Elevating Financial Literacy Among Non-Governmental Organizations (NGOs) Rulers: Cognitive Understanding of Financial Knowledge, Skills and Responsibility

Abstract

There has been a rising interest in the financial literacy among the academician, community rulers, financial institutions, organization, and policymakers because it is vital part of everyday life for individuals and ability to provide for current and future financial needs. Recent surveys conducted by the Malaysia National Strategy for Financial Literacy 2019 -2023 reported that one in every three Malaysians rated themselves to be of low financial knowledge due to low confidence regarding their own financial knowledge, especially low income households group category. Failure to embrace the culture of proper financial management is a major obstacle community development, particularly due to inadequate levels of financial literacy in the handling of financial matters. Given this environment, indepth knowledge of financial literacy is a must in order to improve financial well being of community through competitive and sustainable economy. Hence, the purpose of this study is to elevate the financial literacy among Non-governmental organizations (NGOs) rulers in Malaysia. The NGOs rulers playing an important role to empower a sustainable, competitive and prosperous communities. Therefore, the knowledge and skill in financial literacy seem to be a very important element in making the financial well-being of the communities. In large it may reduce poverty among those in the B40 category. In this context, this study is highly referred in cognitive understanding of financial knowledge, skills and responsibility of the group to be studied, giving emphasis on the planning and management of the community economic activities and development program. Exploratory sequential mixed method research design will be employed, which combined qualitative (interviews) and quantitative (questionnaires) to enhance financial literacy that is expected to develop a financially literate nation for the long term economic well being of the communities.