FINANCIAL LITERATIONS OF PUBLIC SECTOR EMPLOYMENT: ISSUES AND CHALLENGES

Abstract

Smart financial decision-making practices based on the level of knowledge and literacy of an individual will enhance the ability to manage financial management practices wisely. The purpose of this study is to investigate the level of financial literacy among public sector workers from Klang Valley including Putrajaya. In addition, the study aimed to identify differences in the level of financial literacy based on gender and marital status and to identify the relationship between financial literacy level and academic achievement. The data collected were analyzed descriptively to obtain frequency, percentage and mean using software Statistical Package for the Social Sciences (SPSS) version 25. The reliability of the questionnaire was α = 0.878. The findings of the study show that the level of financial literacy among public sector workers is at a high level of knowledge. Public sector employees are also aware of the importance of more efficient and organized financial management. They are also able to control the flow of financial expenditures with the help of support activities such as overtime, ancillary work such as business. In addition, they are also exposed to personal financial management which will help to improve financial literacy. However, the attitude and ability and financial attitude of the respondents remain at a moderate level as it is sometimes difficult for individuals to control their spending when there is no alternative to supporting income to cover their daily expenses.