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The Effects of Financial Literacy on Financial Planning and Wealth Management – The Malaysian Scenario
This thesis analyses the complex interconnection between financial literacy, FP, and WM in Malaysia. The economic liberalization of Malaysia has seen the country's economy proliferate, and the sophistication of the products and services being offered has risen, making monetary literacy critical to the populace. This paper also looks into the aspects of financial literacy in different segments of the population of Malaysia: young people, low-income earners, and the rural populace, with emerging polarized educational themes inherent in financial decision-making. The study also looks at the relationship of financial literacy with financial planning and wealth management, with findings showing that a higher level of financial literacy leads to improved financial performance, higher saving propensity, wise investment choices, and enhanced financial sustainability.
The research assesses the existing strategies carried out by government and non-governmental organizations seeking to improve financial literacy to evaluate their effectiveness in society. If, on the one hand, technology is examined as a tool for enhancing people's financial literacy, then on the other, the possibilities and shortcomings of digital financial services to contribute to financial inclusiveness are also analyzed. Moreover, this study reveals that there are difficulties in developing financial literacy, which may impede it, including economic socio-cultural factors, the problem of digital literacy, etc. At the same time, there are particular possibilities for improving financial education to create effective programs with the help of public-private partnerships.
Submitted by: [Dannii Chin Fook Yew] [ EIU600776] In Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration (DBA.) in Financial Management Supervisor: [Dr.V.B.Kumaresan] Date: [05,13,2024] EIU-Paris