Financial Literacy in Southeast Coast of Sabah

Much of the literature found that there were financial literacy gaps in terms of demographic variables (Lusardi & Mitchell, 2006., 2010). Sabah, being one of the most diversify state in Malaysia in term of ethinicity and cultural aspects, and the second largest state in term of geographical area, is offering an exciting avenue to confirm or discount norms, values, and previous findings related to financial literacy. The results of the research suggest that the level of financial literacy in Sabah was seriously low. Furthermore, more than 70 percent of respondents felt below midpoint range (which 12 out of possible 24 points). The findings also revealed that the lower income group as well as those lower formal education were more financially illiterate. There was also some marginally gender gap as males were more financially literate than females. Older age group also fared marginally better. Perhaps the most interesting and important contribution from this research was the existence...