Latest news with #Malaysians'
The Sun
a day ago
- Business
- The Sun
Financial literacy crucial for youth spending and saving habits
KUALA LUMPUR: The mindset of 'getting a salary, spend' should be replaced with 'getting a salary, building finances', particularly among youths, to help foster a financially literate society and ensure a more secure future. Financial experts have expressed concern over the rising trend among urban youths, particularly young professionals, who are spending beyond their means in the pursuit of instant gratification. According to the Malaysian Department of Insolvency (MdI), as of June 2025, there were 119,297 active bankruptcy cases nationwide, with the majority involving individuals aged between 35 and 44, totalling 10,336 cases or 39.7 per cent. MdI Bankruptcy Division principal insolvency officer, Zarina Alias, said a total of 26,060 new cases were registered between 2021 and June 2025, with all cases still under the department's administration. 'The main factor leading to bankruptcy is personal loans, which account for 47.62 per cent of cases, followed by business loans and vehicle financing. Personal loans are often used to cover existing debts or to pay for everyday expenses, including weddings and home renovations,' she said. 'Affordability should be measured by whether we can truly afford the item. For example, when choosing between a regular and a designer handbag, is it truly essential or merely something we want? Young people must cut their coat according to their cloth,' she told Bernama recently. Zarina said that although students today were drawn to luxury items such as mobile phones, gadgets and cars, financial management must remain a priority. Meanwhile, International Islamic University Malaysia Economics Department senior lecturer, Associate Professor Dr Muhammad Irwan Ariffin, said a recent report by Bank Negara Malaysia (BNM) and the Credit Counselling and Debt Management Agency (AKPK) revealed that Malaysians' financial literacy remained at a worrying level, particularly in terms of savings management and preparedness for financial emergencies. 'According to BNM reports from 2021 and 2024, around 50 per cent of Malaysians lack the financial resilience to survive for three months without income. Only 24 per cent have enough savings to last beyond that, which is significantly below international standards,' he said. He noted that the 'Fear of Missing Out' (FOMO) culture, which pushes youths to spend for the sake of keeping up with trends, should be replaced with the 'Joy of Missing Out' (JOMO), which reflects satisfaction in making decisions based on personal values and goals. --MORE LITERACY-FINANCIAL 3 KUALA LUMPUR 'Change the mindset of 'my friends are buying, so I have to buy too' to 'I buy based on my budget and needs'. Lifestyles need not be standardised, what matters is that they are comfortable and sustainable. 'Good financial habits can be developed through practices like 'paying yourself first', which means setting aside a portion of your salary for savings before spending on daily necessities,' he said. Muhammad Irwan said that as a general guideline, monthly income could be divided into 50 per cent for essentials, 30 per cent for non-essentials, and 20 per cent for savings or investments, but emphasised that this might vary depending on a person's financial commitments. He said that separating savings into categories such as emergency funds, education and religious expenses would help individuals plan more effectively and avoid unexpected financial difficulties. 'For education savings, platforms such as the National Education Savings Scheme (SSPN) or Amanah Saham Bumiputera (ASB) offer stable returns in the long term, while a Tabung Haji account is suitable for religious purposes as it is syariah-compliant, provides competitive returns and is zakat-deductible,' he said. Muhammad Irwan added that young Muslims should strike a balance between worldly and spiritual needs by including haj savings as part of their long-term financial planning, alongside goals such as emergency and education funds, to reflect a structured approach to fulfilling religious obligations. 'If we look at it, the cost of performing the haj is rising and could realistically reach up to RM60,000 by 2035, based on current trends. This is mainly due to economic reforms by the Saudi Arabian Government such as VAT, visa fees, and increases in accommodation, food and transport costs. 'The second factor is the ringgit's fluctuating value compared to the Saudi riyal, which has a direct impact on the costs borne by Malaysian pilgrims,' he said. Malaysian Youth Council fellow Adli Amirullah was of the view that the concept of qanaah, or contentment, should form the core of financial education to encourage more ethical and sustainable financial culture among youths. 'In this context, young people must also understand the concept of wasatiyyah, which is about striking a balance - being content with what we have, while continuing to strive to earn more not just for ourselves, but to help others in need and, most importantly, to fulfil the fifth pillar of Islam,' he said. Adli also believed that offering incentives such as tax relief to young people saving for the haj could serve as a catalyst to instil more disciplined and long-term financial habits. 'If tax relief through SSPN can encourage education savings, a similar approach should be considered for haj savings, especially among the youth. Knowing that there are short-term incentives like tax rebates may motivate them to start saving early,' he said. Dean of the Faculty of Islamic Studies at Universiti Kebangsaan Malaysia, Prof Datuk Dr Mohd Izhar Ariff Mohd Kashim, advised young people to start financial planning early, including for the haj, by saving even a small amount such as RM50 a month. He said automatic deductions from their salary would help instil financial discipline and ensure consistent haj savings. - Bernama
Barnama
a day ago
- Business
- Barnama
Financial Literacy Key To Instilling Smart Spending And Saving In Youths
Financial experts have expressed concern over the rising trend among urban youths, particularly young professionals, who are spending beyond their means in the pursuit of instant gratification. KUALA LUMPUR, July 30 (Bernama) -- The mindset of 'getting a salary, spend' should be replaced with 'getting a salary, building finances', particularly among youths, to help foster a financially literate society and ensure a more secure future. 'The main factor leading to bankruptcy is personal loans, which account for 47.62 per cent of cases, followed by business loans and vehicle financing. Personal loans are often used to cover existing debts or to pay for everyday expenses, including weddings and home renovations,' she said. MdI Bankruptcy Division principal insolvency officer, Zarina Alias, said a total of 26,060 new cases were registered between 2021 and June 2025, with all cases still under the department's administration. According to the Malaysian Department of Insolvency (MdI), as of June 2025, there were 119,297 active bankruptcy cases nationwide, with the majority involving individuals aged between 35 and 44, totalling 10,336 cases or 39.7 per cent. Meanwhile, International Islamic University Malaysia Economics Department senior lecturer, Associate Professor Dr Muhammad Irwan Ariffin, said a recent report by Bank Negara Malaysia (BNM) and the Credit Counselling and Debt Management Agency (AKPK) revealed that Malaysians' financial literacy remained at a worrying level, particularly in terms of savings management and preparedness for financial emergencies. Zarina said that although students today were drawn to luxury items such as mobile phones, gadgets and cars, financial management must remain a priority. 'Affordability should be measured by whether we can truly afford the item. For example, when choosing between a regular and a designer handbag, is it truly essential or merely something we want? Young people must cut their coat according to their cloth,' she told Bernama recently. 'According to BNM reports from 2021 and 2024, around 50 per cent of Malaysians lack the financial resilience to survive for three months without income. Only 24 per cent have enough savings to last beyond that, which is significantly below international standards,' he said. He noted that the 'Fear of Missing Out' (FOMO) culture, which pushes youths to spend for the sake of keeping up with trends, should be replaced with the 'Joy of Missing Out' (JOMO), which reflects satisfaction in making decisions based on personal values and goals. 'Change the mindset of 'my friends are buying, so I have to buy too' to 'I buy based on my budget and needs'. Lifestyles need not be standardised, what matters is that they are comfortable and sustainable. 'Good financial habits can be developed through practices like 'paying yourself first', which means setting aside a portion of your salary for savings before spending on daily necessities,' he said. Muhammad Irwan said that as a general guideline, monthly income could be divided into 50 per cent for essentials, 30 per cent for non-essentials, and 20 per cent for savings or investments, but emphasised that this might vary depending on a person's financial commitments. He said that separating savings into categories such as emergency funds, education and religious expenses would help individuals plan more effectively and avoid unexpected financial difficulties. 'For education savings, platforms such as the National Education Savings Scheme (SSPN) or Amanah Saham Bumiputera (ASB) offer stable returns in the long term, while a Tabung Haji account is suitable for religious purposes as it is syariah-compliant, provides competitive returns and is zakat-deductible," he said. Muhammad Irwan added that young Muslims should strike a balance between worldly and spiritual needs by including haj savings as part of their long-term financial planning, alongside goals such as emergency and education funds, to reflect a structured approach to fulfilling religious obligations. 'If we look at it, the cost of performing the haj is rising and could realistically reach up to RM60,000 by 2035, based on current trends. This is mainly due to economic reforms by the Saudi Arabian Government such as VAT, visa fees, and increases in accommodation, food and transport costs. 'The second factor is the ringgit's fluctuating value compared to the Saudi riyal, which has a direct impact on the costs borne by Malaysian pilgrims,' he said. Malaysian Youth Council fellow Adli Amirullah was of the view that the concept of qanaah, or contentment, should form the core of financial education to encourage more ethical and sustainable financial culture among youths. 'In this context, young people must also understand the concept of wasatiyyah, which is about striking a balance - being content with what we have, while continuing to strive to earn more not just for ourselves, but to help others in need and, most importantly, to fulfil the fifth pillar of Islam,' he said. Adli also believed that offering incentives such as tax relief to young people saving for the haj could serve as a catalyst to instil more disciplined and long-term financial habits. 'If tax relief through SSPN can encourage education savings, a similar approach should be considered for haj savings, especially among the youth. Knowing that there are short-term incentives like tax rebates may motivate them to start saving early,' he said. Dean of the Faculty of Islamic Studies at Universiti Kebangsaan Malaysia, Prof Datuk Dr Mohd Izhar Ariff Mohd Kashim, advised young people to start financial planning early, including for the haj, by saving even a small amount such as RM50 a month. He said automatic deductions from their salary would help instil financial discipline and ensure consistent haj savings. -- BERNAMA BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies. Follow us on social media : Facebook : @bernamaofficial, @bernamatv, @bernamaradio Twitter : @ @BernamaTV, @bernamaradio Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial TikTok : @bernamaofficial
Focus Malaysia
2 days ago
- Business
- Focus Malaysia
PMX comes under fire for mocking rabble-rouser Malaysians 'to go buy petrol in Singapore'
FORMER UMNO supreme council member Isham Jalil has led a chorus of detractors to troll Prime Minister Datuk Seri Anwar Ibrahim's out of the box notion that detractors who complained about high petrol prices in Malaysia should try to re-fuel in Singapore or for that matter even Thailand and Indonesia. For context, PMX who is also the Finance Minister had snubbed opposition leaders at Saturday's (July 26) Turun Anwar rally who criticised the proposed six sen RON95 price reduction to RM1.99/litre as being 'chicken feed' given such cut has to take into account implications to the nation's financial stability. 'First and foremost, Singapore has no oil companies. There are no oil wells either. That's why the price is expensive,' Isham who was expelled from UMNO on Dec 7, 2023 for opposing the party's collaborations with DAP in elections schooled PMX on his Facebook page. 'Secondly, while the petrol price in Singapore is four or five times that of our RON95, their per capita earnings is five to six times ours. If we adjust the per capita earnings with purchasing power parity, it is still three times higher than Malaysia. 'As their purchasing power is much higher than ours, it is most insensible of you to lash out at Malaysians by challenging them to buy petrol in Singapore.' The once special officer to incarcerated former premier Datuk Seri Najib Razak went on to chide PMX by reminding him that he was the one who previously claimed that oil companies in Malaysia made billions, hence he promised to further lower petrol prices in Malaysia upon assuming the premiership. 'But after 20 years of making promises, oil price only dropped by 6 sen/litre. Podah (literally, 'damn').' Elsewhere, Bersatu information chief Tun Faisal Ismail Aziz warned Malaysians against being overly elated with the RM1.99/litre price tag that was unveiled by PMX as part of his 'extraordinary tribute to Malaysians' package last week. 'Since when has the price of petrol come down? What was announced has not even been implemented yet,' he penned on his Facebook. This is a valid point given even if the RM1.99/litre price tag materialises, not all Malaysians might get to enjoy the six sen/litre discount on grounds that this is part of the fuel subsidy rationalisation exercise that ultimately entails a free float of RON95 (well-to-do motorists may end up having to pay RM2.50-RM2.60/litre). 'With the current fall in world crude oil prices, the fall in the value of the greenback and by using the Rafizi formula, Anwar should have been able to lower the price of RON95 petrol and diesel to RM1.70/litre now instead of end-September,' opined the former press secretary to then communications and multimedia minister Tan Sri Annuar Musa. 'It seems the Turun Anwar rally has had a huge impact on the brains and emotions of PMX, the Madanons, Walanons and most strangely, the UMDAP gang. In fact, the UMDAP gang has been experiencing postpartum blues since last Saturday.' – July 29, 2025
The Sun
3 days ago
- Sport
- The Sun
Wrong strategy caused Aaron-Wooi Yik's China Open final loss
NATIONAL men's doubles coach Herry Iman Pierngadi attributed Aaron Chia-Soh Wooi Yik's loss in the 2025 China Open final to a flawed game plan. The Malaysian pair fell 15-21, 14-21 to Indonesia's Fajar Alfian-Muhammad Shohibul Fikri at the Olympic Sports Centre Gymnasium in Changzhou. Herry acknowledged that Fajar-Muhammad Shohibul executed a superior strategy, particularly their aggressive 'no-lift' play, which pressured Aaron-Wooi Yik from the start. 'We used the wrong strategy in the first game and struggled to recover. Their attacking precision was outstanding, with minimal errors,' he told Bernama. The coach also noted that strong air currents in the venue may have disrupted the Malaysians' rhythm. This defeat extends Aaron-Wooi Yik's streak of six consecutive Super 1000 final losses, including the All England (2019, 2024), Thailand Open (2020), China Open (2023), and Indonesia Open (2023). Fajar-Muhammad Shohibul claimed the USD 148,000 (RM 625,000) prize, while Aaron-Wooi Yik earned USD 70,000 (RM 296,000) as runners-up. - Bernama
The Sun
4 days ago
- Politics
- The Sun
Rally sparks debate, not upheaval
PETALING JAYA: Analysts remain divided over the significance of the recent 'Turun Anwar' rally, held in the capital on Saturday to call for Prime Minister Datuk Seri Anwar Ibrahim's resignation, particularly in light of the reported turnout. Independent political analyst Dr Lim Teck Ghee questioned the organisers' claim that 500,000 people attended, describing the figure as likely overstated. 'A turnout of 500,000 seems unlikely. A more reasonable estimate might be closer to 50,000,' he told theSun. Lim noted that while the crowd size was not insignificant, it may not be sufficient to bring about major political shifts. He also pointed out that the rally appeared to draw a predominantly Malay crowd, which he said reflected limited participation from other communities. 'Roughly 95% of attendees were Malays, suggesting the event was not broadly representative of the wider population and may have primarily involved PAS or Bersatu supporters,' he said. Lim also observed that most speakers did not outline clear policy alternatives, focusing instead on calls for the prime minister to step down. 'While the slogan 'Turun Anwar' may resonate with some, there was a lack of detailed proposals or solutions presented during the rally,' he added. Senior Fellow at the Nusantara Academy of Strategic Research, Prof Dr Azmi Hassan, said the rally appeared designed to give the impression that Anwar had lost public support. 'In reality, this was not a people's rally, as it only drew one segment of society. The non-Malay presence was minimal, so it cannot be said to represent the rakyat as a whole,' he told theSun. Azmi added that while the opposition may be attempting to shape public perception, any change in leadership must follow due parliamentary process. 'Anwar retains the backing of the majority of MPs in the Dewan Rakyat. I doubt the opposition will table a no-confidence vote, as they are aware they lack the numbers,' he said. Universiti Kebangsaan Malaysia (UKM) political analyst Professor Dr Kartini Aboo Talib @ Khalid offered a different perspective, describing the rally's turnout as noteworthy. 'Based on drone footage, TikTok livestreams, and television coverage, the rally brought together thousands to express their protest. Many remained despite the rain, chanting loudly for Anwar to step down,' she said. Kartini added that from a democratic standpoint, the peaceful nature of the event underscored Malaysians' right to free speech and assembly. 'The rally was symbolic — a way for citizens to voice dissatisfaction directly to their leaders. Malaysians understand that elections are the appropriate channel to choose their government. It's highly unlikely the people would seek to forcefully remove a prime minister, as has happened elsewhere,' she said. Estimates suggest more than 30,000 people, many dressed in black, gathered at Dataran Merdeka on Saturday to call for Anwar's resignation. Among those who addressed the crowd were former prime ministers Tun Dr Mahathir Mohamad and Tan Sri Muhyiddin Yassin, opposition leader Datuk Seri Hamzah Zainudin, Perikatan Nasional information chief Datuk Seri Azmin Ali, Gerakan president Datuk Dominic Lau, and Kedah Menteri Besar Datuk Seri Muhammad Sanusi Md Nor of PAS. In a WhatsApp response to theSun, Azmin Ali said the prime minister had yet to fulfil many of his reform pledges. 'Public confidence has diminished. While many promises were made, there has been a lack of meaningful delivery. His leadership appears increasingly uncertain,' he said.
