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 Most (84%) Malaysians who do save regularly only do so for the short-term – these savings are typically withdrawn at the end of the month, which makes it more difficult for many Malaysians to face unexpected life events.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.
Many people find it very difficult to talk candidly and openly about money with their family or friends. Money and finances are a common source of stress. Talking about money with a trusted friend or family member is good for you, and may help you to manage your stress. It’s good for your mental health and your relationships. It will also help you to plan your financial future more effectively.
Make a plan
Getting your finances in shape, or at least having a plan in place, can be a weight off your shoulders.
Tips on how to stay out of debt and save
Be in control of what you spend on bills, savings and debts
Creative ways to reduce your expenses