Determinants of financial literacy among working local professionals in the region of Mecca, Saudi Arabia

• Main Authors: Hamdan, Hamdino, Alammari, Salem Mohammed
• Format: Article
• Language: English; English
• Published: Universiti Islam Sultan Azlan Shah 2021
• Subjects: HG179 Personal finance
• Online Access: http://irep.iium.edu.my/90502/6/90502_Determinants%20of%20financial%20literacy%20among%20working%20local%20professionals.pdf; http://irep.iium.edu.my/90502/11/90502_Determinants%20of%20financial%20literacy%20among%20working%20local%20professionals_Scopus.pdf; http://irep.iium.edu.my/90502/; http://www.gjat.my

Due to the new economic reforms in Saudi Arabia and the introduction of the value-added tax, there is an increased need to enhance the public sector workers financial literacy. Based on the previous studies, financial literacy among the Saudis, in general, is low. Therefore, the objective of this study is to examine the degree of financial literacy among the public sector workers in the Mecca region, Saudi Arabia. Moreover, the study also aims to identify the determinants of financial literacy among public sector workers. This study used descriptive analysis, ANOVA, and multiple linear regression analysis to analyse primary data collected from 162 public sector worker. The study results reveal above-average financial literacy among public sector workers. ANOVA test indicates that there is a difference among the public sector workers monthly income and level of education groups. Nevertheless, the multiple regression analysis shows that financial behaviour and financial attitude are positively affecting financial literacy among public sector workers. This study also recommends some possible ways to enhance, improve, and increase awareness, importance, and the need for financial literacy among public sector workers.