The Relationship between Previous Mathematics Performance, and Level of Financial Literacy and Financial Well-Being of University Students

Competency in mathematics lays a foundation for good analytical thinking and decision-making skills, which both can have a substantial influence on the sustainability of the individual life. The way mathematical skills are highly connected to most people is undoubtedly important in managing their money-related matters every day. Despite its importance as a core subject learned during the primary, secondary, and tertiary educations, the extension of the subject that plays a role in making someone in a better position of their personal financial welfares remain scarce. The objective of the study is to examine the relationship between 1) previous mathematics performance and financial literacy scores, 2) previous mathematics performance and financial well-being and 3) financial literacy and financial well-being among university students to shed light on the direction of the relationships. This research capitalizes the use of descriptive and correlation studies from survey responses among undergraduate students at Universiti Teknologi MARA Pahang (n= 239). The findings revealed that, despite having both high scores in mathematics and financial literacy, their overall financial well-being standing was just at par, an indicator of financial breakeven. Positive correlations were established between variables but none of the relationships was found to be significant (p>0.05). It was further identified that among three types of major university financing, scholarship holders showed a significant difference in the previous mathematics performance. They were also recorded as the highest achievers in both financial literacy and financial wellbeing. Further explanations and implications of the study are discussed in detail.