HOW FINTECH AFFECTS FINANCIAL LITERACY AMONG STUDENTS

AFW 272

HOW

FINTECH

AFFECTS

FINANCIAL

LITERACY

AMONG

STUDENTS

PRESENTED TO
DR EMA IZATI BT ZULL KEPILI

PRESENTED BY

ANIS NADHIRAH BINTI ZULHISAM
154195
NUR AQILAH BT MUHAMAD YUSOFF
154229

CONTENTS 1
2-3
Abstract 4-7
Introduction 8-14
Review 15-16
Methodology & Findings 17-19
Conclusion 20
References
Appendix

HOW FINTECH AFFECTS
1
FINANCIAL LITERACY

AMONG STUDENTS

ABSTRACT

People's level of financial literacy has been shown to

influence their savings and investment habits, as well

as their practises related to borrowing and debt

management. The Covid-19 pandemic and Malaysia's

implementation of the Movement Control Order

have increased the demand for digital connectivity

between financial institutions and customers in 2020

and 2021. People who are financially literate are able

to use a variety of financial skills to their advantage.

Earning, saving, investing, budgeting, borrowing and

taxation are all examples of financial skills gained..

Hence, a lack of financial knowledge leads to

negative implications, difficulties, and poor spending

decisions. Previous research reveals that financial

literacy among students is necessary to prevent

future issues due to a lack of knowledge on personal

financial management. This survey examines how

FINTECH affects financial literacy among students,

especially in saving and budgeting. In this survey,

data was gathered from surveys and secondary

sources. From the result of the data, we find the

usage of FINTECH products has a positive impact on

undergraduates’ student financial literacy.

Keywords: FINTECH, Financial literacy,

Undergraduates’ student, Personal finance.

INTRODUCTION

In the time where advancements

are everything, we can witness the rapid

development of technology. This clearly

can be seen based on the changes

where everything at your fingertips

which are increasingly complex, simple

but also compact. We clearly could see

its benefit to a lot of people and make

daily work easier. The growth of the

digital economy has grown rapidly

following the COVID-19 pandemic. Thus,

we can see how the traditional

economy switches to new digital Unfortunately, young people's

business. Finance Minister Tengku financial literacy is still low. OECD

Datuk Seri Zafrul Abdul Aziz at the (2005) defines financial literacy as a
process by which to increase
launching event of Financial Literacy understanding and knowledge of
Month (FLM 2021) said “The rapid financial products and concepts

development of digital technology due through information, instructions,

to Covid-19 post-pandemic has advice and objectives, skills and

increased the need for digital confidence levels to be more aware

knowledge”. Regardless of our source of of financial risks and opportunities to
income, it is important to have deep make choices in decision making and
improving financial well-being.
knowledge of money management in According to the Malaysian

contrast to building financial resilience. Department of Insolvency (MID) in

May 2021, the number of bankruptcy

cases increased from December 2020

to the first quarter of 2021 alone.

2

INTRODUCTION

This includes the youth, some of The Fintech industry keeps
them are students. The students blooming following the rapid
themselves need to plan financially development of technology,
well, especially when they are offered especially during pandemics. Fintech
loans. Here, financial literacy is refers to financial companies and
important for students in order to firms that use software to provide
plan their finances wisely. There are a financial services to consumers. There
few main components in financial are a lot of fintech products offered in
literacy which are earning, spending, the market such as e-wallets, e-
saving, borrowing and investing. banking, e-payment and wealth tech
Thus, in the survey, we would like to to help consumers be more
know how youth utilize access to thoughtful in handling their finances.
Financial Technology (Fintech) Thus, in this study, we would like to
products and how it helps their see how fintech could promote
financial literacy. positive financial behaviour among
the youth, particularly among
Hence, we should be able to undergraduate students.

protect our finances for our own The objective of this study is to find
out students' financial literacy. Here,
future. According to the RinggitPlus we would like to see how fintech
helps students improve their financial
Malaysia Financial Literacy Survey literacy (spending and saving
behaviour). Besides, we also want to
(RMFLS) 2021, the number of see what influence undergraduate
students in using fintech products
Malaysians unable to save money and services. Last but not least, to
understand the acceptance of fintech
on a monthly basis has increased among undergraduates

during this pandemic. As a result, 3

developing financial literacy is

essential, especially at a young age,

in order to ensure effective finances.

In consequence, based on the

current living situation, we should

always be financially well prepared

if there is another pandemic or

economic instability. .

HOW FINTECH AFFECTS FINANCIAL
4
LITERACY AMONG STUDENTS

REVIEW

2.1 FINTECH 2.2 FINANCIAL

LITERACY
FinTech, which combines the
Having the ability to make sound
words “financial” and “technology”, financial decisions and thus improve
one's own financial well-being is
is a comparatively recent and referred to as "financial literacy"
(Atkinson and Messy, 2012). The
frequently ambiguous phrase that financial literacy of individuals
generally views how an individual
refers to any developing manages their financial matters
successfully. Most studies have shown
technology that enables that many people have low financial
literacy; this problem occurs as a
consumers or financial firms to result of a lack of financial planning
and an insufficient amount saved
supply financial services in better, (Lusardi & Mitchell, 2014). Financial
incapacity can make it difficult to
speedier methods than previously make decisions such as choosing the
right types of bank accounts,
possible. Consider the difference planning for retirement and repaying
personal debts such as student loans.
between stepping into a bank to

inquire about your balance and

being able to access that data in

real-time on your mobile. Fintech

also encompasses the creation and

use of digital currencies like

bitcoin. Though this sector of

fintech gets so much attention, the

major revenue is still in the old

global financial business, which

has a multi-trillion-dollar market

valuation.

HOW FINTECH AFFECTS FINANCIAL
5
LITERACY AMONG STUDENTS

According to Emmons, 2005 Raising awareness and increasing
financial literacy is a skill to
manage financial resources and communication about the
obligations in understanding
opening savings accounts, importance of financial education
applying for a loan, the ability to
compare competing offers, having should be encouraged in Malaysia. As
basic knowledge of insurance, and
the purpose of making financial a result, it is acknowledged that
preparations for the future.
Financial literacy is defined as the technology can be used to make
ability to make sound financial
decisions (Fatemeh Kimiyaghalam information more accessible to
& Safari, 2015). According to Bank
Negara Malaysia's Financial
Capability and Inclusion Demand
Side Survey (2018)

Malaysians (Malaysia National

Strategy for Financial Literacy, 2019).

In a survey of 828 college students

aged 21 to 25, it was discovered that

financial literacy is still at a high level

among those in the age group

studied. Although some weaknesses

relating to young people's financial

concerns must be addressed, work

must be carried on in this direction

(Abu Sufian Abu Bakar, 2019).

HOW FINTECH AFFECTS FINANCIAL
6
LITERACY AMONG STUDENTS

REVIEW

2.3 FINANCIAL

LITERACY AMONG

STUDENT

The concern of financial literacy Individuals' saving behaviour is a
huge success because it directly
among students has attracted helps the economy's growth and
development while also providing
much interest in recent years. long-term capital for the country's
prosperity
Besides, financial literacy has

been demonstrated to have an

impact on many aspects of

financial behaviours among

youngsters, particularly Next, the impact of financial literacy

undergraduate students. It’s on personal savings among

important for them to Malaysian students and citizens in

understand the concepts of Malaysia was analyzed using probit

saving, budgeting, and investing regression by Mahdzan and Tabiani

in order for them to make proper (2013). They discovered that

financial decisions. According to a financial literacy was a major

survey that has been done, predictor of individual savings. In

almost all students agree that Zimbabwe, Murendo and

using a budgeting app can help Mutsonziwa (2017) conducted a

them save money and also saving regression technique to

through online platforms is easier demonstrate that financial literacy

for them to track their spending. and personal savings had a

This clearly approves that favourable association. Using probit

financial literacy has a good regression, Baidoo, Boateng, and

impact on individuals, especially Amponsah (2018) found that

students' savings. Also, It has financial literacy could be a useful

been found that financially tool for increasing savings in Ghana.

literate individuals have a greater In summary, research indicates that

understanding of technology and all students have used financial

skills as the majority of the technology products such as e-

respondents said that they have a banking and e-wallet, implying that

great experience using e-banking they are all familiar with current

services. technology and capable of

managing their own finances.

HOW FINTECH AFFECTS FINANCIAL
7
LITERACY AMONG STUDENTS

REVIEW

2.4 FINTECH AND

RISING OF FINANCIAL

LITERACY

As people get used to the 'new Youngsters have become the sole
decision-makers for everything
normal,' the use of digital banking online in most households due to
their increased interest in
and cashless payment methods is technology and devices (Viraj,
2022). Malaysia's FinTech sector is
becoming increasingly popular. currently dominated by e-wallets
and electronic payments, but other
World Bank and OECD say that a FinTech subsectors are gradually
gaining popularity (The Legal 500,
lack of knowledge about finances 2019).

could be a barrier to people using

financial products. FinTech

provides customers with simple

financial concepts in order to make

financial products and services FinTech companies are using

more user-friendly. FinTech's gamification and non-

potential can be accelerated and consequential money

major financial issues in developing management to improve the

countries can be solved by this financial literacy of young people

(FinTech for Financial Inclusion: A (LinkedIn, 2022). Both the quantity

Framework for Digital Financial and quality of financial inclusion

Transformation, 2018). The recent and education can be improved by

surge in popularity of fintech FinTech. FinTech has the potential

apps/wallets has created a lot of to encourage more people to use

opportunities for businesses to financial services that are more

target young people as the next affordable, more convenient, and

growing customer segment (Viraj, better suited to their individual

2022). needs (Thammarak Moenjak et al.,

2020).

METHODOLOGY
AND FINDING

1.Quantitative method

Questionnaires are being
distributed to respondents
about our survey in order to
get clearer understanding. The
result from this will be
analyzed and discussed.

In order to achieve our An online survey which is
Google form is used to easily
objectives, 2 types of reach respondents

approaches which are 2. Qualitative method
collect information from
qualitative and quantitative reputable sources for
example article journals,
are used to gain more reports and website articles

information regarding our Data from past helps to get
a deep understanding.
survey.

The purpose of this survey is to

find whether FINTECH gave an

impact on financial literacy

among students.

By using both methods it helps
us to get better outcomes for our
survey

HOW FINTECH AFFECTS FINANCIAL
8
LITERACY AMONG STUDENTS

9 HOW FINTECH AFFECTS FINANCIAL

LITERACY AMONG STUDENTS
DEMOGRAPHY

N=50

100%

50 respondents. With the difference For the use of financial
technology(FINTECH) products for
of 5, we have slightly more female example e-wallets and e-banking all
of the respondents use and were
respondents than male exposed to the FINTECH products.

respondents

INDIAN YEAR 4 YEAR 1
2% 12% 10%

CHINESE
24.5%

MALAY YEAR 3
73.5% 26%

The respondents are categorized into YEAR 2
three categories by ethnicity. There are 52%
36 Malay students, 13 students are
Chinese and only 1 student is Indian. The majority (26) of respondents are
year 2 students. Next, 13 of them are
year 3 students. 6 of them are year 4
students and 5 of the respondents
are year 1 students

RURAL
2%

TOWN For the living area, the city form the
34% largest category of the respondents with
the number of 32, followed by 17 living in
CITY a town area and only 1 of the respondent
64% live in a rural area

10

I HAVE GREAT EXPERIENCE USING E-BANKING SERVICE

20

The graph shows the respondent
15 response to e-banking services, based on

the table we can conclude respondents
10 had a positive experience when using e-

banking services while 2 of the
5 respondents strongly disagree and

1person somewhat disagree with the
0 statement. We can conclude e-banking

service is satisfactory for most of the
respondents.
STRONGLY DISAGREE DISAGREE SOMEWHANTEAUTGRRAELE AGREE
DISAGREE AGREE

SOMEWHAT STRONGLY

I HAVE E-WALLET APP IN MY SMARTPHONE

40

The graph shows respondents' 30
responses to having an e-wallet app on 20
their smartphone. based on the data we 10
can conclude most of the respondents
are familiar with e-wallets which is one of 0
FINTECH's products, however, 2 students
strongly disagree. Here we can conclude STRONGLY DISAGREE DISAGREE SOMEWHANTEAUTGRRAELE AGREE
that we can see the acceptance of DISAGREE AGREE
cashless is undeniable with the
advancement of technology such as SOMEWHAT STRONGLY
smartphone.

I USE ONLINE TRANSACTIONS (ONLINE TRANSFER/ E-WALLET)

TO MAKE PAYMENT AGREE
AGREE
30

The graph shows respondents' behavior
of making payment using online
20 transactions. Here we can see most of the
respondents use online transaction in
making payment only 2 of the
10 respondents strongly disagree. Here we
can assume that the respondents see
online transaction as a platform that easy

0

for them to reach and to work with. Also,
we could see the changes of respondent
lifestyle correlated with the advance of
technology.
STRONGLY DISAGREE DISAGREE SOMEWHANTEAUTGRRAEEL STRONGLY
DISAGREE

SOMEWHAT

HOW FINTECH AFFECTS FINANCIAL
11
LITERACY AMONG STUDENTS

I THINK BUDGETING APP CAN HELP MY SPENDING AGREE
AGREE
25

The table shows how respondents believe
20 a budgeting app can help them in saving

money. Budgeting apps are indeed
15 beneficial to students, particularly in

terms of assisting them in saving their
10 pennies until another student loan

arrives. On top of tuition fees, needing to
5 pay bills, travel, and other expenses might

quickly deplete their money account. We

0

may assume from the table that the
majority of the respondents have had the
efficiency with the budgeting app.

30

I FEEL EASY TO TRACK MY SPENDING USING E-BANKING
DISAGREE SOMEWHANTEAUTGRRAELE STRONGLY
DISAGREE
DISAGREE

STRONGLY
SOMEWHAT

The table illustrates how much 20
easier e-banking makes it for 10
respondents to keep track of their
spending. We can conclude from 0
the chart that the majority of
respondents agree that e-banking STRONGLY DISAGREE DISAGREE SOMEWHANTEAUTGRRAEEL AGREE
has benefited them. Only two DISAGREE AGREE
people disagree with the assertion,
and one person strongly disagrees. SOMEWHAT STRONGLY

I FEEL SAVING THROUGH ONLINE PLATFORM IS EASIER FOR ME

20

The table demonstrates how easy it
15 is for respondents to save money via

an online platform. We can see from
10 the graph that some respondents

disagree, strongly disagree, and
5 somewhat disagree with the

statement, but the majority strongly
agree with saving using an internet

0

platform.
STRONGLY DISAGREE DISAGREE SOMEWHANTEAUTGRRAELE AGREE
DISAGREE AGREE

SOMEWHAT STRONGLY

THE E-PAYMENT SYSTEM IS EASY TO UNDERSTAND 12

25

20

15 The chart shows that the e-payment
system is simple to understand for

10 responders. From the graph, we can
determine that respondents have had

5

a positive experience with e-payment,
0 which has led to their satisfaction

with its use.
SSOTSMREOOWMNEHGLAWYTHDDDANIIITESSSAAAAUTGGGGRRRRRAEEEEEEEEL AGREE
AGREE

STRONGLY

I FEEL FINTECH MAKES ME AWARE ABOUT NEW FINANCIAL PRODUCTS AND SERVICES IN


THE MARKET (INVESTMENT APP, E-WALLET APP)

30

According to the data, respondents 20
believe fintech helps them learn 10
about new financial products and
services on the market. However, 0
there are variety of responses from
the responders. As a result, the SSOTSMREOOWMNEHGLAWYTHDDDANIIITESSSAAAAUTGGGGRRRRRAEEEELEEEE AGREE
majority of them agree with the AGREE
statement and fintech has had a
beneficial impact on the responders. STRONGLY

I THINK FINTECH DOES ATTRACT ME TO IMPROVE MY FINANCIAL UNDERSTANDING

(E-PAYMENT, E-BANKING)

25

20 The table demonstrates how
respondents believe fintech attracts

15

them to improve their financial
10 knowledge. We may conclude from

this that respondents had a positive
5 experience with fintech, which

encouraged them to learn more

0

about it, despite the fact that some of
them disagreed with the statement.
STRONGLY DISAGREE DISAGREE SOMEWHANTEAUTGRRAEEL AGREE
DISAGREE AGREE

SOMEWHAT STRONGLY

STRONGLY DISAGREE13 I'M AWARE OF EXISTENCE OF ONLINE FRAUD AND CYBER SECURITY RISKS (eg.
DISAGREESOMEWHANTEAUTGRRAEELAGREE
DISAGREE AGREE
PHISING AND HACKING)
SOMEWHAT STRONGLY
25

The table illustrates how many

20

respondents are aware of online
15 fraud and cyber security threats.

We can determine from the graph
10 that respondents are well aware

of online fraud because the
5 majority of them strongly agree

with the question. Overall, being

0

aware of phishing and hacking is
critical in ensuring the safety of
our data.

With the assistance of FINTECH, students are able to improve their
financial literacy. According to the Theory of Planned Behavior (TPB),
intention is a basic foundation that could give an impact on a specific
activity because it demonstrates how keen people are to perform a
specific action. This study's findings reveal that fintech can help the
student in managing and strengthening their finances and eventually
helps to save for their future goals.

In this study, we would like to see what influence undergraduate student
in using FINTECH product and services. Referring to the survey collected
majority of the students had a great experience using the e-banking
service. As well the systems that are user-friendly and easy to
understand make the students favour using these products.

Based on this study, we can see that all the respondents use e-banking
and have e-wallets on their smartphones. There is no particular difference
in how the living area could affect the usage of Fintech among students in
this study. Most of the students are aware of new financial products and
products in the market through Fintech only 5 students don't really agree
with the statement. The students can access Fintech products such as
investment apps and insurance apps in order to understand more detail
about the product thus, helps them to be good decision-makers.

The majority of the respondents are familiar with cybercrime in the
finance world. As we moved to a digital platform, it is important to have
awareness of the risk hence we as consumers could protect ourselves
from crimes such as hacking and phishing. Here, we see respondents
who as a user aware of the existence of online fraud and cyber security
hacks.

HOW FINTECH AFFECTS FINANCIAL
14
LITERACY AMONG STUDENTS

CONCLUSION

The global economy is gradually shifting

to digital channels due to the rapid A study by McKillop, French, and Stewart
(2020) claims that smartphone apps can
advancement of technology. Businesses and help people achieve their financial goals
more quickly and conveniently. Workers
customers alike have been impacted by in Northern Ireland's largest credit union
(16–65 years old) received four
financial technology innovation. Some of their smartphone apps (collectively dubbed
'Money Matters') from the authors. It's
effects include money transfer, banking, and also possible to compare loans and
monthly expenses using an app that
the regulations that govern the industry. After compares interest rates. Financial
knowledge, understanding, and basic
that, as mobile technologies develop, skills as well as attitudes and
motivations improved significantly for
financial transactions became even more those who used the apps. Financial
mistakes were less stressful for those
efficient and convenient thanks to who used the apps because they had
better records of their income and
smartphone-based financial support expenses. Kamlesh, Philip and Engels
examine financial fraud in a separate
applications. For example, rather than going study (2020), which could have a
significant impact on consumer morale
to the bank to make a money transfer, and trust in financial institutions,
respectively. More financially savvy
consumers can do so quickly by using a individuals are more likely to detect
fraud, according to the researchers.
mobile banking app on their devices.
15
According to the report from Fintech

Malaysia (2021), Mobile banking transactions

surged more than double in 2020 compared

to 2019. The surge in transactions was

supported by a 3 million increase in mobile

banking service subscribers in 2020 to 20.2

million, from 2019’s 17.2 million. The pandemic

of COVID-19 has ramped up digitalization. The

importance of digital financial services in

providing customers with safe, low-cost, and

contactless financial tools has become even

more apparent as the world struggles to deal

with the COVID-19 crisis.

HOW FINTECH AFFECTS FINANCIAL

LITERACY AMONG STUDENTS

The findings of our research can be Through this study, we can see
broken down into several categories. most undergraduate students are
To begin, our research reveals that familiar with Fintech products such
having a solid understanding of as doing online transactions. For
financial literacy has a beneficial that matter, clearly in this study too,
impact to implement Fintech products many undergraduate students
such as using mobile payment apps benefit from the Fintech product by
and e-wallets and using at least one of helping them to do saving and
Fintech services. Since advances in budget. Moreover, we believe
FinTech have been occurring at rapid behaviour really plays a big role in
speed, consumers have only begun to increasing financial literacy. Here,
scratch the surface of what is possible saving through Fintech products is
and likely to occur in the coming years. easier for the students to keep their
FinTech is literally changing our lives behaviour, as they can see and
and habits by making it simple to manage it without any hustle as
trade, bank, and make transactions everything is on their smartphone.
without the need for physical
interaction between people. Many Financial technology (FinTech)
studies have shown that Millennials services can help students avoid
and Gen Z have the highest level of overspending because it is easy for
acceptance this means that financial students to buy things they don't
experts, banks, and Fintech providers really need. Knowing one's own
must capitalize on this fact to push income and expenses enables a
their Fintech services through digital student to set a cap and perhaps
channels such as e-banking. even start saving money for
anticipated future expenses.
Fintech is a result of the fusion of
finance and technology, which has
an impact on the entire financial
sector.

HOW FINTECH AFFECTS FINANCIAL
16
LITERACY AMONG STUDENTS

HOW FINTECH AFFECTS FINANCIAL
LITERACY AMONG STUDENTS

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APPENDIX

SAMPLE QUESTIONNAIRE

END