Learn to Manage Personal Finance at ‘My Money and Me’ Programme

This year's "My Money and Me Programme 2022" focuses on sustainable finance for youths to improve their behaviour in personal finance management.

The programme, presented in conjunction with Global Money Week 2022, was divided into four major components of financial planning, namely:

• Asset Protection, 

• Asset Accumulation, 

• Asset Management, and 

• Asset Distribution.

In the "Asset Accumulation" component, a representative from the Securities Commission and the Federation of Investment Managers Malaysia defined the fundamental concepts of investment based on each investment profile risk to educate the adolescents on financial sustainability.

In the "Asset Protection" chapter, Bank Negara Malaysia (BNM) outlined numerous forms of frequent scams that are becoming prevalent to prevent adolescents from being duped by various methods of operation.

The occasion was presided by Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz, who remarked that the largest source of unhappiness for most senior employees throughout the world is their failure to efficiently manage their funds when they were younger.

"To avoid such an issue, the key strategy for youths is to ensure their finances are well managed and nurtured as early as possible," he said.

He went on to say that self-control will allow youth to spread assets and explore the world of investment, as well as spearheading takaful and insurance programmes that will assure a good degree of financial well-being.

 

Not a one-time event

Tengku Zafrul emphasises that the programme is not a one-time event and that the organisers also give a free e-learning platform for youths.

"This initiative also aligns with the suggestions for public policy in a 2021 study titled 'Determinants of Financial Well-Being among Malaysian Youth.'"

According to expert advice in this Malaysian Financial Planning Council (MFPC)-led study, applying financial knowledge by following scientific programmes for a period of time might improve youths' positive financial behaviour.

The e-learning site, which will be available after the programme, will also include content from all programme collaborators and basic Shariah-based financial planning. Furthermore, he stated that the government has set up monies exclusively for youths in Budget 2022 to empower them and their enterprises.

"This includes the RM150 million Entrepreneur Youth Financing Plan offered by Bank Simpanan Nasional and Agrobank to young businesses."

"Recently, a Transaction Scheme Without Cash, known as the e-Pemula programme, will be launched soon exclusively for youths aged 18 to 20 years old and full-time students at a higher education institution."

The e-Pemula initiative, which has a budget of RM300 million, is anticipated to assist two million young people by crediting RM150 into their e-wallets. Tengku Zafrul indicated that various incentives would be available to help Malaysian families, particularly young people, remain competitive in the future.

"I recommend that you visit the Budget 2022 portal to learn more about the assistance provided by the government," he stated.

 

More about the My Money and Me event

During the event, the youths were given the opportunity to meet with experts from the Employees Provident Fund virtually. A financial counsellor from the Agency Credit Counseling and Management provided debt management counselling for those in debt.

A financial advisor representative licenced by BNM and financial planners licenced by the Securities Commission Malaysia also provides similar free counselling services for each "My Money and Me" programme.

Given the strong desire among youths to fundamentally improve their respective socioeconomic levels, the minister believes that this programme, which the United Nations' UNESCO has also recognised, can provide more systematic guidance in budgeting and better personal finances management.

Throughout the year, the MFPC also hosts a variety of programmes, including a free financial advice session.

To learn more about the My Money and Me Programme, click here.

 

Source: The Malaysian Reserve