PETALING JAYA: A considerable number of Malaysians are still adopting a short-term mindset when it comes to financial management, says Bank Negara governor Datuk Abdul Rasheed Ghaffour.
Many Malaysians have a lackadaisical attitude in managing their financial risks, including when facing unforeseen situations, he said.
“Nearly half of Malaysians have difficulties in setting aside RM1,000 for the purpose of emergencies, and one in three Malaysians are not interested to learn about insurance and takaful,” he lamented in his speech at the Johor Financial Literacy Carnival or KCK Johor in Kulaijaya.
Abdul Rasheed said it was worrying that Malaysians’ financial knowledge was not growing in line with their financial management attitude and behaviour.
According to the Credit Counselling and Debt Management Agency data, many Malaysians have to go into debt when in need of money during emergencies.
One in three Malaysians is burdened with debt although most of them have a reasonable level of income, he said.
Abdul Rasheed said everyone must have knowledge about various financial products and their suitability, and take steps to safeguard against becoming a victim of financial fraud and scams. — Bernama
