Ever since the pandemic has taken a toll, many have faced challenging situations involving livelihoods and the critical need for people to have sufficient savings to survive rainy days. This is particularly crucial among our youths, who‘ve become more vulnerable economically, and their low level of financial literacy.
Here are some worrying statistics about Malaysian youth in regards to their financial literacy:
• 29% of youth only recently realised the importance of emergency funds since the movement control order
• 60% are unable to survive beyond three months
• 47% spent exactly or beyond their earnings
• Almost half of the youth has not started saving for their retirement
As the current dire situation for youth has been reflected by these numbers, financial education needs to be consistently promoted and emphasised in our society. In addition, it’s important for youth to start thinking about financial planning at the early stage of their life because the more they delay, the larger the cost they’ve to pay for tomorrow. FWD Takaful offers a plan which magnifies wealth towards achieving future financial goals with FWD Invest First Plus. Reach out to our agent to learn more.