A comparison on financial literacy between welfare recipients and non-welfare recipients in Brunei. Issue 7 (13th July 2015)

• Record Type: Journal Article
• Authors: Pg Md Salleh, Ak Md Hasnol Alwee
• Is Part Of: International journal of social economics. Volume 42:Issue 7(2015)
• Page Start: 598
• Page End: 613
• Publication Date: 2015-07-13
• Subjects: Economics -- Periodicals; Social sciences -- Periodicals; 330.05
• DOI: 10.1108/IJSE-09-2013-0210
• Languages: English
• ISSNs: 0306-8293

Abstract

<abstract> <title> <x content-type="archive" xml:space="preserve">Abstract</x> </title> <sec> <title content-type="abstract-heading">Purpose</title> <p> – The purpose of this paper is to provide insights onto the level of financial literacy in Brunei, notably focussing on the findings of welfare recipient's <italic>vis-à-vis</italic> non-welfare recipients. </p> </sec> <sec> <title content-type="abstract-heading">Design/methodology/approach</title> <p> – Findings are based on structured interviews with 431 heads of households (215 welfare recipients and 216 non-welfare recipients), within the realm of money management, emergency planning and investing for goals. To analyze the data, Pearson's <italic>χ</italic>2 test and logistic regressions are undertaken. </p> </sec> <sec> <title content-type="abstract-heading">Findings</title> <p> – The findings underline the importance of enhancing the level of financial literacy, notably for low-income households and those in poverty, as the analysis highlighted their level of financial literacy was significantly lower than non-welfare recipients. </p> </sec> <sec> <title content-type="abstract-heading">Research limitations/implications</title> <p> – Future researches may want to consider a random sampling approach and/or using other districts in the country, to ascertain a representative set of findings. </p> </sec> <sec> <title content-type="abstract-heading">Practical implications</title> <p> – The implication of the findzings highlights the need for welfare programs to consider incorporating financial literacy programs, designed specifically for welfare recipients, distinct from non-welfare recipients. </p> </sec> <sec> <title content-type="abstract-heading">Originality/value</title> <p> – There is currently no known research on financial literacy related to Brunei. Further, the paper also focusses on financial literacy, as a means to assist those in welfare or poverty, in order to enhance their financial well-being.</p> </sec> </abstract>