Working Women and Their Perspectives on Financial Literacy and Financial Well-Being

Abstract

The aim of this study is to highlight the state of financial literacy among working women in government. Previous research has found that due to the traditional role that women play, they have a significant knowledge gap in financial literacy. Women nowadays spend more time at home caring for their families and children compared to previous generations, have fewer opportunities to be involved in the world of work, and rarely have the opportunity to discuss financial decisions with family or friends. Regardless of the fact that women are entitled to education and employment opportunities, studies show that their financial literacy remains low. The financial well-being theory and the OECD framework were used as the main theoretical frameworks in this research. The preliminary data for the study came from 5 working women from various ministries in Putrajaya. In-depth interviews with semi-structured questions were employed to collect data, which was then interpreted using thematic analysis. The outcomes of this research revealed six themes related to the women's experiences with financial literacy that leads to their financial well-being: financial independence, knowledge of financial products, high-risk investment commitment, freedom from financial commitment, financial goals, and ability to seek information and save money. This study put forward two strategies to increase financial literacy, including incorporating financial education as a core component of early-age curriculum and expanding promotional campaigns and social media awareness. This study provides insight, particularly for the government, through how to improve more financial educational opportunities for women in order to reduce gender disparities in Malaysia.