Publication: Covid-19 Financial Relief Scheme: An Analysis Of Financial Literacy And Financial Anxiety Among Malaysian Population
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Date
2024
Journal Title
Journal ISSN
Volume Title
Publisher
Asian Scholar Network
Abstract
This study examines financial literacy and its association with financial anxiety among the Malaysian population during the Covid-19 pandemic. Specifically, it evaluates the public’s understanding of the government’s financial relief initiatives, such as the Moratorium and EPF withdrawal schemes (i-Sinar, i-Lestari, and i-Citra). Using a survey of 372 respondents, the research measures financial literacy and anxiety levels through a Likert-scale questionnaire incorporating the Financial Anxiety Scale (FAS). Results indicate that only 9% of respondents demonstrated high financial literacy concerning these relief schemes, with factors like age and education significantly influencing literacy levels. The study also reveals a positive correlation between financial literacy and financial anxiety. These findings underscore the need for improved financial education to mitigate financial stress, particularly in crisis situations like the pandemic.
Description
International Journal of Advanced Research in Economics and Finance,Volume 6 Issue 3 Page (179–193)
Keywords
financial literacy, financial anxiety, Covid-19, moratorium, EPF, Malaysia
Citation
Siti Raihana Hamzah Afeefah, Mohd Fakhruddin, Norizarina Ishak & Ahmad Fadly Nurullah Rasedee Covid-19 Financial Relief Scheme: An Analysis of Financial Literacy and Financial Anxiety Among Malaysian Population. (2024). International Journal of Advanced Research in Economics and Finance, 6(3), 179–193. https://doi.org/10.55057/ijaref.2024.6.3.14