KUALA LUMPUR: Bank Negara Malaysia (BNM) is calling on the people in this country to learn about sound financial management in facing the rising cost of living.
Assistant Governor Abu Hassan Alshari Yahaya said is this challenging climate of rising cost of living, Malaysians generally did not have enough savings for retirement and also had high household debts.
“Issues such as this should be given due attention to ensure consumers don’t have excessive household debts which can be detrimental to themselves,” he said in his speech when launching the ‘Prudent Spending Month 2014’ campaign themed “Financial Education For All,” he said, on Monday.
Abu Hassan said according to statistics from the Employees Provident Fund (EPF), as at the end of 2013, 69 per cent of EPF contributors aged 54 had less than RM50,000 in savings.
“The amount can only last five years if they spend RM800 a month. This is worryng as the cost of living keeps rising,” he said.
Also present at the launch was Federation of Malaysian Consumers Associations (Fomca) president, Mohd Yusof Abdul Rahman. The ‘Prudent Spending Month 2014’ campaign, organised by Fomca and the Association of Banks in Malaysia, is aimed at educating the public on developing and maintaining a healthy spending habit and financial management.
Meanwhile, Mohd Yusof said throughout this month, there would be various programmes organised including financial training for pre-school children and for young executives, financial awareness talks at schools and higher learning institutions, finance workshops and investment education sessions.
This campaign is also aimed at addressing the issues of young workers spending beyond their means, facing serious indebtedness and lacking savings for the future.
Mohd Yusof said Malaysian household debts had risen to 86.8 per cent last year from 80.5 per cent in 2012.
He said the household debts including housing, vehicle and personal loans had reached RM704.6 billion, hence the public awareness campaign on sound financial planning and management was timely.
Source: Astro Awani (14 Oct 2014)
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