It is a misconception that having money or earning well by definition means you are financially stable. If that were true, we wouldn’t have cases of debt-ridden or bankrupt millionaires. Having money alone is no good to us if we have no clue how to manage it or if we choose to be oblivious to our financial limitations when we make money decisions. It is the main reason why a significant number of Malaysians find themselves burdened by debts, have little to no money left over at the end of each month, don’t have enough savings for an emergency expense or to tide them over for at least three months in case of sudden unemployment or illness. In some cases, they can’t even afford basic necessities without a credit card. Besides the lack of basic knowledge of important topics like interest rates, how a credit card works and how to evaluate their ability to repay, most people seem to also not have the discipline to inculcate fundamental financial practices like budgeting and saving. It all points to a critical deficiency in financial literacy. Whatever station in life one may be in, financial education is vital for everyone.
HSBC Malaysia is committed to help you not only reach your financial goals but also to better manage your money. To address the lack of financial knowledge among Malaysians, HSBC Malaysia has put a few initiatives in place such as webinars helmed by leading industry experts to help you navigate the market and build resilience against potential risks. Visit HSBC Malaysia on Facebook or YouTube for a wealth of insights through these webinars.
In 2020, HSBC Malaysia launched the We Can We Do initiative, which aims to instil financial literacy as the key enabler for Malaysians to take charge of their financial life and achieve their goals. Aware of the inability of many Malaysians to grasp and apply different financial skills, HSBC Malaysia initiated specific efforts aimed at different groups of people with the intention to make financial knowledge accessible to all. For starters, it held roundtable sessions and financial masterclasses with financial experts, industry leaders as well as financially savvy individuals and entrepreneurs to dispense financial tools and know-hows to help you better plot a financial future.
Strongly believing that instilling financial literacy should start at a young age, HSBC Malaysia also partnered with non-profit organisation Teach For Malaysia to design a Financial Empowerment Programme that uses a game-based approach to help children understand key financial concepts. Called FUN-nancial, the interactive modules, which combine storytelling and task completion, is designed to teach young children between ages 8 and 15 about setting goals, budgeting, savings, how to identify and handle scams, and develop good spending habits.