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Adopt good financial practices

by | Feb 11, 2023 | Opinions | 0 comments

BY: RAJA AMY

When exactly should a person begin to develop good financial practices? While financial experts and advisers differ in opinion, most generally agree that good financial practices should begin as early as in childhood.

The reason there are many bankruptcy cases in this country is not just due to the availability of easy credit and loan facilities but because most borrowers failed to practice good financial management.

Parents, and to a lesser extent teachers, should go about inculcating in children the habit of being thrifty and how to save from their pocket money or allowance as this is the form of financial discipline they will carry into adulthood.

Financial experts and advisers contend that beginning to have children with good financial control and management will ensure that as they form their own households they will be able to budget wisely and learn to keep within limits spending power.

Anytime is a good time to learn to exercise financial discipline and, in this country, it is important that the government sets the trend by providing financial guidance and help to every segment of society so a person’s personal finances do not go haywire.

Through social media, the government can embark on awareness campaigns to ensure that Malaysians learn the importance of respecting money as it is a tool and a yardstick by which most things in life are measured.

-THE MALAYSIA VOICE

** The views expressed on this opinion is of the writer and not the publisher

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