Journal of Finance and Investment Analysis

Financial Literacy in Brunei: A Socio-Cultural Analysis

• [ Download ]
• Times downloaded: 4

• Abstract

   

  This paper presents an analysis of the relationship between the social and cultural background of Bruneians and their financial literacy level, with a focus on younger and middle-aged adults in Brunei. The focal research questions address demographics and awareness of financial literacy concepts and variations between groups: what are the key socio-cultural factors that impact financial decision-making and behavior in Bruneian communities, and to what extent does financial literacy vary among socio-economic and demographic groups in Brunei? To collect data, a questionnaire was distributed via mainstream social media platforms. The questionnaire consisted of three sections: Socio-demographic Background, Financial Inclusion, and Financial-Related. The data were analyzed using IBM SPSS, with ANOVA tests performed to address the research questions. The study finds that the financial literacy level is influenced by socio-cultural variables, including ethnicity, first language, and education.

  The study’s findings underscore the need to improve public education efforts across various contexts, starting from an early age, to ensure that all Bruneians achieve and maintain financial literacy throughout their lives (Al Rahahleh, 2022). Although there are variations across demographic categories and other characteristics, all age groups included in the sample showed a need for increased support in relation to financial literacy.

   

  JEL classification numbers: G53, G40, D14, Z10.

  Keywords: Financial literacy, Financial education, Socio-cultural factors, Financial decision making, Brunei.