Managing my student loan while studying taught me about financial literacy. At the start of the semester when the funds came in, I felt like a rich man. But usually before the semester ended, my bank account would be running low on funds. That bothered me because the funds apportioned for each semester should be sufficient. I quickly learnt that I needed to have a cash flow system and divide my spendings based on a monthly budget. Picking up financial literacy showed me how money affects my lifestyle. I had to keep track of where my money went, so that I would have enough before my semester ended. Listing my spendings was the option. Now that I have graduated and am working as an insurance consultant, I still keep track of where my money goes.
– Maisarah Ahmad Faisal, 24, Kuala Lumpur
I learnt financial literacy in school from the Consumer Mathematics chapters within the Mathematics subject. In Form Three, we learnt about savings, investments, as well as credit and debt management. In Form Four, we learnt about financial management. In Form Five, we learnt about insurance and taxation. Introducing such topics is a fundamental step to advancing financial literacy among youths. By taking on part-time work such as giving tuition classes, youths can understand the significance of good money management but if we are taught how to earn passive income, it could lead to long-term fulfilment and help us realise our dreams.
– Goh Li Lian, 17, Kuala Lumpur
Learning financial literacy in college would be a boost to my soft skills because I want to be smart with the money I spend. If I am more financially literate, I will be able to better manage my money, plan my next financial journey and even invest to gain more benefits in future. I realised that my expenditure might increase once I graduate so I better start learning now.
– Alvis Ujang James, 22, Nilai, Negri Sembilan
I want to learn more about income management, savings, cash flow and trading in my daily life. Everyone says I can easily search for such information online. I have tried many times but the Internet does not give me a proper understanding of how to relate it to the real world. I think certain aspects of financial literacy can only be learnt through experience.
– Maghrib Razak, 21, Seremban, Negri Sembilan
What I know about financial literacy is learnt through managing the daily allowances my parents give me. I don’t really know how to save. I want to know how to use my money properly and not just spend it all. What do I need to consider before buying something?
– Alesha Damia, 13, Shah Alam, Selangor