Financial knowledge, planning vital in preventing bankruptcy, scams - Tengku Zafrul

Finance Minister Tengku Datuk Seri Zafrul Tengku Aziz said the lack of financial knowledge and planning could be a contributing factor to an uncertain future.

"Through budgeting, you can avoid excessive spending, unmanageable debt, bankruptcy and dependence on others," he said when officiating the "My Money and Me" workshop here today.

Therefore, the minister said, the issue would always remain current given its relevance to everyone at all stages of life.

"There's no age limit for planning finances. It is very much encouraged to start planning from an early age so that we can profit from the longer period to strengthen our financial situation and build our wealth," he added.

The International Survey of Adult Financial Literacy 2020 by the Organisation for Economic Cooperation and Development (OECD) found that Malaysia was among the countries that must place importance on financial knowledge to ensure its people understand financial principles and manage money more effectively.

"My Money and Me" is a national initiative in conjunction with the Global Money Week 2021 campaign (March 22-28) organised by the OECD International Network on Financial Education with the theme "Take care of yourself, Take care of your money."

"This theme highlights the importance of becoming financial literate in order for you to make rational and responsible decisions in personal financial management throughout your life," said Tengku Zafrul.