Finance Minister: Financial Knowledge And Planning Vital In Preventing Bankruptcy, Scams
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The government and its relevant agencies will always emphasise the importance of financial knowledge and planning to the people, said Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz. This is due to the role of financial knowledge and planning in helping Malaysians avert unmanageable debt, bankruptcy, and various scams.

According to the finance minister, lack of financial knowledge and planning could be a contributing factor to an uncertain future. “Through budgeting, you can avoid excessive spending, unmanageable debt, bankruptcy, and dependence on others,” he said.

Tengku Zafrul added that the issue would always remain current given its relevance to everyone at all stages of life. “There’s no age limit for planning finances. It is very much encouraged to start planning from an early age so that we can profit from the longer period to strengthen our financial situation and build our wealth,” the finance minister said.

The finance minister was speaking at the launch of the national “My Money and Me” programme, held in conjunction with Global Money Week 2021. Organised by the OECD International Network on Financial Education, the theme for the initiative was “Take care of yourself, Take care of your money” which highlights the importance of becoming financially literate in order to make responsible decisions in personal finance.

This year’s “My Money and Me” features speakers from various financial institutions including the Credit Counselling and Debt Management Agency, Federation of Investment Managers Malaysia, Inland Revenue Board of Malaysia, Bank Negara Malaysia, Securities Commission Malaysia, Life Insurance Association of Malaysia, Malaysian Takaful Association, and Malaysian Financial Planning Council.

(Source: Malay Mail)

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