EPF launches expenditure guide for households, app to track expenses online

PETALING JAYA: The Employee's Provident Fund (EPF) has launched the Belanjawanku mobile application to enable users to track their expenses online.

The app was launched alongside its expenditure guide for 2022/2023 at Menara KWSP in Kwasa Damansara on Tuesday (June 13).

The Belanjawanku app also helps users access the guide easily.

The guide details out minimum expenses by household category and provides recommendations on expenses allocation for necessities, optional spending, and personal savings for 11 cities in the country.

“Some 76% of Malaysians have a budget, but don’t adhere to it. The data also shows that 47% find it difficult to set aside RM1,000 for emergency use,” said EPF chairman Tan Sri Ahmad Badri Mohd Zahir, citing the National Financial Literacy Strategy 2019-2023 by Financial Education Network and the Financial Capability and Inclusion Demand Side Survey 2021 by Bank Negara Malaysia.

The Belanjawanku guide is for Malaysians to become more savvy in managing their finances, he added, and it was a collaboration between EPF and Universiti Malaya's Social Wellbeing Research Centre (SWRC).

Also present at the event was Economy Minister Mohd Rafizi Ramli and EPF chief executive officer Datuk Seri Amir Hamzah Azizan.