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Background of the study
The global financial marketplace is experiencing a gradual transition as Generation X and Y succeed Baby Boomers as consumers and managers. The desire for a better quality of lifestyle, freedom and flexibility is gradually replacing core values of hard work and security in lifetime employment ([53] Schiffman and Kanuk, 2007, pp. 425-31; [11] Cennamo and Gardner, 2008). Consumption motivations, perceptions towards risk and value of money are also gradually changing. College and undergraduate students born after 1977 belong to Generation Y that have been found to have higher self-esteem, greater willingness to take on risk, often driven by instant gratification to enjoy life and maintain a trendy social image ([59] Twenge and Campbell, 2008; [27] Herbig and Borstorff, 1995; [26] Heaney, 2007). They are also comparatively highly educated, more talented and technologically savvy than Baby Boomers. High self-esteem and expectations fuel their strong desire to succeed ([27] Herbig and Borstorff, 1995). In many cases, their protective upbringing has contributed to their inability to make decisions ([27] Herbig and Borstorff, 1995; [26] Heaney, 2007). A worrying trend is the lack of financial awareness of financial planning concepts and products amongst today's youths. Previous research found that many college and undergraduate students in the UK, the USA and Australia possess low financial knowledge leading to high levels of debts, risk of bankruptcy and lacking retirement planning skills among young adults ([12] Chen and Volpe, 1998; [29] James et al. , 2002; [23] Greenspan, 2002; [41] Marriott, 2007; [15] Dale and Bevill, 2007; [37] Lusardi and Mitchell, 2007; [28] Hoffman et al. , 2008). In Malaysia, credit card bankruptcies tripled from 2006 to 2007 and study loan defaults increased by 103 percent in the same period ([22] Goi and Nee, 2008). However, there is a dearth of studies investigating the state of general financial and financial product awareness among Malaysian youths. This study attempts to address the following research questions:
RQ1 . How do demographic factors in particular age, gender and education level influence the general financial and product awareness of youths?
RQ2 . Does a business degree promote greater general financial and product awareness amongst youth today?
In terms of methodology, this study develops reliable and valid measurement scales for both general and...