FIN546 SULAM - FINANCIAL LITERACY AS A SOLUTIONS TO FINANCIAL STRESS AMONG UNIVERSITY STUDENTS

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[00:00:29]Oh. I know. I only have 20 ringgit left and it's only the middle of the month.

[00:00:35]>> Seriously, didn't you just get your allowance?

[00:00:37]>> Yeah, but I spent too much on shopping for delivery and hanging out with my friends. Now I'm stressed.

[00:00:51]>> S.

[00:00:53]But then I learned about financial literacy.

[00:00:56]>> What is financial literacy? is knowing how to manage your money wisely. For example, set a budget, uh track expense, and save money every month.

[00:01:06]>> So, you plan your spending before buying things.

[00:01:09]>> Exactly. It helps me avoid overspending and reduce financial stress.

[00:01:13]>> Oh, that makes sense. I usually spend first and regret it later.

[00:01:18]>> That's why financial literacy is important. It helps students to make better financial decisions.

[00:01:24]>> Oh, thanks. I will start on budgeting from now on. Great. Remember, when you manage your money well, you can also manage your stress better too. So to learn more about it, let's watch this video.

[00:01:39]Assalamu alayikum and good morning everyone. Today I would like to present about financial literacy as a solution to financial stress among students.

[00:01:49]Nowadays, financial stress has become one of the common problems faced by university students. Many students struggle to manage their money properly due to increasing educational cost, daily expenses, depths and limited financial knowledge. Because of this, students may feel stressed, worried and pressure about their financial situation. In Islamic finance, financial management is considered very important.

[00:02:17]Islam teach Muslim to spend wisely, avoid wastefulness and stay away from unnecessary debt and rebup which is interest. These principles helps individuals manage their finance in a more balanced and responsible way.

[00:02:34]Financial literacy means having the knowledge and ability to manage personal finance effectively. This includes budgeting, saving money, controlling spending, and making wise financial decisions. See, when students have a good financial literacy, they are more likely to manage their money properly and avoid unhealthy financial habits.

[00:02:56]Now, I would like to share a real life example of how financial support can help reduce financial stress among the university students. For example, many students face difficulties paying for tuition fees, transportations, and daily expenses. To help them, micro finance institutions offer a studentfriendly financing with a flexible repayment options. In addition, universities often works with Zed organization and welfare funds to provide financial aids and emergency assistance to students in need.

[00:03:29]These forms of support help students manage their financial challenges and focus on their studies. However, students also needs financial literacy to use these resources wisely and to avoid financial problem in the future.

[00:03:45]Therefore, financial literacy and financial support together help reduce financial stress among the university students.

[00:03:53]>> So, next concept of Zakai and ISRA.

[00:03:56]Firstly, let us discuss sak and financial literacy concept. Sakat is one of the five pillars of Islam and represents a system of financial responsibility and social support within the Muslim community.

[00:04:11]Concept is highly relevant to university students because many students face financial challenge such as transportation expense, food cost and limited sources of income. Without proper financial management, this challenge can contribute to financial stress among university students. The study explains that SAT assistance has support students who struggle financially by helping cover educational and living aspects. Proper management of SAT funds allows eligible students to continue their studies with reduce financial pressure. Next, let's discuss about isra. is refers to full excessive or unnecessary spending. So this issue is highly relevant among university students today. For example, some students may spend excessively on commercial shopping, expensive foods and sentiment and more. Without realizing it, these habits can reduce savings, increase debt and create financial pressure. discourage disrupt because wasteful spending can negatively affect personal well-being and financial stability that are strongly connected.

[00:05:20]Sakite provide social and financial support for students experience hardship and isro teach students to avoid wasteful spending and practice moderation.

[00:05:31]Now I will be explaining factors influencing financial stress among university students. The first factor is the lack of financial literacy. Many students lack knowledge about budgeting, saving and debt management which can lead to poor financial decisions.

[00:05:46]According to Kalisha Johan and Sabre in 2022, undergraduate students demonstrated only a moderate level of financial literacy, highlighting the need for better financial education.

[00:05:58]From an Islamic finance perspective, Islam encourages seeking knowledge and managing wealth responsibly as an amala.

[00:06:05]The second factor is the rising cost of living. Students need to cover expenses such as accommodation, transportation, food, internet access, and study materials. As this costs increase, students may experience greater financial pressure. Islam encourages individuals to prioritize essential needs and spend wisely. The third factor is dependence on limited income sources.

[00:06:29]Many students rely on allowances, scholarship, pipe and loans or part-time jobs which may not always be sufficient.

[00:06:36]This relate to Islamic principle of Amina which emphasizes responsible management of resources. And the last factor is the peer pressure and social media influence. Students may feel pressured to spend money on trends, gadgets or social activities to fit in with others. This can lead to unnecessary spending. In Islam, such behavior is discouraged as Islam wastefulness.

[00:07:04]Now let's look at the impact of financial literacy on financial stress among university students.

[00:07:10]Financial literacy can have both positive and negative impacts depending on a student's level of financial knowledge. Firstly, the positive impact.

[00:07:20]When students understand how to manage their finance, they are more likely to create a budget, control their spending, and save money for emergencies.

[00:07:30]As a result, they experience less financial stress because they know where their money is going and how to handle unexpected expenses.

[00:07:39]For example, a financially literate student will think carefully before making a purchase and avoid spending on unnecessary items.

[00:07:48]This may help them to stay financially stable throughout their semester.

[00:07:54]With fewer money related worries, student can focus better on their studies, improve their academic performance and maintain better mental health. However, a lack of financial literacy can lead to negative impacts.

[00:08:08]Student who do not understand basic financial management may overspend documented debt or misses service such as buy now pay later. They may struggle to pay for daily expenses and constantly worry about money.

[00:08:24]This financial pressure can cause stress, anxiety and even affect their concentration in class.

[00:08:30]In some cases, student may need to borrow money frequently creating a cycle of financial difficulties.

[00:08:40]Next is the importance of financial literacy. Financial literacy encourages good saving habits. Students learn the importance of setting aside money for emergencies, future education, personal goals, or unexpected expenses. Even small amounts saved consistently can grow over time and provide financial security. Financial literacy helps prevent debt problems. It enables students to understand the risk and responsibilities associated with borrowing money. They become more cautious when using bin now pay later P&L services, loans and credit cards.

[00:09:18]This awareness helps them avoid excessive debt and long-term financial difficulties after graduation.

[00:09:26]Finally, financial literacy support Islamic financial values. It promotes the concept of which means moderation and balance in spending. It also discourages or wasteful spending and it could encourage responsible, ethical and disciplined financial behavior that aligns with Islamic principle.

[00:09:49]>> Do you think university students often experience financial stress?

[00:09:53]>> Yes.

[00:09:54]>> Why? because they use a lot of money on food, transportation, tution fees and some young people like to spend their money on unnecessary things like going out to have fun.

[00:10:09]>> Okay, thank you. What are the biggest financial challenges you face as a student? Uh the biggest financial stress I face as a student would be on how do I spend the money I receive every month.

[00:10:22]Since I'm an international student studying in the UK, I still receive money from um my government. But the thing is um what makes it hard is that how do I allocate the money every month cuz I need to spend on um the money entirely on groceries, on the transportation, on the bills and everything. So um how um the thing uh what I need to do is that I need to um have a monthly planning or monthly budget on on how do I spend and separate each um money and how do I spend it wisely. Okay. Thank you. Asalam alaikum and hi.

[00:11:00]>> Hi salam.

[00:11:01]>> Okay. My name is Nakula Mani. Can you introduce yourself?

[00:11:04]>> My name is Mohamad.

[00:11:05]>> Okay. So I would like to ask you some questions. Can you answer all of that?

[00:11:09]>> Yes I can.

[00:11:10]>> Okay. So my first question is do you think financial literacy or budgeting skills can help students reduce financial stress?

[00:11:18]>> Yes, budgeting can help students control their spending and save more money so so they can feel less stressed.

[00:11:25]>> Ah okay. So next questions is uh what financial habits should students improve?

[00:11:32]>> Students should improve uh students should improve saving more money and avoid buying unnecessary things. Uh okay. Thank you so much for today.

[00:11:42]>> To reduce financial stress among students, several action could be taken.

[00:11:46]Students should create a monthly budget, distinguish between needs and wants, save regularly and avoid unnecessary debt. Universities can organize a financial literacy programs and invite Islamic finance experts to provide guidance. Meanwhile, the government and the finance institution should develop a financial education programs for youth and promotes responsible financial management through social media and educational platforms. These efforts can help students make a better financial decision and achieve a greater financial well-being.

[00:12:20]In conclusion, financial literacy plays an important role in helping students manage their finance wisely and reduce financial stress. With a proper financial knowledge, students can learn how to budget at their expenses, save money, and make responsible financial decisions. From the perspective of Islamic finance, practicing value such as moderation, avoiding wastefulness, and staying away from unnecessary debt can help students develop healthier financial habits. These principles not only improve financial management, but also contribute to emotional and mental well-being. Therefore, increasing awareness and education about financial literacy among university students is very important. By having good financial literacy, students can become more financially responsible, avoid financial problems in the future, and achieve a more stable and balanced life.