Empowering Communities For Sustainable Financial Well-being In Malaysia

Author: Siew-Voon Soon, Mohammad Mafrukhin Mokhtar, Chee-Wooi Hooy & Kim-Leng Yeah
Publisher: UM Press
ISBN: 9789674883539
Weight: gsm
Pages: 322pp
Year: 2024
Price: RM78

This volume offers an in-depth exploration of financial literacy and its critical role in enhancing the well-being of Malaysians. With contributions from experts, it highlights the latest research and practical approaches aimed at empowering communities and fostering sustainable financial resilience. Organized into five sections, the book addresses a wide range of pressing issues. It examines factors influencing retirement planning, the rising trend of personal bankruptcies, and the effects of digital financial literacy. Specific attention is given to the financial vulnerability of young Malaysians, including compulsive online shopping and the growing popularity of “Buy Now, Pay Later” services, underscoring the need for enhanced financial education and responsible spending behaviour. 

Additionally, the book presents innovative solutions, such as the Musharakah Mutanaqisah Reverse Mortgage (MMRM), designed to offer retirees a sustainable financial alternative. Empowering Communities for Sustainable Financial Well-Being in Malaysia—featuring selected papers from the 2023 National Financial Literacy Symposium (NFLS)—showcases research and policy discussions that explore Malaysia’s evolving financial literacy landscape. Through its focus on post-pandemic recovery, savings behaviour, and financial inclusion, the book highlights research-based policies and strategies required to strengthen financial resilience at both the individual and community levels. Aimed at a broad audience, including students, researchers, policymakers, and finance professionals, this book serves as an essential resource for those seeking to understand the current state of financial literacy in Malaysia. It provides practical insights into addressing the existing gaps in financial education and highlights the importance of financial well-being for all demographic segments. With its comprehensive analysis of both challenges and solutions, this volume offers valuable recommendations for future research and policy development, making it an indispensable guide for anyone interested in fostering a more financially literate and resilient society.