Want To Learn More About Finance But Find It Confusing? This Site Has Easy Topics To Help
It covers crypto, budget planning, improving your credit score, and more.
By Gowri Chitra — 19 Jan 2024, 02:55 PM
According to a survey conducted by the Financial Education Network (FEN), 84% of Malaysians do not have regular savings every month
Nor Rafidz Nazri, the Joint Chairman of FEN and Financial Inclusion Department Director of Bank Negara Malaysia (BNM) revealed findings from the triennial survey. This includes the fact that 27% of the population expressed significant concern about their capacity to cover living expenses during retirement.
"The level of financial literacy among Malaysians is still low. The study found that 69% prefer spending over saving, leading to a lack of savings for emergencies. Moreover, 47% admitted to having difficulty setting aside RM1,000 for emergencies," he shared.
Additionally, as per a report in Berita Harian, merely 20% of employed adults in the nation can maintain their living expenses for a minimum of three months in the event of income loss, due to insufficient emergency funds.
If this continues, individuals will struggle to effectively manage their finances and ensure future security. This is why it is imperative for Malaysians to heighten their awareness regarding their spending and saving habits.
Aiming to help with this problem is REV Media Group's Cakna Duit financial literacy campaign, an initiative to empower Malaysians with financial knowledge through easy-to-understand content
Hosting the Cakna Duit campaign is The Vocket, a digital media platform that showcases the latest news and stories about travel, technology, fashion, and creativity.
"The financial literacy campaign will run for three months (January - March) and aims to enhance the knowledge of Malaysians to be more aware of financial matters, whether it's about crypto, financial budget planning, improving credit scores, and more.
"January is the best time to start this campaign, aligning with the mission for financial literacy in 2024. We hope many will become more aware of financial management through the Cakna Duit campaign," said Noraniza Azmi, Head of Malay Network, REV Media Group.
What makes the Cakna Duit campaign unique is that it will feature casual financial discussions by distinguished experts
The main goal of the Cakna Duit campaign is to attract Malaysians, especially the younger generation, to start planning their finances better. To do this, the campaign will involve individuals who are experts in their respective fields casually delving into various financial management topics on social media.
For example, in January, during one of the episodes of their VOCCAST podcast, The Vocket's editorial team will be having a conversation with Aznah Abas, a credit card enthusiast. They will be exchanging opinions and correcting public perceptions about credit cards.
Azam Anwar, Chief Editor of The Vocket, shared some insight into content you can expect from the Cakna Duit campaign.
"We will produce video reviews of financial applications that can be downloaded for free. To gain the perspective of Malaysians, we also plan to randomly interview the public about financial topics and summarize them in several short 'Voxpop' videos. Certainly, there will also be financial tips shared by experts and business owners in the form of articles," he said.
