Money management skill is a vital element in disciplining university student to

achieve a better life as working adults because students spending habits in campus will
influence the way they manage money throughout their lives (Dahlia, Rabitah and Zuraidah,
2009, abstract). Hence the awareness of students on financial literacy deemed to be important
for these societies to take ponders. Prior to millennium era, topics on improving self-financial
status and management have been seeking attention to those who want to improve theirs. In
addition, financial institution are actively promoting product which include investment
consultation and other areas attached with proper financial management. Nevertheless those
who seek or read this professional advice are rarely universities student. It is a believe that to
learn and improve at young will lead to a convincing future which will be never too late to
change.
Mason and Wilson (2000) give meaning to financial literacy as a meaning-making
process in which personal use an integration of skills, resources and knowledge to process
information and make decision with knowledge of monetary impact of that decision. Vitt et
al. on the other hand define it as:
the ability to read, analyze, manage, and communicate about the personal financial
conditions that affect material well-being. It includes the ability to discern financial
choices, discuss money and financial issues without (or despite) discomfort, plan for
the future, and respond competently to life events that affect every day financial
decisions, including events in the general economy (p. xii).
Despite several definitions has been written up by different scholar, the similarities of it are
notable. Hogarth (2002, pp. 15-16) described this similarities in behavioural term, stating that
individuals who are financially literate are: 1) knowledgeable, educated, and informed on the
issues of managing money and assets, banking, investments, credit, insurance, and taxes; 2)
understand the basic concepts underlying the management of money and assets; and 3) use
that knowledge and understanding to plan and implement financial decisions.

Brenda et al. (2006) have found that most remarkable influence on students financial
literacy was their parents (70% reported parents together, 13.0% mother only, 6.0% father
only). Few students identified as their most important influence a brother/sister (1.2%),
grandparents (1.9%), other family relative (1.2%) or friend (1.5%). A few percentages (5.2%)
reported other which included non-relative family members, spouse, personal experience,
religious house and classes. From these findings it is obvious that parent play a key role in
their childrens financial literacy. Therefore, parent should be well-versed in financial
education first before they educate their children on financial matter. Education given at
young age will have a great impact on their children future as it will be their everyday habit
which will build up their personality. Consequently, the opportunity for a nation to have a
generation that can manage their financial on fingertip without significant trouble will be
brighter and convincing.