Reasons Why Being Financially Literate Will Benefit You In M’sia

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Since 2019, there are over 300,000 Malaysians declared bankrupt with 35% are the youth. Hence, being financially literate would help many individuals to increase their financial knowledge and future retirement planning. The finance industry is constantly changing and being filled with the latest innovative system to make our lives easier.
If you take some free time and study the latest finance news or learning new financial terms, one can definitely soar better than the rest that doesn’t. With this, you can avoid debts and a bad credit score which is going to affect your potential loans obligations. 

1. More Financial Decisions (Adulthood)

With more financial decisions, we faced many commitments like settling debts, tangible purchases and even retirement planning. Since 2019, over 50% of Malaysians spend too much than saving their income due to their lifestyle. Once you have gotten your paycheck, always put 10% to 50% of it into your saving to avoid overspending and being in debt. 

2. Savings & Investment 

Savings and investments are great in a long-run but it tends to get quite complex. Ranging from property investment to cryptocurrency, one must know the value and commitment for a higher return. This will help many people in getting a side income and ideally to get an expert in this as there are pro and cons in it. 

3. Financial Environment Constantly Changing

Get yourself updated with the constant changing of the financial environment from financial institutions and banks. With this, you are able to learn opportunities to increase your net worth value.

4. Countless Credit Facility

Countless credit facility means you have a handful of commitments and loan obligations. When you have too many commitment, you will find a struggle to pay off debts and eventually, it will reflect in your CTOS/CCRIS score. If you ever need financial help on this matter, you can send us a message and we will assist you within 24 hours! 

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