Free Malaysia Today: Lack of Financial Literacy Worrying

There has been a worrying trend of Malaysians spending more than they have yet to earn, and Kimberly chalks it up to a lack of understanding when it comes to personal finance. Many feel the need to maintain a certain lifestyle and end up racking up high credit card bills, so Kimberly provides some tips to prevent this from happening.

She advises having separate bank accounts for savings and spending, and to always set aside the amount you want to save first. Usage of e-wallets and digital banking services should only be used for emergencies. She also recommends setting up automatic deductions for regular payments.

With the increasing popularity of social media, Kimberly further advises the public to consult regulators or licensed financial planners rather than “investment gurus” who lack qualifications or credentials.

This article can be found online here.

A Malay language version is available here.