Empirical examination of financial literacy among youths in the developing economy

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Abstract

This study aimed to investigate the financial literacy level of youth in Saudi Arabia and identify any associations between their financial understanding and demographic characteristics (Seraj et al., 2022). A digital questionnaire was administered to gather data, and 439 responses were deemed appropriate. The regression results revealed that higher levels of financial knowledge among youth are linked to gender, education, and specialization. In contrast, other factors, such as living, marital status, region, and job status, were not significantly related to financial literacy. This study was unique to the Saudi context (Ansari et al., 2023). The study showed the importance of increasing financial knowledge among youth in Saudi Arabia to ensure better financial well-being and avoid future financial distress. It provides policy implications for increasing financial knowledge among youth in Saudi Arabia to promote better financial well-being and avert future financial distress. Recommendations have been made to introduce financial education courses to enhance young individuals’ financial literacy and welfare.

Keywords: Financial Education, Financial Knowledge, Financial Literacy, Youths, Saudi Arabia

Authors’ individual contribution: Conceptualization — S.A.A.; Methodology — S.A.A.; Software — Y.A.; Validation — Y.A.; Formal Analysis — M.S.A.; Investigation — S.A.A.; Resources — M.S.A.; Data Curation — S.A.A.; Writing — Original Draft — M.S.A.; Writing — Review & Editing — Y.A.; Visualization — Y.A.; Supervision — M.S.A.; Project Administration — M.S.A.

Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

JEL Classification: G11, G41, G51, G53

Received: 17.04.2024
Accepted: 25.11.2024
Published online: 29.11.2024

How to cite this paper: Ansari, Y., Albarrak, M. S., & Alokley, S. A. (2024). Empirical examination of financial literacy among youths in the developing economy. Risk Governance and Control: Financial Markets & Institutions, 14(4), 123–135. https://doi.org/10.22495/rgcv14i4p12