malaysia. Furthermore, this study also aims to identify whether there is a significant difference Between males and females regarding financial risk literacy factors. This study employed A correlational research design with an online survey approach for data collection was Used to meet the objective of this study. The survey data was collected from 400 Respondents aged 18 to 30 living in the northern region of Malaysia. Furthermore, to test The hypothesis of this study, Partial Least Squares Structural Equation Modeling (PLSSEM) And Statistical Package for the Social Sciences (SPSS) were utilized. The results of The hypothesis testing of the present study revealed that FRK, FRA, FRAT, and FDM Have a significant positive impact on the financial well-being of youths living in the Northern region of Malaysia. The results also indicate a statistically significant difference Between males and females regarding financial risk literacy factors. These findings will Provide valuable insights to policymakers, administrators, professionals, and educators on Understanding the importance of financial risk literacy factors to improve the financial Well-being of the youth. This study also suggests that educational institutions, Policymakers, and professionals make the necessary efforts to educate youth about Financial risk literacy, which can assist them in improving their financial well-being.