[VIDEO] EPF Reminds Malaysians To Be Financially Literate With Touching Short Film

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The film, titled Boleh tak, Mak?, tells the story of Ajim, a young male who has his heart set on becoming financially independent from his parents and able to afford his own purchases.

In the video, Ajim gets his requests for new items turned down repeatedly by his mother. In frustration, he works to build his income stream which allows him to start spending freely on new gadgets and electronics.

Eventually, Ajim discovers that behind his mother's reluctance to buy him new things is a desire for her child to become a better decision-maker and attain true financial independence.

Watch the full video below:

Tying in with the video, the EPF also helps Malaysians to become better financial planners through its contributions accounts.

Currently, the EPF even allows parents to open accounts for their kids as young as 14 years, which is a step that all families should consider in order to bolster their children's financial savviness.

In case you need a refresher, here are the types of EPF accounts available for its members:

Contributions to EPF accounts are split into three key accounts.

Akaun Persaraan (75%): For retirement savings, this account makes up the bulk of funds to safeguard you financially when you finally retire.

Akaun Sejahtera (15%): For life cycle needs, this account allows you to make withdrawals for pre-retirement purposes such as housing, higher education, and health.

Akaun Fleksibel (10%): For the short term, you can make withdrawals from this account to fulfil emergency needs.