According to research by The Financial Education Network in Malaysia [FENetwork], around a third of Malaysians admit to having low confidence about their financial knowledge. Most (84%) Malaysians who do save regularly only do so for the short-term – these savings are typically withdrawn at the end of the month, which makes it more difficult for many Malaysians to face unexpected life events.
Financial wellbeing is about feeling secure and in control of your day-to-day finances. It’s having enough money to pay your bills, with a plan to deal with unexpected costs. It’s about feeling confident making plans for your financial future that are in line with the goals that you set.
Financial wellbeing is one piece in the overall spectrum of wellness. When one piece of the spectrum is jeopardized, you may feel it in other areas.
In fact, poor financial wellbeing has knock-on effects for our mental health, physical health and our relationships. On the other hand, people who enjoy good financial wellbeing tend to be happier, more confident and more productive at work.