Parents’ Perception on Importance of Financial Education for Children in the COVID-19 Pandemic Context

Abstract

COVID-19 pandemic has caused the economic shock to Malaysia. Certain number of individuals also suffered from job loss and pay cut throughout the COVID-19 pandemic. These situations might influence people’s perception on the importance of financial education. This study aims to investigate how the parent’s financial knowledge and financial planning ability affect their perception on the importance of financial education for the children. The findings of this study also indicated that parent with higher financial knowledge and greater ability in financial planning perceived that financial education is important to their child. Due to the preventive measure implemented during COVID-19 pandemic, parents supposed to have more time to stay together with their child. Thus, parents should grab this opportunity to guide their child in learning financial knowledge and demonstrate to them the proper way in handling financial resources effectively.