PETALING JAYA: Despite its launch last year, awareness of the the National Strategy for Financial Literacy 2026–2030 (NS2.0) initiative is lacking among young Malaysians.
Marketing executive Catherine Leong, 24, said she was not aware of the initiative, and relies on reputable social media sites for information on managing her finances.
“I usually follow credible financial pages on social media to learn about budgeting and saving.
“They often share simple tips that are easier for young people to understand,” she said.
Leong said she tries to keep track of her spending to ensure she has sufficient money to cover her monthly commitments.
“I am even able to save some money and have some left at the end of the month despite paying bills, insurance and daily expenses.”
However, Leong noted that daily transportation is one of her biggest financial challenges.
“Expenses such as petrol and vehicle maintenance add up quicly.”
She believes more awareness campaigns could help young Malaysians develop better financial habits.
“I also think financial management should be taught in schools so young people learn these skills earlier,” she suggested.
A 29-year-old customer service worker who only wanted to be known as Mr Chan admitted that he had never heard of financial strategies.
Chan said he struggles with controlling his spending habits which is affecting his financial stability.
He said that impulse purchases put pressure on his monthly budget.
“Sometimes I buy things without really thinking about whether I need them.
“At the end of the month, I realise I had spent more than I should have.”
Chan added that he is juggling his finances and is currently repaying a personal loan taken to settle previous debts.
“It feels like I’m trapped in a financial hole because I’m trying to clear my debts while still managing daily expenses,” he said.
Electrical engineer Lee Jiuan, 29, also said he had not heard of NS2.0 inititative and relies on advice from his parents or online sources for financial guidance.
He described managing his finances as something “50-50”.
“I’m able to pay most of my bills on time but there isn’t much left to save after covering daily expenses and rent,” he said.
Lee said rising cost of living costs and inflation have made it harder for young workers to save.
“Most of my budget goes towards daily expenditure,” he said.
Rescue mission
Flood relief personnel helping evacuate residents at Kampung Beliajung in Kota Marudu, Sabah. Nearly 400 people were evacuated from low-lying villages in the area following floods triggered by heavy overnight rain in the northern part of the state.
