In conjunction with World Savings Day, which takes place on 31 Oct annually, the Malaysian Credit Counselling and Debt Management Agency (AKPK) has launched an campaign called “Treat Your Money Right” in partnership with VISA on Tuesday (30 Oct).
The “Treat Your Money Right” initiative aims to promote the importance of saving amongst Malaysians.
Findings from the VISA Financial Literacy Study 2018 – which was conducted on 1060 Malaysians aged 21-40 years of age to understand how young Malaysians understand and approach money management – have revealed that while 53 per cent of Malaysians are saving to prepare for the future, 22 per cent of Malaysians do not monitor of their savings and spending, and 24 per cent of them even avoid keeping a budget and financial record.
Other findings from the survey include the following:
- Sixty per cent of Malaysians keep enough money to meet their basic needs;
- Sixty-seven per cent of Malaysians consider saving for emergencies as their ultimate motivation;
- Forty-five per cent of Malaysians have a hard time saving money; and
- Fifty-four per cent of Malaysians try to give away as much of their money as possible to good causes and social investments.
The findings highlight the importance of understanding individual money management styles amongst Malaysians, and the “Treat Your Money Right” website facilitates the process through its interactive quiz, where participants will discover their personal money management style, and subsequently be matched to range of money management resources relevant to them.
Speaking at the launch at Four Seasons Hotel in Kuala Lumpur, VISA Country Manager for Malaysia Ng Kong Boon said: “Partnering with AKPK to launch the Treat Your Money Right initiative during World Savings Day is especially apt, since our research shows a number of Malaysians have room to improve their budgeting and saving techniques.
It is crucial for Malaysians to understand the importance of effective money management.
Knowledge is power, and knowing your style of money management can help you make a more conscious effort to save and spend within your means.
We believe that all Malaysians should learn how to manage their finances to plan and prepare for various stages of their lives so they can have a better future,” said Mr Ng.
The quiz categorises participants into four different personality types based on their money management styles:
- The first is ‘Ringgit Sayang,’ which depicts people who have a heightened awareness on the importance to plan and save;
- The second type is ‘Big Spender,’ which characterises people who spend money without keeping track of their finances;
- The third type is known as the ‘Denial Boss,’ which refers to people who save as much of their money as possible but avoid planning and thinking about their budgets, and;
- The final type is ‘Tak Mau Cents’, which describes people who do not consider money as one of the most important things in life.
AKPK General Manager at the Operations Division Azman Hasim said: “We hope that we can encourage as many Malaysians to take a more active interest in planning their finances and not just focusing on savings.
“The first step in becoming better at anything, especially the topic of money, is to challenge yourself,” stressed Mr Azman.
Besides the interactive quiz on the website, VISA and AKPK are also running a competition on Facebook, in which participants will stand a chance to win RM 5,000 and 8 pieces of Apple Watch Series 3, among other prizes.
The competition – which began on 30 Oct and will end on 14 Nov – is also run by eight social media influencers on Instagram.
Members of the public who are keen to participate are encouraged to take the “What’s your money management personality?” quiz on the website. Following that, participants are invited to go on the Facebook page to share their most effective savings tip as well as an anecdote that best describes their money management personality.