Latest news with #youngMalaysians
Free Malaysia Today
08-07-2025
- Business
- Free Malaysia Today
6 finance and investment resources for young Malaysians
Check out these five local resources, plus one from the US, that can help you kickstart your way to financial freedom. (Envato Elements pic) In today's world of endless knowledge, it can be hard for young Malaysians to identify relevant financial and investment resources from which to learn. This isn't easy even for parents, uncles and aunties who want to mentor the younger generation. According to the Securities Commission (SC) Malaysia, young people cite the following as the biggest barriers to investing: Risk appetite (cited by 82% of respondents): concerns over investments being high-risk; frauds and scams; losing money. Well-being and accessibility (74%): not enough money to invest, lack of time and financial education. Knowledge (69%): lack of know-how or reliable sources of this in mind, here are seven finance and investment resources online that could be useful for young Malaysians. 1. Financial Education Network (FEN) The Financial Education Network could be the best resource with which to start. The interface is accessible and interactive as it first asks you which life stage you are at – student, youth, adult, or retiree. From there, you can decide on which financial objective you'd like to learn about. For example, by choosing 'youth', you are then able to select from 'earn', 'save', 'manage', 'grow', 'protect', or 'business'. Each option brings you to a list of resources you can refer to. Note that FEN is more of a gateway that connects you to relevant websites and organisations that have content. It also has some engaging and informative infographics on personal finance. 2. Belanjawanku by EPF This publication by the Employees Provident Fund (EPF) provides estimates of monthly spending on various goods and services to achieve a 'reasonable' standard of living in major cities in Malaysia, by family size. These goods and services include: food; housing; healthcare; utilities; childcare; personal savings; adhoc; social participation; transportation; and personal care. By providing guidance on what spending should look like, Belanjawanku is a good reference point for young Malaysians to plan their current and projected expenses and income, and to initiate conversations regarding career path, investments, budgeting, goal setting and so on. 3. RIA by EPF While retirement is very far away for young people, it is a very important topic to think about. According to the Khazanah Research Institute, many young Malaysians in the workforce are unprepared and unable to save for their retirement. The Retirement Income Adequacy (RIA), set to be published by EPF in January 2026, will set out targets in Malaysians' EPF accounts to achieve the following savings amounts by age 60: adequate savings: RM650,000; basic savings: RM390,000; enhanced savings: RM1,300,000. The publication also provides a table that lists how much young adults should ideally save for retirement: The power of compounding is your friend. By being aware of retirement figures, youngsters can better plan their finances so as to take into consideration the amounts they ought to set aside. The earlier they begin, the less demanding the sum, especially as they harness the power of compounding. 4. Kelab Pelaburan Bijak (KPB) by ASNB For teens in secondary school who are keen to learn more about their personal finances, KPB could be a good place to go. The programme, established by Amanah Saham Nasional (ASNB) and available in many schools in Malaysia, is like a co-curricular club that exposes students to personal finance and investments. According to the SC, 51% of youths consider talks and seminars to be the most effective in learning. As such, a club in school can help students gain access to such events as well as online resources. However, not every school has a KPB. Check the website for more details, and do talk to your child's school principal or parent-teacher association to get conversations rolling. 5. Invest Smart by the SC Invest Smart was established by the SC in 2014 to help everyday folks learn more about investments, particularly scams. It offers several ways of delivering information that could be appealing to young adults: infographic visuals – mainly about the latest scams and how to avoid them, such as the one below; videos, primarily anti-scam content; webinars and podcasts, specifically 15-series podcasts about investments in Malaysia. (Invest Smart pic) Fun fact: Invest Smart recently collaborated with local comedian Douglas Lim to talk about anti-scam topics! 6. Money Smart by the FDIC This US government financial literacy programme is targeted at young adults and run by the Federal Deposit Insurance Corporation. Money Smart is free and consists of 12 personal-finance modules applicable to almost everyone regardless of country. These are: banking; setting goals and making financial decisions; making the most of your income; your spending and saving plan; saving for your goals and future; building your credit history; borrowing basics; charge it right (credit cards); protecting your money and identity; buying a car; paying for education and training; and living on your own. If you are the parent of a teen or young adult, consider sharing these resources with them to further develop their financial knowledge. Initiate conversations and get them to talk about what they are learning. Who knows, you might learn a new thing or two, too! This article was written by Su-Wei Ho for MyPF. To simplify and grow your personal finances, follow MyPF on Facebook and Instagram. Read more articles from MyPF here.
Yahoo
16-06-2025
- Business
- Yahoo
Youth unemployment needs more than MySTEP
Malaysia's growing youth unemployment rate is becoming a serious problem with significant ramifications for social cohesion and economic stability. Over 13 per cent of Malaysians between the ages of 15 and 24 are now unemployed, contributing to high rates of poverty and depriving an increasing number of young people of financial stability. While the national unemployment rate hovers around 3.5 per cent, the disproportionate impact on younger individuals underscores the difficulties specific to this group. Financial stress on young Malaysians Underdeveloped career pathways, a lack of industry-aligned skills, and limited job opportunities all contribute to the challenges faced by Malaysian youth transitioning from school to the workforce. The job market is highly competitive for fresh graduates, particularly in sectors with strong demand but few entry-level positions. According to data from the Department of Statistics Malaysia (DOSM), nearly half of recent graduates are employed in fields unrelated to their degrees and often earn below the national median wage – a situation known as underemployment. This trend stifles potential economic contributions and deepens financial hardship in young households, thereby prolonging poverty cycles. Rising living costs only add to the pressure. In urban areas especially, young people struggle to meet their basic needs due to soaring expenses in housing, transport, and food. The economic fragility of Malaysia's youth is evident. For instance, food prices alone have risen by 6 per cent in the past year. If left unaddressed, analysts warn this could result in a 'lost generation' trapped by unrealised potential, prolonged financial strain, and reduced social mobility. Comparisons: Gaining insight from international approaches Malaysia is not alone in its struggle with youth unemployment. While countries around the world face similar challenges, some have introduced innovative solutions that offer valuable lessons. Germany, for instance, places significant emphasis on vocational training to tackle youth unemployment. Its dual education system – which integrates classroom learning with hands-on apprenticeships – has helped it maintain one of the lowest youth unemployment rates globally. This model highlights the importance of government–industry collaboration in ensuring steady employment pathways for young people. South Korea has adopted a more targeted approach with initiatives such as the Youth Employment Support Programme, which equips job-seeking youth with relevant skills. The government-funded internships offered through this scheme give young people real-world experience in sectors like finance and technology. With a youth unemployment rate of 8.7 per cent, South Korea's success in empowering young professionals could inspire similar action in Malaysia. Australia's Teenagers Allowance programme, which supports unemployed youth enrolled in full-time study or training, seeks to reduce youth poverty. This safety net not only facilitates skill development but also ensures basic living needs are met. By addressing both educational and employment requirements, Australia has managed to build a skilled workforce while lowering poverty among young people. Malaysian government initiatives and policy suggestions The Malaysian government is attempting to tackle youth unemployment through initiatives like the Malaysian Short-Term Employment Programme (MySTEP), which offers internships and placement opportunities to young Malaysians. However, critics argue that while MySTEP and similar schemes are commendable starting points, their reach remains limited. They do not sufficiently tackle root issues such as the lack of diverse entry-level jobs and the mismatch between graduates' skill sets and industry demands. With the rapid pace of technological advancement and evolving industry needs, Prime Minister Datuk Seri Anwar Ibrahim has acknowledged the necessity for structural reform. 'We must give young Malaysians not just jobs, but the right jobs that will match their skills and improve their economic status,' he recently said. Call to action Malaysia's youth unemployment issue requires urgent and sustained attention. While some mechanisms are already in place, the mounting challenges faced by young Malaysians demand a more cohesive response involving public, private, and educational stakeholders. Global examples show that it is possible to empower youth and insulate them from the impacts of poverty through bold, youth-centric policies. For Malaysia, adapting these international models to its local context could yield positive outcomes. Therefore, a renewed commitment to smart policymaking and strong industry partnerships is vital, as youth unemployment poses a serious risk to the nation's economic resilience and future growth. Only through a collective and sustained effort can Malaysia unlock the full potential of its younger generations, reduce youth poverty, and shape a more promising economic future. Datin Seri Professor Dr Suhaiza Hanim Mohamad Zailani is the director of the Ungku Aziz Centre for Development Studies, Universiti Malaya. The views expressed here are the personal opinion of the writer and do not necessarily represent that of Twentytwo13.
