KUALA LUMPUR, Nov 1 (Bernama) — Budget 2022 which focuses on the Malaysian family during these complicated times strives to be all inclusive to cater to the needs of Malaysians of all walks of life and as a relief from the impacts of the pandemic. MFPC wishes to highlight the following pertinent ways an individual can enhance their financial well-being by considering some of the measures announced particularly under the first objective of the budget- Rakyat’s well-being.
Direct Financial Assistance – Cash aid under Bantuan Keluarga Malaysia (BKM) must be utilized by an individual and household by being prudent and frugal. The pandemic has sent a clear message that the savings threshold of Malaysians is low. Malaysians must be reminded of the need to allocate a portion of their earnings to their savings fund. Based on World Bank Data, Malaysians saving rate was at 26.12% (% of GDP) in the year 2020. The personal savings rate is the clearest sign of an individual’s financial health and one must be made aware of protecting their financial nest to attain financial well-being starts with better savings behaviour.
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