‘Part-time jobs and savings mindset vital for youths’

KUALA LUMPUR: Exploring part-time job opportunities and inculcating a savings mindset are necessary for both university students and fresh graduates living in urban areas, say financial experts.

Fund manager Danny Wong said part-time job opportunities could be in respective campuses or even outside.

“University students who have certain freelance skills, such as, among others, photography or graphic design, can try pursuing them.

“These jobs generate extra income for students and allow them to have more income for daily expenses,” he said, adding that this could then be used to pay their school fees as well as go into their savings.

Part-time jobs also offer better stability than freelance jobs, Wong said, adding that the acquired working experience and personal skills obtained could give students an edge over their peers.

Wong, the CEO of Areca Capital Sdn Bhd, said it is crucial for students to begin saving from a young age, advising them to set aside some amount prior to spending.

“Avoid comparing with others and learn to differentiate between needs and wants.

“This is easier said than done as one needs the discipline and wisdom to balance between overspending and penny pinching.

“Any money saved today, more importantly invested, is worth a lot more in the future,” said Wong, adding that investments and being financially literate are also other important factors.

Malaysia Literacy in Financial Education Association founding chairman Amy Seok said equipping university students and youth with financial literacy and money-making skills would provide them with avenues to generate income during their study years and beyond.

“This allows them to maximise their earnings, minimise unnecessary expenses and plan for future financial goals.

“It also ensures that they have better financial power and can live comfortably,” she said.

Agreeing with Wong, Seok said taking up part-time jobs makes it possible for students to accumulate more savings.

This could be, among others, through opportunities such as part-time promoters and being tuition teachers.

“Learning while earning is the biggest reward as it also helps those whose families face financial constraints.

“Take the initiative to learn, explore money-making skills and be financially literate,” she said.