KUALA LUMPUR MAR 4: The Pakatan Harapan (PH) government is guiding the people to understand the concept of spending and self budget to safeguard their future with the launching of the “My Budget -Spending Guidance for Individuals and Families in Malaysia” here today.
Initiated by the Employees Provident Fund (EPF) the guidance helps to increase the people’s knowledge about money and the skill to manage their own finances.
Finance Minister Lim Guan Eng said “My Budget” will help individual to understand the power to purchase and the individual’s credits involvement.
“For the policy makers the guidance can be used to study the benchmark of poverty and at the same time create a support income mechanism to help the needies,” he said in his speech at the official launching ceremony of the “My Budget – Spending Guidance For Individuals and families in Malaysia” here today.
Guan Eng added, according to the S&P Global Literacy Financial study in 2014, the level of financial knowledge and alertness of Malaysians was 36% compared to 59% in developed countries.
The low level of financial knowledge Guan Eng said is the contributing factor for high debts and bankruptcy cases among Malaysians and for the youth is a worrying situation.
Guan Eng said the EPF believes that every Malaysian in 2019 should have a saving at least RM240,000 when they reach the age of 55 so that they can retire comfortably.