Financial literacy in a changing economy: a Malaysian perspective (2020–2024) literature review

Financial literacy is increasingly recognized as a crucial skill for both individuals and economic stability, mainly in a rapidly evolving financial landscape (Rahim et al., 2024) & (Goyal & Kumar, 2020). Financial literacy helps individuals to grasp their goals, prepare for emergencies, make informed decisions, and reduce financial stress. The fundamental basis of financial literacy involves understanding and application of key financial concepts such as saving, investing, spending, and borrowing. But it is not limited to knowledge and skills of money that comprise financial literacy as it also encompasses the ability to use them, establish the appropriate attitude, and behave appropriately. This literature review focuses on the importance of financial literacy in Malaysia between 2020 and 2024, which included past, pre, during, and post pandemic articles examining its impact on various segments of the population and the factors influencing it.