Symposium
Details
On May 28, 2024, the Malaysian Institute of Management (MIM) and Konrad-Adenauer-Stiftung (KAS) Malaysia hosted a hybrid conference titled "Navigating Life's Financial Maze: Crafting Your Path to a Strong Financial Future" at Hilton Petaling Jaya and over Zoom. With an increasing in young Malaysians declaring bankruptcy, this event aimed to enhance financial literacy and empower youth to take control of and plan their finances effectively. The forum explored the complexities of personal finance, offering valuable insights and practical guidance on budgeting, saving, investing, debt management, and retirement planning.
Key topics discussed included financial planning strategies for transitioning from university to the workforce, the psychology behind financial and wealth planning, retirement planning and savings insights, and strategies for leveraging fintech in financial planning. Industry experts and young entrepreneurs from organisations such as KWAP Pension Fund, Financial Literacy Youth (FLY) Malaysia, Agensi Kaunselling & Pengurusan Kredit (AKPK), Financial Planning Association of Malaysia (FPAM), BFM 89.9, Emerging Journey Asia, Employees Provident Fund (EPF), Mr Money TV, Touch N Go (TNG) Digital, and StashAway Malaysia shared their expertise.
A key takeaway from the panellists and discussions was the importance of starting to save early, but also recognising that it's never too late to begin. The consensus was clear: the best time to start saving was yesterday. Additionally, with Malaysia's aging population and increased life expectancy—rising by 20 years since 1950—relying solely on EPF retirement savings will not suffice. Hence, the necessity of alternative savings and investments to supplement retirement funds was strongly emphasized by all speakers.
A notable factor raised regarding youth bankruptcy is the uncontrolled use of loans and credit in spending culture. The primary causes of bankruptcy among young Malaysians are personal loans, followed by business loans and hire-purchase loans. The use of credit cards with high limits also adds to the strain of high monthly repayments against slow-rising salaries.
In a nutshell, this conference successfully highlighted the urgent need for improved financial literacy among young Malaysians and provided practical strategies for achieving financial stability and growth. By fostering a deeper understanding of financial management and promoting proactive planning, MIM and KAS Malaysia hope to have equipped the younger generation with the tools necessary for a secure financial future.
Watch the four-part video coverage via the links below:
Part 1, Part 2, Part 3, Part 4
Additional Resources:
