The growing number of Malaysians who are ‘muflis’ (bankrupt), especially youth, is not a good indicator for Malaysia, and the increasing burden of NPLs (Non-Performing Loans) give a great concern and worry to the government and authorities.

The country’s NPLs, in total calculation, is supposedly the highest in the Southeast Asia region, and this, as well, does not augur well for the nation but bodes ill as it wrecks and messes up household budgets.

Therefore, the onus on educating Malaysians to be financially literate is of paramount importance now, and while the government’s target group are the youth, it is also prudent and wise to include children and adolescents.

Inculcating in children and teenagers the importance of saving a proportion of their pocket money is the beginning of financial planning for Malaysians and parents and educators must instil this trait in them.

By instilling in children the need to manage their finances, it is surprising how far such a trivial education can go in preventing the poor management of their finances as they grow up and become adults.

While banks and certain other financial institutions ‘sasar’ (target) the young and help them through promotion campaigns to save and value their money, it is more important for the education ministry to tie up with these banks in educating children on their finances.

-THE MALAYSIA VOICE