SELANGOR, March 13 (Bernama) -- Financial crisis is a rising concern in people’s life especially among the B40. The fluctuating economic situation in Malaysia following the Covid-19 pandemic portrays how low Malaysia's people in financial planning is when they are unable to provide RM1,000 to be used during emergency situations.¹ In promoting the importance of financial planning, the Malaysian Financial Planning Council (MFPC) organizes its first My Money & Me programme for 2023 physically. In this first session, around 300 registered participants consisting of young adults, B40 and the M40 community around Klang Valley attended the programme.

The My Money & Me programme for this year has received support from various government ministries and agencies including the Ministry of Finance (MOF), Ministry of Youth and Sports (KBS), the Securities Commission Malaysia (SC) and Bank Negara Malaysia (BNM). In addition, universities such as Universiti Tunku Abdul Rahman (UTAR), Taylor’s University, and Universiti Selangor (UNISEL) are also a part of the programme as academic partners and recognizing the programme as an important beneficial knowledge for its students.

According to DRB Hicom University's research on financial literacy and bankruptcy among Malaysian youth in 2022, 26% of bankruptcy cases in Malaysia are those under the age of 34.² Consequently, good financial management will help someone make good decisions before spending their money. In addition, despite the difficulties and constraints in effectively budgeting for family spending, financial management is vital in defining the future of young married couples. In conclusion, if people do not do anything to gain knowledge on financial planning, it will result in marital problems, criminal pressure, and even suicide.

Meanwhile, the My Money & Me programme offers a half-day financial insight with several booths set-up by strategic partners to assist with any inquiries from the participants. This year’s programme received a notable interest from strategic partners which among them are Lembaga Hasil Dalam Negeri (LHDN), Malaysian Takaful Association (MTA), Life Insurance Association Malaysia (LIAM), Federation of Investment Managers Malaysia (FIMM) and Perfect 10 (P10) as the collaborative financial navigator. The four (4) components emphasized during the programme includes asset management, asset protection, asset accumulation and asset distribution. The topics itself were delivered by speakers from the strategic partners whom also plays a pivotal role in the industry.

Students attending the programme can also enjoy free health screenings at the MCIS Life health screening truck by showing their student card. The programme concluded with a lucky draw session where the lucky participants won tablets, smartphones, and Touch & Go credits.

MFPC as a professional financial education organization is committed to building a better level of mindset, behaviour, and acting in handling financial literacy. MFPC believes through the initiatives of the My Money & Me programme, all generations deserve to gain healthy life as a result of healthy financial savings. 

¹ Cynthia Ignatius, BusinessToday, One in Three Working Malaysians Still Not Personally Protected, 19 Oct 2022
² Putri Rozita Tahir, Nur Farhana Sudarmoyo, Farhana Mat Saman, Tehsapuan Husin, Financial Literacy and Bankruptcy Among Youth in Malaysia: Insight from Literature for Conceptual Framework Development, Faculty of Business DRB Hicom University of Automotive Malaysia, Dec 2022


About MFPC:-

Malaysian Financial Planning Council (MFPC)

The Malaysian Financial Planning Council (MFPC) was set up in in 2004 with the objective of promoting nationwide development and enhancement of the financial planning profession. Our mission now includes raising the financial literacy of all Malaysians by being at the forefront of efforts to provide financial education to Malaysians from all walks of life. We do this by continuously conducting numerous financial education programmes for the public at no cost, reflecting our contribution to the positive development of Malaysians and ultimately the nation.

The RFP qualification has been approved by Bank Negara Malaysia (BNM) as a prerequisite to apply for a Financial Adviser License and a Financial Adviser Representative License. The RFP qualification has also been approved by the Securities Commission of Malaysia for the Capital Market Services License (CMSL) application in light of the introduction of the Capital Markets and Services Act 2007. 
Our website: www.mfpc.org.my

SOURCE: Malaysian Financial Planning Council (MFPC)

FOR MORE INFORMATION, PLEASE CONTACT: 
Name: Puteri Nor’ain Nasuha Binti Muhamad Rozali
Tel: +6 03 62035899
Email: puteri@mfpc.org.my

--BERNAMA