Financial Literacy and its Impact on Money Mule Awareness Among Malaysian Higher Education Students

Abstract

This study investigates the relationship between two types of financial literacy, which are short-term or daily budgeting and financial goal setting and its impact on money mule awareness among higher education students in Malaysia. An online survey questionnaire for data collection was used in this study and responses received were a total of 160 from various universities in Malaysia. To analyse, this research utilizes SmartPLS 4.0 to comprehensively understand how financial literacy contributes to awareness of money mule schemes fraud. The findings reveal that financial literacy on financial goals impacts significantly money mule awareness among higher education students in Malaysia. This indicates that educated youngster students are concerned about their dreams of future financial goals to prevent them from being fraudsters, scammers, or money mules. Nevertheless, short-term daily budgeting does not contribute significantly towards awareness of money mule fraud in Malaysia. The anticipated outcomes will be contributory for policymakers, educators, and financial institutions, guiding the development of effective strategies to promote money mule awareness, probably using advertising of how future financial goals impact if people are involved in money mule fraud.