
KUALA LUMPUR - Kerajaan dan Bank Negara Malaysia (BNM) akan terus mengadakan program pendidikan mengurus kewangan dengan kerjasama pelbagai agensi awam dan swasta bagi mendidik rakyat Malaysia tentang pengurusan kewangan.
Ini memandangkan hanya enam peratus daripada jumlah rakyat di negara ini mempunyai simpanan sehingga tempoh enam bulan, kata Timbalan Menteri Kewangan, Datuk Othman Aziz.
Menurutnya, berdasarkan data tersebut yang diperoleh daripada satu kajian, sikap dan tingkah laku terhadap kemahiran dalam mengurus keperluan dan kemahuan, perlu dipertingkat khususnya dalam menangani kos sara hidup yang semakin meningkat ketika ini.
"Bagi merakyatkan pengurusan kewangan yang bijak dan bertanggungjawab, kita akan melanjutkan elemen pendidikan pengurusan kewangan di semua peringkat pembelajaran di sekolah-sekolah rendah dan menengah menjelang 2021," katanya pada sidang Dewan Rakyat hari ini.
Othman berkata demikian bagi menjawab soalan Anuar Manap (BN-Sekijang) yang meminta Menteri Kewangan menyatakan usaha BNM bagi meningkatkan kemahiran kewangan pengguna di negara ini.
Menurutnya, penubuhan Jaringan Pendidikan Kewangan pada November 2016 dengan kerjasama BNM, Agensi Kaunseling dan Pengurusan Kredit, Suruhanjaya Sekuriti Malaysia, Perbadanan Insurans Deposit Malaysia dan Kumpulan Wang Simpanan Pekerja juga bertujuan meningkatkan celik kewangan rakyat melalui strategi kebangsaan bersepadu.
"Sehingga kini, sebanyak 363 program telah dibuat melibatkan 34,000 orang dan 68 agensi," katanya.
Selain itu, katanya, program Pengurusan Wang Ringgit Anda (POWER!) yang diperkenalkan sejak 2011 khusus bagi golongan belia turut memberi manfaat kepada dua juta individu termasuk dari segi pembiayaan pinjaman.
-- Sinar Online
KUALA LUMPUR - Kerajaan dan Bank Negara Malaysia (BNM) akan terus mengadakan program pendidikan mengurus kewangan dengan kerjasama pelbagai agensi awam dan swasta bagi mendidik rakyat Malaysia tentang pengurusan kewangan.
Ini memandangkan hanya enam peratus daripada jumlah rakyat di negara ini mempunyai simpanan sehingga tempoh enam bulan, kata Timbalan Menteri Kewangan, Datuk Othman Aziz.
Menurutnya, berdasarkan data tersebut yang diperoleh daripada satu kajian, sikap dan tingkah laku terhadap kemahiran dalam mengurus keperluan dan kemahuan, perlu dipertingkat khususnya dalam menangani kos sara hidup yang semakin meningkat ketika ini.
"Bagi merakyatkan pengurusan kewangan yang bijak dan bertanggungjawab, kita akan melanjutkan elemen pendidikan pengurusan kewangan di semua peringkat pembelajaran di sekolah-sekolah rendah dan menengah menjelang 2021," katanya pada sidang Dewan Rakyat hari ini.
Othman berkata demikian bagi menjawab soalan Anuar Manap (BN-Sekijang) yang meminta Menteri Kewangan menyatakan usaha BNM bagi meningkatkan kemahiran kewangan pengguna di negara ini.
Menurutnya, penubuhan Jaringan Pendidikan Kewangan pada November 2016 dengan kerjasama BNM, Agensi Kaunseling dan Pengurusan Kredit, Suruhanjaya Sekuriti Malaysia, Perbadanan Insurans Deposit Malaysia dan Kumpulan Wang Simpanan Pekerja juga bertujuan meningkatkan celik kewangan rakyat melalui strategi kebangsaan bersepadu.
"Sehingga kini, sebanyak 363 program telah dibuat melibatkan 34,000 orang dan 68 agensi," katanya.
Selain itu, katanya, program Pengurusan Wang Ringgit Anda (POWER!) yang diperkenalkan sejak 2011 khusus bagi golongan belia turut memberi manfaat kepada dua juta individu termasuk dari segi pembiayaan pinjaman.
-- Sinar Online
Apr 05, 2017 | SinarOnline
KUALA LUMPUR - Kerajaan dan Bank Negara Malaysia (BNM) akan terus mengadakan program pendidikan mengurus kewangan dengan kerjasama pelbagai agensi awam dan swasta bagi mendidik rakyat Malaysia tentang pengurusan kewangan.
Ini memandangkan hanya enam peratus daripada jumlah rakyat di negara ini mempunyai simpanan sehingga tempoh enam bulan, kata Timbalan Menteri Kewangan, Datuk Othman Aziz.
Menurutnya, berdasarkan data tersebut yang diperoleh daripada satu kajian, sikap dan tingkah laku terhadap kemahiran dalam mengurus keperluan dan kemahuan, perlu dipertingkat khususnya dalam menangani kos sara hidup yang semakin meningkat ketika ini.
"Bagi merakyatkan pengurusan kewangan yang bijak dan bertanggungjawab, kita akan melanjutkan elemen pendidikan pengurusan kewangan di semua peringkat pembelajaran di sekolah-sekolah rendah dan menengah menjelang 2021," katanya pada sidang Dewan Rakyat hari ini.
Othman berkata demikian bagi menjawab soalan Anuar Manap (BN-Sekijang) yang meminta Menteri Kewangan menyatakan usaha BNM bagi meningkatkan kemahiran kewangan pengguna di negara ini.
Menurutnya, penubuhan Jaringan Pendidikan Kewangan pada November 2016 dengan kerjasama BNM, Agensi Kaunseling dan Pengurusan Kredit, Suruhanjaya Sekuriti Malaysia, Perbadanan Insurans Deposit Malaysia dan Kumpulan Wang Simpanan Pekerja juga bertujuan meningkatkan celik kewangan rakyat melalui strategi kebangsaan bersepadu.
"Sehingga kini, sebanyak 363 program telah dibuat melibatkan 34,000 orang dan 68 agensi," katanya.
Selain itu, katanya, program Pengurusan Wang Ringgit Anda (POWER!) yang diperkenalkan sejak 2011 khusus bagi golongan belia turut memberi manfaat kepada dua juta individu termasuk dari segi pembiayaan pinjaman.
-- Sinar Online
KUALA LUMPUR, 7 April (Bernama) -- Kumpulan Wang Simpanan Pekerja (KWSP) menyediakan bimbingan celik kewangan percuma kepada ahli-ahlinya bagi membantu mereka membuat perancangan kewangan dan persaraan yang lebih baik, kata Ketua Pegawai Eksekutifnya Datuk Shahril Ridza Ridzuan.
Beliau berkata perkhidmatan percuma itu yang disediakan di semua cawangannya sudah pastinya akan dapat membantu ahli-ahli KWSP mengekalkan kehidupan mereka terutamanya semasa keadaan ekonomi tidak menentu ini.
"Kami juga akan mengadakan ceramah awam berkaitan dengan isu-isu pengurusan kewangan peribadi dan perancangan persaraan," katanya kepada pemberita selepas pelancaran modul pendidikan kewangan dan persaraan, "The Start of New Journey" di sini, hari ini.
KWSP secara bekerjasama dengan Agensi Kaunseling dan Pengurusan Kredit hari ini melancarkan modul tersebut yang berfungsi sebagai garis panduan dalam menjalankan ceramah awam berkaitan isu-isu tersebut.
Program ini juga membolehkan KWSP meluaskan kumpulan sasarannya dalam menangani kekurangan isu pendapatan persaraan.
Shahril berkata KWSP komited untuk menumpu memberi nasihat kepada ahli-ahlinya bukan hanya kepada mereka yang telah bersara tetapi juga mereka yang baru sahaja memulakan kerjaya.
Beliau mendedahkan kebanyakan rakyat Malaysia tidak menyedari berapa banyak modal atau simpanan yang mereka benar-benar perlukan bagi mengekalkan gaya hidup tertentu mereka.
"Mereka sepatutnya mula menyimpan lebih sekiranya mereka berada di bawah kategori yang berbelanja tinggi.
"Jika anda rasa gaya hidup anda memerlukan anda membelanjakan sekurang-kurangnya RM3,000 sebulan bagi tempoh 20 tahun akan datang, jadi anda seharusnya menyimpan anggaran kasar lebih RM600,000.
"Bagaimanapun, jika anda mempunyai simpanan RM228,000 pada usia 55 tahun, mencukupi bagi anda untuk mengeluarkan kira-kira RM1,000 sebulan sehingga anda berusia 75 tahun...sama ada ia mencukupi atau tidak akan bergantung kepada perbelanjaan anda," katanya.
-- BERNAMA
KUALA LUMPUR, 7 April (Bernama) -- Kumpulan Wang Simpanan Pekerja (KWSP) menyediakan bimbingan celik kewangan percuma kepada ahli-ahlinya bagi membantu mereka membuat perancangan kewangan dan persaraan yang lebih baik, kata Ketua Pegawai Eksekutifnya Datuk Shahril Ridza Ridzuan.
Beliau berkata perkhidmatan percuma itu yang disediakan di semua cawangannya sudah pastinya akan dapat membantu ahli-ahli KWSP mengekalkan kehidupan mereka terutamanya semasa keadaan ekonomi tidak menentu ini.
"Kami juga akan mengadakan ceramah awam berkaitan dengan isu-isu pengurusan kewangan peribadi dan perancangan persaraan," katanya kepada pemberita selepas pelancaran modul pendidikan kewangan dan persaraan, "The Start of New Journey" di sini, hari ini.
KWSP secara bekerjasama dengan Agensi Kaunseling dan Pengurusan Kredit hari ini melancarkan modul tersebut yang berfungsi sebagai garis panduan dalam menjalankan ceramah awam berkaitan isu-isu tersebut.
Program ini juga membolehkan KWSP meluaskan kumpulan sasarannya dalam menangani kekurangan isu pendapatan persaraan.
Shahril berkata KWSP komited untuk menumpu memberi nasihat kepada ahli-ahlinya bukan hanya kepada mereka yang telah bersara tetapi juga mereka yang baru sahaja memulakan kerjaya.
Beliau mendedahkan kebanyakan rakyat Malaysia tidak menyedari berapa banyak modal atau simpanan yang mereka benar-benar perlukan bagi mengekalkan gaya hidup tertentu mereka.
"Mereka sepatutnya mula menyimpan lebih sekiranya mereka berada di bawah kategori yang berbelanja tinggi.
"Jika anda rasa gaya hidup anda memerlukan anda membelanjakan sekurang-kurangnya RM3,000 sebulan bagi tempoh 20 tahun akan datang, jadi anda seharusnya menyimpan anggaran kasar lebih RM600,000.
"Bagaimanapun, jika anda mempunyai simpanan RM228,000 pada usia 55 tahun, mencukupi bagi anda untuk mengeluarkan kira-kira RM1,000 sebulan sehingga anda berusia 75 tahun...sama ada ia mencukupi atau tidak akan bergantung kepada perbelanjaan anda," katanya.
-- BERNAMA
Apr 07, 2017 | BernamaOnline
KUALA LUMPUR, 7 April (Bernama) -- Kumpulan Wang Simpanan Pekerja (KWSP) menyediakan bimbingan celik kewangan percuma kepada ahli-ahlinya bagi membantu mereka membuat perancangan kewangan dan persaraan yang lebih baik, kata Ketua Pegawai Eksekutifnya Datuk Shahril Ridza Ridzuan.
Beliau berkata perkhidmatan percuma itu yang disediakan di semua cawangannya sudah pastinya akan dapat membantu ahli-ahli KWSP mengekalkan kehidupan mereka terutamanya semasa keadaan ekonomi tidak menentu ini.
"Kami juga akan mengadakan ceramah awam berkaitan dengan isu-isu pengurusan kewangan peribadi dan perancangan persaraan," katanya kepada pemberita selepas pelancaran modul pendidikan kewangan dan persaraan, "The Start of New Journey" di sini, hari ini.
KWSP secara bekerjasama dengan Agensi Kaunseling dan Pengurusan Kredit hari ini melancarkan modul tersebut yang berfungsi sebagai garis panduan dalam menjalankan ceramah awam berkaitan isu-isu tersebut.
Program ini juga membolehkan KWSP meluaskan kumpulan sasarannya dalam menangani kekurangan isu pendapatan persaraan.
Shahril berkata KWSP komited untuk menumpu memberi nasihat kepada ahli-ahlinya bukan hanya kepada mereka yang telah bersara tetapi juga mereka yang baru sahaja memulakan kerjaya.
Beliau mendedahkan kebanyakan rakyat Malaysia tidak menyedari berapa banyak modal atau simpanan yang mereka benar-benar perlukan bagi mengekalkan gaya hidup tertentu mereka.
"Mereka sepatutnya mula menyimpan lebih sekiranya mereka berada di bawah kategori yang berbelanja tinggi.
"Jika anda rasa gaya hidup anda memerlukan anda membelanjakan sekurang-kurangnya RM3,000 sebulan bagi tempoh 20 tahun akan datang, jadi anda seharusnya menyimpan anggaran kasar lebih RM600,000.
"Bagaimanapun, jika anda mempunyai simpanan RM228,000 pada usia 55 tahun, mencukupi bagi anda untuk mengeluarkan kira-kira RM1,000 sebulan sehingga anda berusia 75 tahun...sama ada ia mencukupi atau tidak akan bergantung kepada perbelanjaan anda," katanya.
-- BERNAMA
Deputy Governor's Speech at the Launch of the Financial Management for Retirement Module - “Shaping the Future Starts Now”
Categories: BNMSpeaker: Encik Abdul Rasheed Ghaffour
Venue: Multi Purpose Hall, Lanai Kijang
Language: English Speech
Date: 07 Apr 2017
Saya amat berbesar hati dapat bersama tuan-tuan dan puan-puan sekalian pada pagi ini - sempena majlis pelancaran modul pengurusan kewangan “Persaraan - Bermulanya Perjalanan Baru” - yang dibangunkan melalui usahasama antara dua agensi penting dalam bidang pengurusan kewangan individu, iaitu AKPK dan KWSP. Usaha ini amatlah dialu-alukan dan tepat pada masanya. Perkembangan semasa yang mencabar - mengingatkan kita betapa pentingnya keperluan untuk meningkatkan kesedaran mengenai pengurusan kewangan berhemat, terutamanya di dalam merancang persaraan dan masa depan. Sekalung tahniah saya ucapkan kepada AKPK dan KWSP di atas usaha dalam menjayakan modul ini. Ini adalah contoh usahasama bagi mencapai matlamat yang lebih penting dalam pendidikan kewangan. Majlis ini juga merupakan peringatan yang baik mengenai kepentingan untuk meningkatkan celik kewangan rakyat Malaysia untuk mengurus dan merancang hal kewangan mereka dengan bijak - demi masa depan yang lebih cerah dan selesa.
Importance of Financial Literacy
There is a growing concern on the low financial literacy level of Malaysians as measured by financial knowledge, attitudes and behaviours. Based on the Financial Capability and Inclusion Demand Side Survey conducted by Bank Negara Malaysia in 2015, the main observations on the state of financial literacy of Malaysians can be described by:
First – the majority of Malaysians have inadequate knowledge on financial matters to enable them to make informed financial decisions, particularly among the vulnerable groups;
Second - a significant majority of Malaysians display short-sighted tendencies and are inclined to ‘live for the moment’ - that is to only focus on instant gratification at the expense of long-term financial planning;
Third - more than 75% of Malaysians find it difficult to even raise RM1,000 to meet emergency needs;
Fourth - only a quarter of Malaysians have any form of investment; and
Fifth - most Malaysians indicated that they will face financial pressure should there be a loss of income.
Therefore, building the financial capability and literacy of Malaysians is certainly a priority for the nation. What we want to achieve is to improve people's ability - to manage money well - through their entire life cycle, and their ability to handle periods of difficulties. Financially literate population - will help to improve the well-being of individuals and households; ensure a sound and competitive financial system; as well as contribute to the sustainable growth of the economy.
Let me explain further on the importance of elevating financial literacy:
For individuals and households - financial literacy has become a key life skill. Those who go through life by making sound financial decisions - will potentially be more resilient and end-up with a much higher standard of living throughout their lifetime, including during retirement. With the right knowledge and skills - individuals can live within their means; manage finances; and improve chances of achieving their ultimate financial goals. A financially literate Malaysian - would be aware of the importance of long-term financial planning and will actively save for the future.
Empowered financial consumers - is an important element in enhancing market discipline and promoting financial stability. Financially literate consumers can collectively influence the behaviour of financial institutions to operate in a responsible, transparent and efficient manner. Financial institutions would be more competitive and motivated - to provide proper advice and offer suitable products, including that can support long-term financial planning.
Successful channelling of savings into productive investment opportunities - will also promote better economic growth. Greater use of financial products; as well as prudent use of credit among households - would promote wealth creation. A nation with a more literate population - can achieve greater financial inclusion through the access and appropriate use of financial products and services. Such households would facilitate in achieving the intended outcomes of macroeconomic policies.
Let me focus on three areas that are relevant towards shaping a better future in the context of financial literacy:
First - long-term financial planning begins at young age and relevant at each key life stages.
Second – on the individual responsibility to take charge of its own financial decisions and well-being; and
Third - building financial capability and enhancing literacy - is a shared responsibility. I will share the on-going collaborative efforts undertaken to raise financial literacy among Malaysians.
Talking about Long-Term Financial Planning
Based on Bank Negara Malaysia’s observation - there is a continuing concern - on the lack of attention to long-term financial planning among a majority of Malaysians. Only 40% of Malaysians are financially ready for retirement. A recent focus group discussion with retirees - shows that they would still rely on their children or purchase using credit in the event of emergency or for higher value items. This could be a result of lack of financial planning when they were younger. Generally, the younger population aged between 20-35 years old - perceive long-term financial planning apply to a time horizon of only the next 10 to 20 years.
Therefore, financial education introduced from an early age and throughout life events is certainly essential. With sufficient basic financial knowledge and relevant skills - ingrained into the younger individuals’ behaviour and attitude - they will be more prepared and empowered to lead a healthier financial lifestyle as they move into adulthood. Financial education from young - serves as a firm foundation to influence behaviour for a more sustainable life-long financial planning. Towards this end, Bank Negara Malaysia, in collaboration with the Ministry of Education - has successfully integrated basic financial education elements into the school curriculums beginning 2014, which will be expanded to all primary and secondary school levels by 2021.
Similarly, greater attention should also be accorded to long-term financial and retirement planning from young, or when entering the workforce. There should be greater awareness on the importance of saving for the future. As most of us here represent employers throughout Malaysia, I would urge that financial education and planning aspects should be embedded in our training modules, including the retirement module developed by AKPK and KWSP.
Moving on the second focus area on - Individual responsibility to take charge of its own financial decisions and well-being.
The Financial Capability and Inclusion Demand Side Survey 2015 – also suggests that Malaysians are not adequately taking charge of their own financial decisions and well-being. For example, with regard to retirement - one-in-three Malaysians are very worried about their retirement. Despite the worries, Malaysians adopt a passive strategy for their retirement planning - such as relying mainly on the government or statutory bodies such as KWSP to fund their retirement needs. As mentioned earlier, many of KWSP’s contributors have insufficient funds for their retirement. This brings us to another question – what are their fall back plans? Apparently, nothing concrete. The top three plans indicated in the survey are:
First - to rely on passive savings, which may not be sustainable;
Second - to rely on children or family members; and
Third - to always continue working.
Most financial decisions are influenced greatly by a person’s behaviour and attitude. Notably, this will require behavioural change from within, which can be harder to initiate but not impossible to achieve. When equipped with the relevant knowledge and skills - an individual would acquire a positive attitude and be able to make financial decisions - rationally and responsibly, for his well-being in the short and long-term. The positive behavioural change includes prudent use of money and credit; not easily influenced by emotions; actively seeking of information for financial product comparison; as well as making adequate provisions for old age.
The third and final focus area - building financial capability and elevating financial literacy is a shared responsibility
Government agencies, schools, families, workplaces and the financial service industry - all play an important role in building financial capability and elevating financial literacy of our population. This is a long-haul journey and requires significant resources and perseverance by various parties. Hence, inter-agency collaboration -providing various touch points at different platforms - is needed to increase the impact of financial education initiatives for the Malaysian public.
This motivates the establishment of the inter-agency Financial Education Network – which was set up in November 2016. Apart from Bank Negara Malaysia, AKPK and KWSP, the Financial Education Network - also comprises representatives from the Securities Commission, Ministry of Education, Ministry of Higher Education, Perbadanan Insurans Deposit Malaysia and Permodalan Nasional Berhad. I believe all members of the FE Network are here today to lend support to this important initiative, and potentially to further boost its impact for the benefit of Malaysians.
The FE Network has the objective of co-ordinating and driving the National Strategy for financial education in Malaysia. The National Strategy - will identify key target groups; define priorities; set measureable and realistic goals; and conduct regular assessment on financial education initiatives. Long-term financial and retirement planning would be one of the key priorities under the proposed National Strategy.
The collaboration between AKPK and KWSP - to establish the retirement planning module is indeed timely and in line with the FE Network’s objective. Today - we have a total of 80 trainers from all over Malaysia, who have completed the Train-the-Trainers programme by AKPK and will graduate as facilitators for this module. I would like to congratulate you and wish to emphasise that you now have an important role - as change agents in creating awareness and promoting behavioural change in the long-term financial and retirement planning, among Malaysians.
We also have representatives from the various government and private sector agencies here today. With such a comprehensive module in place, I would like to urge all of us to implement this module as internal training packages at our organisations for the benefit of our employees, including the younger employees during on-boarding programmes.
In conclusion, it is our aspiration to see a brighter future, with all Malaysians being knowledgeable; forward looking and achieve financial well-being throughout their entire life stages. Hence - it is important for us to shape the future and make a difference, starting from now! On this note, I hereby officially launch the “Financial Management for Retirement Module”.
--BNM, Speeches & Interviews
Deputy Governor's Speech at the Launch of the Financial Management for Retirement Module - “Shaping the Future Starts Now”
Categories: BNMSpeaker: Encik Abdul Rasheed Ghaffour
Venue: Multi Purpose Hall, Lanai Kijang
Language: English Speech
Date: 07 Apr 2017
Saya amat berbesar hati dapat bersama tuan-tuan dan puan-puan sekalian pada pagi ini - sempena majlis pelancaran modul pengurusan kewangan “Persaraan - Bermulanya Perjalanan Baru” - yang dibangunkan melalui usahasama antara dua agensi penting dalam bidang pengurusan kewangan individu, iaitu AKPK dan KWSP. Usaha ini amatlah dialu-alukan dan tepat pada masanya. Perkembangan semasa yang mencabar - mengingatkan kita betapa pentingnya keperluan untuk meningkatkan kesedaran mengenai pengurusan kewangan berhemat, terutamanya di dalam merancang persaraan dan masa depan. Sekalung tahniah saya ucapkan kepada AKPK dan KWSP di atas usaha dalam menjayakan modul ini. Ini adalah contoh usahasama bagi mencapai matlamat yang lebih penting dalam pendidikan kewangan. Majlis ini juga merupakan peringatan yang baik mengenai kepentingan untuk meningkatkan celik kewangan rakyat Malaysia untuk mengurus dan merancang hal kewangan mereka dengan bijak - demi masa depan yang lebih cerah dan selesa.
Importance of Financial Literacy
There is a growing concern on the low financial literacy level of Malaysians as measured by financial knowledge, attitudes and behaviours. Based on the Financial Capability and Inclusion Demand Side Survey conducted by Bank Negara Malaysia in 2015, the main observations on the state of financial literacy of Malaysians can be described by:
First – the majority of Malaysians have inadequate knowledge on financial matters to enable them to make informed financial decisions, particularly among the vulnerable groups;
Second - a significant majority of Malaysians display short-sighted tendencies and are inclined to ‘live for the moment’ - that is to only focus on instant gratification at the expense of long-term financial planning;
Third - more than 75% of Malaysians find it difficult to even raise RM1,000 to meet emergency needs;
Fourth - only a quarter of Malaysians have any form of investment; and
Fifth - most Malaysians indicated that they will face financial pressure should there be a loss of income.
Therefore, building the financial capability and literacy of Malaysians is certainly a priority for the nation. What we want to achieve is to improve people's ability - to manage money well - through their entire life cycle, and their ability to handle periods of difficulties. Financially literate population - will help to improve the well-being of individuals and households; ensure a sound and competitive financial system; as well as contribute to the sustainable growth of the economy.
Let me explain further on the importance of elevating financial literacy:
For individuals and households - financial literacy has become a key life skill. Those who go through life by making sound financial decisions - will potentially be more resilient and end-up with a much higher standard of living throughout their lifetime, including during retirement. With the right knowledge and skills - individuals can live within their means; manage finances; and improve chances of achieving their ultimate financial goals. A financially literate Malaysian - would be aware of the importance of long-term financial planning and will actively save for the future.
Empowered financial consumers - is an important element in enhancing market discipline and promoting financial stability. Financially literate consumers can collectively influence the behaviour of financial institutions to operate in a responsible, transparent and efficient manner. Financial institutions would be more competitive and motivated - to provide proper advice and offer suitable products, including that can support long-term financial planning.
Successful channelling of savings into productive investment opportunities - will also promote better economic growth. Greater use of financial products; as well as prudent use of credit among households - would promote wealth creation. A nation with a more literate population - can achieve greater financial inclusion through the access and appropriate use of financial products and services. Such households would facilitate in achieving the intended outcomes of macroeconomic policies.
Let me focus on three areas that are relevant towards shaping a better future in the context of financial literacy:
First - long-term financial planning begins at young age and relevant at each key life stages.
Second – on the individual responsibility to take charge of its own financial decisions and well-being; and
Third - building financial capability and enhancing literacy - is a shared responsibility. I will share the on-going collaborative efforts undertaken to raise financial literacy among Malaysians.
Talking about Long-Term Financial Planning
Based on Bank Negara Malaysia’s observation - there is a continuing concern - on the lack of attention to long-term financial planning among a majority of Malaysians. Only 40% of Malaysians are financially ready for retirement. A recent focus group discussion with retirees - shows that they would still rely on their children or purchase using credit in the event of emergency or for higher value items. This could be a result of lack of financial planning when they were younger. Generally, the younger population aged between 20-35 years old - perceive long-term financial planning apply to a time horizon of only the next 10 to 20 years.
Therefore, financial education introduced from an early age and throughout life events is certainly essential. With sufficient basic financial knowledge and relevant skills - ingrained into the younger individuals’ behaviour and attitude - they will be more prepared and empowered to lead a healthier financial lifestyle as they move into adulthood. Financial education from young - serves as a firm foundation to influence behaviour for a more sustainable life-long financial planning. Towards this end, Bank Negara Malaysia, in collaboration with the Ministry of Education - has successfully integrated basic financial education elements into the school curriculums beginning 2014, which will be expanded to all primary and secondary school levels by 2021.
Similarly, greater attention should also be accorded to long-term financial and retirement planning from young, or when entering the workforce. There should be greater awareness on the importance of saving for the future. As most of us here represent employers throughout Malaysia, I would urge that financial education and planning aspects should be embedded in our training modules, including the retirement module developed by AKPK and KWSP.
Moving on the second focus area on - Individual responsibility to take charge of its own financial decisions and well-being.
The Financial Capability and Inclusion Demand Side Survey 2015 – also suggests that Malaysians are not adequately taking charge of their own financial decisions and well-being. For example, with regard to retirement - one-in-three Malaysians are very worried about their retirement. Despite the worries, Malaysians adopt a passive strategy for their retirement planning - such as relying mainly on the government or statutory bodies such as KWSP to fund their retirement needs. As mentioned earlier, many of KWSP’s contributors have insufficient funds for their retirement. This brings us to another question – what are their fall back plans? Apparently, nothing concrete. The top three plans indicated in the survey are:
First - to rely on passive savings, which may not be sustainable;
Second - to rely on children or family members; and
Third - to always continue working.
Most financial decisions are influenced greatly by a person’s behaviour and attitude. Notably, this will require behavioural change from within, which can be harder to initiate but not impossible to achieve. When equipped with the relevant knowledge and skills - an individual would acquire a positive attitude and be able to make financial decisions - rationally and responsibly, for his well-being in the short and long-term. The positive behavioural change includes prudent use of money and credit; not easily influenced by emotions; actively seeking of information for financial product comparison; as well as making adequate provisions for old age.
The third and final focus area - building financial capability and elevating financial literacy is a shared responsibility
Government agencies, schools, families, workplaces and the financial service industry - all play an important role in building financial capability and elevating financial literacy of our population. This is a long-haul journey and requires significant resources and perseverance by various parties. Hence, inter-agency collaboration -providing various touch points at different platforms - is needed to increase the impact of financial education initiatives for the Malaysian public.
This motivates the establishment of the inter-agency Financial Education Network – which was set up in November 2016. Apart from Bank Negara Malaysia, AKPK and KWSP, the Financial Education Network - also comprises representatives from the Securities Commission, Ministry of Education, Ministry of Higher Education, Perbadanan Insurans Deposit Malaysia and Permodalan Nasional Berhad. I believe all members of the FE Network are here today to lend support to this important initiative, and potentially to further boost its impact for the benefit of Malaysians.
The FE Network has the objective of co-ordinating and driving the National Strategy for financial education in Malaysia. The National Strategy - will identify key target groups; define priorities; set measureable and realistic goals; and conduct regular assessment on financial education initiatives. Long-term financial and retirement planning would be one of the key priorities under the proposed National Strategy.
The collaboration between AKPK and KWSP - to establish the retirement planning module is indeed timely and in line with the FE Network’s objective. Today - we have a total of 80 trainers from all over Malaysia, who have completed the Train-the-Trainers programme by AKPK and will graduate as facilitators for this module. I would like to congratulate you and wish to emphasise that you now have an important role - as change agents in creating awareness and promoting behavioural change in the long-term financial and retirement planning, among Malaysians.
We also have representatives from the various government and private sector agencies here today. With such a comprehensive module in place, I would like to urge all of us to implement this module as internal training packages at our organisations for the benefit of our employees, including the younger employees during on-boarding programmes.
In conclusion, it is our aspiration to see a brighter future, with all Malaysians being knowledgeable; forward looking and achieve financial well-being throughout their entire life stages. Hence - it is important for us to shape the future and make a difference, starting from now! On this note, I hereby officially launch the “Financial Management for Retirement Module”.
--BNM, Speeches & Interviews
Apr 07, 2017 | BNM
Deputy Governor's Speech at the Launch of the Financial Management for Retirement Module - “Shaping the Future Starts Now”
Categories: BNMSpeaker: Encik Abdul Rasheed Ghaffour
Venue: Multi Purpose Hall, Lanai Kijang
Language: English Speech
Date: 07 Apr 2017
Saya amat berbesar hati dapat bersama tuan-tuan dan puan-puan sekalian pada pagi ini - sempena majlis pelancaran modul pengurusan kewangan “Persaraan - Bermulanya Perjalanan Baru” - yang dibangunkan melalui usahasama antara dua agensi penting dalam bidang pengurusan kewangan individu, iaitu AKPK dan KWSP. Usaha ini amatlah dialu-alukan dan tepat pada masanya. Perkembangan semasa yang mencabar - mengingatkan kita betapa pentingnya keperluan untuk meningkatkan kesedaran mengenai pengurusan kewangan berhemat, terutamanya di dalam merancang persaraan dan masa depan. Sekalung tahniah saya ucapkan kepada AKPK dan KWSP di atas usaha dalam menjayakan modul ini. Ini adalah contoh usahasama bagi mencapai matlamat yang lebih penting dalam pendidikan kewangan. Majlis ini juga merupakan peringatan yang baik mengenai kepentingan untuk meningkatkan celik kewangan rakyat Malaysia untuk mengurus dan merancang hal kewangan mereka dengan bijak - demi masa depan yang lebih cerah dan selesa.
Importance of Financial Literacy
There is a growing concern on the low financial literacy level of Malaysians as measured by financial knowledge, attitudes and behaviours. Based on the Financial Capability and Inclusion Demand Side Survey conducted by Bank Negara Malaysia in 2015, the main observations on the state of financial literacy of Malaysians can be described by:
First – the majority of Malaysians have inadequate knowledge on financial matters to enable them to make informed financial decisions, particularly among the vulnerable groups;
Second - a significant majority of Malaysians display short-sighted tendencies and are inclined to ‘live for the moment’ - that is to only focus on instant gratification at the expense of long-term financial planning;
Third - more than 75% of Malaysians find it difficult to even raise RM1,000 to meet emergency needs;
Fourth - only a quarter of Malaysians have any form of investment; and
Fifth - most Malaysians indicated that they will face financial pressure should there be a loss of income.
Therefore, building the financial capability and literacy of Malaysians is certainly a priority for the nation. What we want to achieve is to improve people's ability - to manage money well - through their entire life cycle, and their ability to handle periods of difficulties. Financially literate population - will help to improve the well-being of individuals and households; ensure a sound and competitive financial system; as well as contribute to the sustainable growth of the economy.
Let me explain further on the importance of elevating financial literacy:
For individuals and households - financial literacy has become a key life skill. Those who go through life by making sound financial decisions - will potentially be more resilient and end-up with a much higher standard of living throughout their lifetime, including during retirement. With the right knowledge and skills - individuals can live within their means; manage finances; and improve chances of achieving their ultimate financial goals. A financially literate Malaysian - would be aware of the importance of long-term financial planning and will actively save for the future.
Empowered financial consumers - is an important element in enhancing market discipline and promoting financial stability. Financially literate consumers can collectively influence the behaviour of financial institutions to operate in a responsible, transparent and efficient manner. Financial institutions would be more competitive and motivated - to provide proper advice and offer suitable products, including that can support long-term financial planning.
Successful channelling of savings into productive investment opportunities - will also promote better economic growth. Greater use of financial products; as well as prudent use of credit among households - would promote wealth creation. A nation with a more literate population - can achieve greater financial inclusion through the access and appropriate use of financial products and services. Such households would facilitate in achieving the intended outcomes of macroeconomic policies.
Let me focus on three areas that are relevant towards shaping a better future in the context of financial literacy:
First - long-term financial planning begins at young age and relevant at each key life stages.
Second – on the individual responsibility to take charge of its own financial decisions and well-being; and
Third - building financial capability and enhancing literacy - is a shared responsibility. I will share the on-going collaborative efforts undertaken to raise financial literacy among Malaysians.
Talking about Long-Term Financial Planning
Based on Bank Negara Malaysia’s observation - there is a continuing concern - on the lack of attention to long-term financial planning among a majority of Malaysians. Only 40% of Malaysians are financially ready for retirement. A recent focus group discussion with retirees - shows that they would still rely on their children or purchase using credit in the event of emergency or for higher value items. This could be a result of lack of financial planning when they were younger. Generally, the younger population aged between 20-35 years old - perceive long-term financial planning apply to a time horizon of only the next 10 to 20 years.
Therefore, financial education introduced from an early age and throughout life events is certainly essential. With sufficient basic financial knowledge and relevant skills - ingrained into the younger individuals’ behaviour and attitude - they will be more prepared and empowered to lead a healthier financial lifestyle as they move into adulthood. Financial education from young - serves as a firm foundation to influence behaviour for a more sustainable life-long financial planning. Towards this end, Bank Negara Malaysia, in collaboration with the Ministry of Education - has successfully integrated basic financial education elements into the school curriculums beginning 2014, which will be expanded to all primary and secondary school levels by 2021.
Similarly, greater attention should also be accorded to long-term financial and retirement planning from young, or when entering the workforce. There should be greater awareness on the importance of saving for the future. As most of us here represent employers throughout Malaysia, I would urge that financial education and planning aspects should be embedded in our training modules, including the retirement module developed by AKPK and KWSP.
Moving on the second focus area on - Individual responsibility to take charge of its own financial decisions and well-being.
The Financial Capability and Inclusion Demand Side Survey 2015 – also suggests that Malaysians are not adequately taking charge of their own financial decisions and well-being. For example, with regard to retirement - one-in-three Malaysians are very worried about their retirement. Despite the worries, Malaysians adopt a passive strategy for their retirement planning - such as relying mainly on the government or statutory bodies such as KWSP to fund their retirement needs. As mentioned earlier, many of KWSP’s contributors have insufficient funds for their retirement. This brings us to another question – what are their fall back plans? Apparently, nothing concrete. The top three plans indicated in the survey are:
First - to rely on passive savings, which may not be sustainable;
Second - to rely on children or family members; and
Third - to always continue working.
Most financial decisions are influenced greatly by a person’s behaviour and attitude. Notably, this will require behavioural change from within, which can be harder to initiate but not impossible to achieve. When equipped with the relevant knowledge and skills - an individual would acquire a positive attitude and be able to make financial decisions - rationally and responsibly, for his well-being in the short and long-term. The positive behavioural change includes prudent use of money and credit; not easily influenced by emotions; actively seeking of information for financial product comparison; as well as making adequate provisions for old age.
The third and final focus area - building financial capability and elevating financial literacy is a shared responsibility
Government agencies, schools, families, workplaces and the financial service industry - all play an important role in building financial capability and elevating financial literacy of our population. This is a long-haul journey and requires significant resources and perseverance by various parties. Hence, inter-agency collaboration -providing various touch points at different platforms - is needed to increase the impact of financial education initiatives for the Malaysian public.
This motivates the establishment of the inter-agency Financial Education Network – which was set up in November 2016. Apart from Bank Negara Malaysia, AKPK and KWSP, the Financial Education Network - also comprises representatives from the Securities Commission, Ministry of Education, Ministry of Higher Education, Perbadanan Insurans Deposit Malaysia and Permodalan Nasional Berhad. I believe all members of the FE Network are here today to lend support to this important initiative, and potentially to further boost its impact for the benefit of Malaysians.
The FE Network has the objective of co-ordinating and driving the National Strategy for financial education in Malaysia. The National Strategy - will identify key target groups; define priorities; set measureable and realistic goals; and conduct regular assessment on financial education initiatives. Long-term financial and retirement planning would be one of the key priorities under the proposed National Strategy.
The collaboration between AKPK and KWSP - to establish the retirement planning module is indeed timely and in line with the FE Network’s objective. Today - we have a total of 80 trainers from all over Malaysia, who have completed the Train-the-Trainers programme by AKPK and will graduate as facilitators for this module. I would like to congratulate you and wish to emphasise that you now have an important role - as change agents in creating awareness and promoting behavioural change in the long-term financial and retirement planning, among Malaysians.
We also have representatives from the various government and private sector agencies here today. With such a comprehensive module in place, I would like to urge all of us to implement this module as internal training packages at our organisations for the benefit of our employees, including the younger employees during on-boarding programmes.
In conclusion, it is our aspiration to see a brighter future, with all Malaysians being knowledgeable; forward looking and achieve financial well-being throughout their entire life stages. Hence - it is important for us to shape the future and make a difference, starting from now! On this note, I hereby officially launch the “Financial Management for Retirement Module”.
--BNM, Speeches & Interviews
KUALA LUMPUR: Khidmat Nasihat Persaraan (RAS) akan diperluaskan melalui telefon pada pertengahan tahun ini dalam usaha meningkatkan tahap celik kewangan dalam kalangan rakyat terutama ahli Kumpulan Wang Simpanan Pekerja (KWSP). Pada masa sama perkhidmatan itu juga akan diperluaskan ke 10 pejabat cawangan KWSP seluruh negara.
Ketua Pegawai Eksekutif KWSP, Datuk Shahril Ridza Ridzuan, berkata hingga 28 Februari lalu, seramai 27,553 ahli sudah mendapatkan khidmat nasihat dari 18 cawangan KWSP yang menawarkan perkhidmatan RAS, sejak perkhidmatan itu dilancarkan pada 2014. "Bagi memperluaskan perkhidmatan itu, ahli kini boleh mendapatkan khidmat nasihat mengenai perancangan kewangan melalui telefon. "Pada masa sama, disasarkan kira-kira 50 peratus cawangan KWSP seluruh negara akan mempunyai perkhidmatan RAS menjelang tahun 2021," katanya pada pelancaran Modul Pengurusan Kewangan 'Persaraan, Bermulanya Perjalanan Baharu', di sini, hari ini. Majlis disempurnakan Timbalan Gabenor Bank Negara Malaysia, Abdul Rasheed Abdul Ghaffour.
Yang turut hadir Ketua Pegawai Eksekutif Agensi Kaunseling dan Pengurusan Kredit (AKPK), Azaddin Ngah Tasir. Menerusi perkhidmatan RAS, ahli akan menerima maklumat, pandangan serta nasihat berkaitan beberapa matlamat termasuk membantu ahli membuat keputusan sebelum sebarang pengeluaran simpanan KWSP dibuat; mengetahui pilihan cadangan bagi menguruskan simpanan persaraan serta menggalakkan ahli menambah simpanan secara berterusan.
INFO: * RAS ialah perkhidmatan yang diperkenalkan KWSP untuk tingkatkan kesedaran dan pengetahuan ahli mengenai perancangan kewangan dan persediaan persaraan.
--BH Online
KUALA LUMPUR: Khidmat Nasihat Persaraan (RAS) akan diperluaskan melalui telefon pada pertengahan tahun ini dalam usaha meningkatkan tahap celik kewangan dalam kalangan rakyat terutama ahli Kumpulan Wang Simpanan Pekerja (KWSP). Pada masa sama perkhidmatan itu juga akan diperluaskan ke 10 pejabat cawangan KWSP seluruh negara.
Ketua Pegawai Eksekutif KWSP, Datuk Shahril Ridza Ridzuan, berkata hingga 28 Februari lalu, seramai 27,553 ahli sudah mendapatkan khidmat nasihat dari 18 cawangan KWSP yang menawarkan perkhidmatan RAS, sejak perkhidmatan itu dilancarkan pada 2014. "Bagi memperluaskan perkhidmatan itu, ahli kini boleh mendapatkan khidmat nasihat mengenai perancangan kewangan melalui telefon. "Pada masa sama, disasarkan kira-kira 50 peratus cawangan KWSP seluruh negara akan mempunyai perkhidmatan RAS menjelang tahun 2021," katanya pada pelancaran Modul Pengurusan Kewangan 'Persaraan, Bermulanya Perjalanan Baharu', di sini, hari ini. Majlis disempurnakan Timbalan Gabenor Bank Negara Malaysia, Abdul Rasheed Abdul Ghaffour.
Yang turut hadir Ketua Pegawai Eksekutif Agensi Kaunseling dan Pengurusan Kredit (AKPK), Azaddin Ngah Tasir. Menerusi perkhidmatan RAS, ahli akan menerima maklumat, pandangan serta nasihat berkaitan beberapa matlamat termasuk membantu ahli membuat keputusan sebelum sebarang pengeluaran simpanan KWSP dibuat; mengetahui pilihan cadangan bagi menguruskan simpanan persaraan serta menggalakkan ahli menambah simpanan secara berterusan.
INFO: * RAS ialah perkhidmatan yang diperkenalkan KWSP untuk tingkatkan kesedaran dan pengetahuan ahli mengenai perancangan kewangan dan persediaan persaraan.
--BH Online
Apr 07, 2017 | BHOnline
KUALA LUMPUR: Khidmat Nasihat Persaraan (RAS) akan diperluaskan melalui telefon pada pertengahan tahun ini dalam usaha meningkatkan tahap celik kewangan dalam kalangan rakyat terutama ahli Kumpulan Wang Simpanan Pekerja (KWSP). Pada masa sama perkhidmatan itu juga akan diperluaskan ke 10 pejabat cawangan KWSP seluruh negara.
Ketua Pegawai Eksekutif KWSP, Datuk Shahril Ridza Ridzuan, berkata hingga 28 Februari lalu, seramai 27,553 ahli sudah mendapatkan khidmat nasihat dari 18 cawangan KWSP yang menawarkan perkhidmatan RAS, sejak perkhidmatan itu dilancarkan pada 2014. "Bagi memperluaskan perkhidmatan itu, ahli kini boleh mendapatkan khidmat nasihat mengenai perancangan kewangan melalui telefon. "Pada masa sama, disasarkan kira-kira 50 peratus cawangan KWSP seluruh negara akan mempunyai perkhidmatan RAS menjelang tahun 2021," katanya pada pelancaran Modul Pengurusan Kewangan 'Persaraan, Bermulanya Perjalanan Baharu', di sini, hari ini. Majlis disempurnakan Timbalan Gabenor Bank Negara Malaysia, Abdul Rasheed Abdul Ghaffour.
Yang turut hadir Ketua Pegawai Eksekutif Agensi Kaunseling dan Pengurusan Kredit (AKPK), Azaddin Ngah Tasir. Menerusi perkhidmatan RAS, ahli akan menerima maklumat, pandangan serta nasihat berkaitan beberapa matlamat termasuk membantu ahli membuat keputusan sebelum sebarang pengeluaran simpanan KWSP dibuat; mengetahui pilihan cadangan bagi menguruskan simpanan persaraan serta menggalakkan ahli menambah simpanan secara berterusan.
INFO: * RAS ialah perkhidmatan yang diperkenalkan KWSP untuk tingkatkan kesedaran dan pengetahuan ahli mengenai perancangan kewangan dan persediaan persaraan.
--BH Online
KUALA LUMPUR (April 7): A majority of Malaysians lack long-term financial planning, and only 40% of them are financially ready for retirement, said Bank Negara Malaysia (BNM) Deputy Governor Abdul Rasheed Ghaffour, based on BNM's observation on long-term financial planning.
He added that more than 75% of Malaysians find difficulty saving RM1,000 for emergency needs, with the economic uncertainties and high cost of living.
"There should be greater awareness on the importance of saving for the future," said Abdul Rasheed at today's launching of Employees Provident Fund (EPF) and Credit Counselling and Debt Management Agency (AKPK)'s financial education retirement module.
Speaking to reporters today, EPF chief executive officer Datuk Shahril Ridza Ridzuan said most people lack financial literacy.
"If you have RM228,000 at the age of 55, you should have enough to draw down about RM1,000 a month until your life expectancy of 75," he said.
"Whether there is enough for you, it's basically up to you, in terms of your own budgeting and spending. That's why when we talk about your basic savings, it's not an amount that we insist you must have, but it's a guidance we give to our members for them to plan for their financial planning," he added.
He said most people do not realise how much savings they need to sustain their particular lifestyle.
The module is a consolidation of EPF's and AKPK's retirement and financial literacy programme, and it acts as a reference and guideline, particularly for AKPK's and EPF's speakers conducting public talks pertaining to issues on personal finance management and retirement planning.
"The main objective for the development of this module is in line with EPF's vision to help members achieve a better future," said Shahril Ridza, adding that the collaboration with AKPK also allows EPF to expand its target group in managing issues on inadequacy of retirement income.
"In addition, it is hoped that this module will boost interest and encourage participation from other agencies in sharing their input as well as enhancing the current module in order to achieve the objective of increasing the understanding and financial planning that is comprehensive and relevant," said Shahril Ridza.
--The Edge Markets
KUALA LUMPUR (April 7): A majority of Malaysians lack long-term financial planning, and only 40% of them are financially ready for retirement, said Bank Negara Malaysia (BNM) Deputy Governor Abdul Rasheed Ghaffour, based on BNM's observation on long-term financial planning.
He added that more than 75% of Malaysians find difficulty saving RM1,000 for emergency needs, with the economic uncertainties and high cost of living.
"There should be greater awareness on the importance of saving for the future," said Abdul Rasheed at today's launching of Employees Provident Fund (EPF) and Credit Counselling and Debt Management Agency (AKPK)'s financial education retirement module.
Speaking to reporters today, EPF chief executive officer Datuk Shahril Ridza Ridzuan said most people lack financial literacy.
"If you have RM228,000 at the age of 55, you should have enough to draw down about RM1,000 a month until your life expectancy of 75," he said.
"Whether there is enough for you, it's basically up to you, in terms of your own budgeting and spending. That's why when we talk about your basic savings, it's not an amount that we insist you must have, but it's a guidance we give to our members for them to plan for their financial planning," he added.
He said most people do not realise how much savings they need to sustain their particular lifestyle.
The module is a consolidation of EPF's and AKPK's retirement and financial literacy programme, and it acts as a reference and guideline, particularly for AKPK's and EPF's speakers conducting public talks pertaining to issues on personal finance management and retirement planning.
"The main objective for the development of this module is in line with EPF's vision to help members achieve a better future," said Shahril Ridza, adding that the collaboration with AKPK also allows EPF to expand its target group in managing issues on inadequacy of retirement income.
"In addition, it is hoped that this module will boost interest and encourage participation from other agencies in sharing their input as well as enhancing the current module in order to achieve the objective of increasing the understanding and financial planning that is comprehensive and relevant," said Shahril Ridza.
--The Edge Markets
Apr 07, 2017 | TheEdgeMarkets
KUALA LUMPUR (April 7): A majority of Malaysians lack long-term financial planning, and only 40% of them are financially ready for retirement, said Bank Negara Malaysia (BNM) Deputy Governor Abdul Rasheed Ghaffour, based on BNM's observation on long-term financial planning.
He added that more than 75% of Malaysians find difficulty saving RM1,000 for emergency needs, with the economic uncertainties and high cost of living.
"There should be greater awareness on the importance of saving for the future," said Abdul Rasheed at today's launching of Employees Provident Fund (EPF) and Credit Counselling and Debt Management Agency (AKPK)'s financial education retirement module.
Speaking to reporters today, EPF chief executive officer Datuk Shahril Ridza Ridzuan said most people lack financial literacy.
"If you have RM228,000 at the age of 55, you should have enough to draw down about RM1,000 a month until your life expectancy of 75," he said.
"Whether there is enough for you, it's basically up to you, in terms of your own budgeting and spending. That's why when we talk about your basic savings, it's not an amount that we insist you must have, but it's a guidance we give to our members for them to plan for their financial planning," he added.
He said most people do not realise how much savings they need to sustain their particular lifestyle.
The module is a consolidation of EPF's and AKPK's retirement and financial literacy programme, and it acts as a reference and guideline, particularly for AKPK's and EPF's speakers conducting public talks pertaining to issues on personal finance management and retirement planning.
"The main objective for the development of this module is in line with EPF's vision to help members achieve a better future," said Shahril Ridza, adding that the collaboration with AKPK also allows EPF to expand its target group in managing issues on inadequacy of retirement income.
"In addition, it is hoped that this module will boost interest and encourage participation from other agencies in sharing their input as well as enhancing the current module in order to achieve the objective of increasing the understanding and financial planning that is comprehensive and relevant," said Shahril Ridza.
--The Edge Markets

Sekatan bayaran potongan gaji hingga 60 peratus - Bantu penjawat awam menangani masalah hutang
Categories: UtusanOnlineKUALA LUMPUR 20 April -
Jabatan Akauntan Negara telah melaksanakan sekatan bayaran potongan gaji penjawat awam sehingga maksimum 60 peratus daripada jumlah gaji kasar bagi menangani masalah keberhutangan penjawat awam bermula bulan ini.
Menteri di Jabatan Perdana Menteri, Datuk Seri Azalina Othman Said berkata, langkah itu dilaksanakan menggunakan sistem gaji berkomputer jabatan berkenaan setelah mengambil kira potongan-potongan yang dibenarkan Ketua Jabatan.
“Langkah ini diharap dapat membantu penjawat awam dalam menguruskan hal ehwal kewangan peribadi dengan lebih teratur dan mengelakkan mereka terjerumus dalam masalah hutang yang serius.
“Di samping itu, kerajaan turut mengadakan program usaha sama dengan Agensi Kaunseling dan Pengurusan Kredit (AKPK) bagi membantu penjawat awam menguruskan kewangan masing-masing,” katanya.
Beliau menjawab soalan Senator Datuk Mustapha Kamal Mohd. Yusooff mengenai usaha kerajaan memastikan penjawat awam di semua sektor tidak terbeban dengan hutang ketika sesi soal jawab dalam sidang Dewan Negara, hari ini.
- UTUSAN ONLINE
Sekatan bayaran potongan gaji hingga 60 peratus - Bantu penjawat awam menangani masalah hutang
Categories: UtusanOnlineKUALA LUMPUR 20 April -
Jabatan Akauntan Negara telah melaksanakan sekatan bayaran potongan gaji penjawat awam sehingga maksimum 60 peratus daripada jumlah gaji kasar bagi menangani masalah keberhutangan penjawat awam bermula bulan ini.
Menteri di Jabatan Perdana Menteri, Datuk Seri Azalina Othman Said berkata, langkah itu dilaksanakan menggunakan sistem gaji berkomputer jabatan berkenaan setelah mengambil kira potongan-potongan yang dibenarkan Ketua Jabatan.
“Langkah ini diharap dapat membantu penjawat awam dalam menguruskan hal ehwal kewangan peribadi dengan lebih teratur dan mengelakkan mereka terjerumus dalam masalah hutang yang serius.
“Di samping itu, kerajaan turut mengadakan program usaha sama dengan Agensi Kaunseling dan Pengurusan Kredit (AKPK) bagi membantu penjawat awam menguruskan kewangan masing-masing,” katanya.
Beliau menjawab soalan Senator Datuk Mustapha Kamal Mohd. Yusooff mengenai usaha kerajaan memastikan penjawat awam di semua sektor tidak terbeban dengan hutang ketika sesi soal jawab dalam sidang Dewan Negara, hari ini.
- UTUSAN ONLINE
Apr 20, 2017 | UtusanOnline
Sekatan bayaran potongan gaji hingga 60 peratus - Bantu penjawat awam menangani masalah hutang
Categories: UtusanOnlineKUALA LUMPUR 20 April -
Jabatan Akauntan Negara telah melaksanakan sekatan bayaran potongan gaji penjawat awam sehingga maksimum 60 peratus daripada jumlah gaji kasar bagi menangani masalah keberhutangan penjawat awam bermula bulan ini.
Menteri di Jabatan Perdana Menteri, Datuk Seri Azalina Othman Said berkata, langkah itu dilaksanakan menggunakan sistem gaji berkomputer jabatan berkenaan setelah mengambil kira potongan-potongan yang dibenarkan Ketua Jabatan.
“Langkah ini diharap dapat membantu penjawat awam dalam menguruskan hal ehwal kewangan peribadi dengan lebih teratur dan mengelakkan mereka terjerumus dalam masalah hutang yang serius.
“Di samping itu, kerajaan turut mengadakan program usaha sama dengan Agensi Kaunseling dan Pengurusan Kredit (AKPK) bagi membantu penjawat awam menguruskan kewangan masing-masing,” katanya.
Beliau menjawab soalan Senator Datuk Mustapha Kamal Mohd. Yusooff mengenai usaha kerajaan memastikan penjawat awam di semua sektor tidak terbeban dengan hutang ketika sesi soal jawab dalam sidang Dewan Negara, hari ini.
- UTUSAN ONLINE
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