Growing interest in financial planning services among young Malaysians

Young Malaysians are now increasingly attracted to use financial planning services as well as considering it as a career, said the Malaysian Financial Planning Council (MFPC).

President Md Adnan Md Zain said the industry has been progressively growing in line with the people's increasing awareness of the importance of financial management.

"This maturity is driven by the challenging economic climate and volatility in oil prices... they are more aware of the importance of ensuring their money is being properly managed through investments that bring good returns.

"Furthermore, we have also been doing our part in organising talks, courses and publishing articles related to the matter," he told reporters after MFPC's annual general meeting (AGM) here Saturday.

Md Adnan said there are currently over 1,000 financial planning practitioners in Malaysia, a relatively small number for Malaysia's population size, compared with 4,000 practitioners in Singapore.

Asked on Malaysians' investment trends, he said they are now being more cautious amid the economic uncertainty.

"Right now, they are looking at safer types of investments such as placement in banks, which is safe but offers low returns, as well as Amanah Saham Nasional, Amanah Saham Bumiputera and Tabung Haji for the Bumiputera.

"We are also seeing their interest in property investment because even though the market is quite soft today, over the long term, property will always appreciate," he said.

During the AGM, he said MFPC members gave the green light for the council to buy a property for use as its office, which it plans to acquire by year-end.

Md Adnan said MFPC currently has over 11,000 members and it hopes to grow the number with the establishment of the office.