The Required Financial Concept for Low Income to Attain Financial Capability: Insight from Experts’ Responses

Abstract

This paper attempts to provide an in-depth need for financial literacy schemes for low-income people, especially among the youth, from the insight perspectives of experts in financial institutions. Approach – This study adopted a qualitative methodology using in-depth and structured interviews. The participants for the study were strictly experts from financial institutions. Findings – Experts expressed concern that low-income people should be aware of primary financial concerns related to saving, budgeting, credit, income, inflation, and consumer goods pricing. This study further shows that teaching the low-income group how to generate sufficient income would be more relatable, which will pave the way for them to manage their income and expenses. Research limitations/Implications – This study's sample size was relatively small, involving eight experts. In addition, this research has also considered one weakness as the participants were experts from financial institutions.