Financial Literacy: The influencing factors among Youth

Abstract

In the complicated economic environment of today, financial literacy has become essential, especially for young people who will be the next generation of investors, consumers, and financial decision-makers. The purpose of this study is to investigate the elements that influence financial literacy in young people by looking at how education, socioeconomic background, parental guidance, and digital literacy all work together to influence financial habits and knowledge. The purpose of the study was to determine the elements that influence youth's financial literacy. To ensure sufficient statistical power, a stratified random sampling procedure was used on the sample size of roughly 300 participants. Quantitative data was analyzed using statistical software PLS sem, Descriptive statistics, regression analysis to identify relationships between financial literacy and influencing factors such as parental socialization, financial inclusion, and socioeconomic variables. The findings of this study have broad implications for a wide range of stakeholders, including university students, curriculum developers, parents of students, and future researchers. In this study, the factors that influence financial literacy among youth were examined, and it was concluded that the youth literacy level was moderate. In order to determine the connections between financial literacy and affecting factors such parental socialization, financial inclusion, and socioeconomic characteristics, quantitative data was examined using statistical tools PLS sem, descriptive statistics, and regression analysis. The results of this study have extensive significance for a variety of stakeholders, such as future researchers, parents of students, curriculum makers, and university students. After examining the elements that affect young people's financial literacy, this study came to the conclusion that young people's literacy level was moderate.