TAF PUBLISHING

This study aims to shed light on the possible research design to investigate whether young generation are well prepared with the basic financial knowledge to handle the personal finance issues. A pilot study is conducted to investigate whether there is a difference between teachers' and students' perception of the effectiveness of financial education in high schools and the need to provide personal finance education programs at higher education institutions. Preliminary hypotheses testing was conducted to explore the relationship between age, personal financial knowledge, and personal finance behavior of the high school and tertiary level students. Validated measurement scale items are adopted, and Hong Kong is chosen for the investigation. The results revealed that students and other stakeholders share the same view about financial education programs' effectiveness and the needs of such training at the higher education level. While taking financial education training could enhance financial literacy, doing so seems not a good predictor of financial behavior, so as the age and financial literacy level. The experience of this pilot study and the implication of these preliminary findings can support the design of a fuller scale of research by informing policymakers, education sectors, and social science on the need to identify possible factors affecting the financial behavior of the young generation. It will also help design highly targeted and well-specified programs to support them in managing financial matters for the well-being of the individuals and society.