USM PENANG, 17 June 2023 – Financial awareness in our nation’s young adults is important for their well-being and Malaysia’s economic future.

In the light of the problems that have arisen today, we are constantly reminded of how critical and important it is for young adults to become financially literate at an early age.

Hence, the Malaysia Financial Planning Council (MFPC) joined hands with the School of Management (SOM), Universiti Sains Malaysia (USM) today to co-organised and hosted a programme entitled ‘My Money and Me Financial Management Workshop’.

This programme, which has been implemented by MFPC since 2008, is one of the MFPC’s initiatives in providing exposure to participants regarding the important components in managing finances more efficiently.

With the theme ‘Financial Planning for the Future’, the programme aims at promoting the importance of good financial planning from a young age.

Held at Dewan Pembangunan Pelajar, Kompleks Cahaya Siswa USM, the opening ceremony was officiated by the Deputy Finance Minister II, Ministry of Finance (MOF), Steven Sim Chee Keong.

Steven Sim in his officiating speech said that he is positive that this programme could help to improve Malaysian’s financial literacy, especially among the young adults that could help them to make better financial decisions.

“This programme is also important for the young adults to be committed to fight against scams and I urge all USM students to become ambassadors to spread the awareness about scams and how to avoid being scammed,” he said.

Meanwhile, MFPC President, Vincent Kwo Shih Kang in his opening speech emphasised that financial literacy is important for an individual at any stage of their life cycle, whereby financial know-how is what would differentiate an individual’s financial well-being in the years ahead.

“It is my hope that as we continue to focus on monitoring the social impact of the programme through a longitudinal study, we want individuals attending the programme to gain the opportunity at upward social mobility by practicing financial planning,” he said.

According to the Director of Industry Network, Division of Industry and Community Network, USM, representing the Deputy Vice-Chancellor Industry, Community Network and Institutional Sustainability, USM, Associate Professor Dr. Shaizatulaqma Kamalul Ariffin, at USM, we are acutely aware of the role that universities can and must play in promoting financial literacy.

“We are dedicated to providing our students with the financial education necessary to ensure their future success, and we are eager to collaborate with MFPC and the other agencies to further these efforts,” she said.

Steven Sim and other distinguished guests were then taken to visit the exhibition booths.

Also present were the Director of the Inland Revenue Board of Malaysia (LHDN), Penang Branch, Norfaidah Daud; Chairman of Finance and Islamic Finance, SOM USM, Associate Profesor Dr. Abdul Hadi Zulkafli; principal officers of USM, MFPC, LHDN and the organising committee members of 'My Money and Me Financial Management Workshop 2023'.

A total of 300 participants attended the workshop that featured speakers and experts from MFPC, LHDN, Bank Negara Malaysia, Life Insurance Association Malaysia (LIAM) and Malaysia Takaful Association, Securities Commission Malaysia and Federation of Investment Managers Malaysia (FIMM).

This programme took place in conjunction with Global Money Week (GMW) organised by the Organisation for Economic Co-operation and Development (OECD).

Text: Nur Farrah Ezlin Mohd Suhaim/Photo: Mohd Fairus Md Isa