Malaysian below the age of 34 made up 26 percent of the bankruptcy cases in the country due to the inability to sustain debt made of instalment purchases, personal loans, and credit cards
Financial literacy is the ability to manage financial resources effectively for financial security. When someone is being financially illiterate, it will lead to poor financial decisions which end up in low financial well-being as what has been happening to the Malaysian youth in recent years.
It is important for the youth to understand the importance of acquiring the skills in managing financial resources. As a start, it is vital to practice the 2B’s: budgeting and balancing in life. Budgeting is basically identifying your monthly income and expenses to ensure the total expenses shall not exceed the amount of income.
Financial literacy may seem hard to possess because there is no manual on how to attain it, but it is important for youth to acquire the knowledge early in order to make the right decisions in planning finances in the future. At FWD Takaful, we offer FWD Invest First Plus, a plan for you to maximise your savings and support your financial stability for your future. Connect with our agents to learn more.