Financial education is a key intervention strategy in improving consumers’ financial knowledge, but exogenous factors such as cultural differences and socio-economic factors can also affect the levels of financial knowledge. On using an ordered probit model on primary data comprising working adults in Malaysia, this study found that financial illiteracy cuts across gender and age but education, ethnicity, type of profession and the availability of government pension have significant effects on levels of financial knowledge. Furthermore, while most financial behaviour such as budgeting, investments and preparing for financial emergencies is significantly affected by levels of financial knowledge, being in financial distress is not affected by financial knowledge.