5.2 Obstacles to Achieving Financial Objectives

seems that goals and objectives are not that easy to achieve. We do not have statistics that show how many people will achieve their goals in life but we do know of many who fail to achieve their goals. What are the principal reasons for this?

 

  • Personal Obstacles
  • Lack of confront
  • Procrastination
  • Ineffective communication
  • Confusion in the financial services environment
  • Inflation and taxes

5.3 Financial Literacy

As our economy continues to progress, greater opportunities are created to pursue our life goals and achieve financial independence. The financial decisions we face on a daily basis enable us to do this. Whether we are deciding on who to save with, or planning for retirement and other financial needs, the financial decisions we make today can have lasting effects on our well-being.

Confidence and capability to manage our finances are essential life attributes to attain and sustain a good quality of life. Financially literate individuals make informed financial decisions throughout their life stages, which leads to sustained improvements in their standard of living. Financially capable households interact responsibly with financial service providers, which in turn builds financial resilience.

By improving the ability, capability and desire of Malaysians to take charge of their financial destinies, stronger communities are fostered to create a brighter future for all and not just a few.

5.4 Scam Activity

According to Bukit Aman, there have been over 90,000 online fraud cases from 2017-2021, involving RM3.3b in losses. The problem has worsened to such an extent that Bank Negara has issued a strict directive to all Malaysian banks to migrate away from the use of SMS-based authentication in online banking services.

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