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In recent years, there has been a rising interest in the issue concerning the financial literacy of the young societies from the academic community, financial institutions, organization, consumers, government agencies, and policy makers. This is because financial matters are an important part of everyday life for individuals and an ability to manage the financial is essential to being successful in life. In this context, the purposes of present study is to investigate the level of financial literacy of young generation in Malaysia. Specifically, it will examine the relationship between financial literacy and financial behavior. Major findings show that, financial literacy has a positive impact on financial behavior amongst individuals. Financially literate people would have better understanding, skill and are more capable of organising their financial affairs. Indeed, many factors were actually influenced the level of financial literacy among individual. To the best of our knowledge, there are not many known research investigating the relationship between financial behaviors of college students in the context of a developing country. Thus this study intends to contribute to the literature and fill the research gap related to financial literacy in the context of the Malaysian market.