(From left) Imran, Yasmin, Faiz and Azharuddin at MBSB Bank’s ‘Money Smart, Future Ready!’ financial literacy forum. — SHAARI CHEMAT/ The Star
YOUTH debt is rising – and the numbers don’t lie.
With “buy now, pay later” schemes, personal financing loans and increased use of credit cards, youth debt is a growing problem in Malaysia.
The Agensi Kaunseling dan Pengurusan Kredit (AKPK) reported that roughly 53,000 Malaysians under the age of 30 have accumulated a total of RM1.9bil in debt.
In light of this alarming statistic, MBSB Bank Bhd organised the “Money Smart, Future Ready!” financial literacy forum last week to arm young Malaysians with the financial knowledge and skills they need to stay ahead.
Through a series of targeted initiatives, such as the forum, MBSB is stepping in to make financial literacy accessible and relevant to young Malaysians.
As part of its corporate social responsibility (CSR) focus on economic empowerment, these efforts zero in on what matters most – helping the next generation avoid debt traps and make smart financial decisions.
First, the bank tapped into the expertise of the financial content platform Financial Faiz. Created by former banker Faiz Azmi, his money tips on topics like buying a first home, understanding CTOS scores and why Shariah banking offers stability, struck a chord with stakeholders, with over 250,000 views.
This culminated in the Money Smart, Future Ready! financial literacy forum which brought together industry experts and undergraduate students from Universiti Teknologi Mara’s (UiTM) Puncak Alam campus and the Malaysia Professional Accountancy Centre (MyPAC).
Held at Menara MBSB Bank in Petaling Jaya and attended by students from UiTM Puncak Alam and MyPAC, the forum educated and exposed them to tools and tips to beat bad debts and build wealth for the future.
Themed, “Young and In-Charge!”, the forum was moderated by former radio host and local personality Keanu Azman.
It featured esteemed panellists such as MBSB director Datuk Yasmin Mahmood, MBSB investor relations head Azharuddin Nordin, Malaysian Industrial Development Finance Bhd (MIDF) research head Imran Yassin, and Faiz.
Also in attendance were MyPAC chief executive officer Datuk Zaiton Mohd Hassan, UiTM Puncak Alam industry, community and alumni network deputy dean Nor Farradila Abdul Aziz, MIDF chief executive officer Azizi Mustafa, MBSB group communications and marketing head Norsiah Juriani Johari.
During the forum, Imran highlighted the role of institutions in building healthy financial habits, while MBSB group investor relations head shared hard truths about peer pressure and how self-awareness is key to avoiding debt. Faiz also spoke about the real-world impact of continued education and staying relevant in the gig economy.
Yasmin shared personal insights into her financial journey, recounting the challenges, mistakes and successes she faced. She also highlighted how social media often creates unrealistic expectations around financial freedom and what is considered to be financial success.
“One of my biggest financial mistakes was splurging when I first gained spending power. I was too tired and unbothered to plan every single cent of my finances,” she admitted.
“The temptation to spend is real. You must always assume you will be tempted and set firm principles or ‘guardrails’ to help you say ‘no’ and not spend out of your control, to protect your savings.”
Yasmin opined that youth should adopt a forward-thinking mindset and focus on the long term while looking towards educating themselves on how to make and grow investments.
“In my time, we didn’t have much access to investment education, but it is an important skill to have today.
“If you learn to invest your money wisely, it can appreciate or multiply over time.
“The decisions you make now will shape your financial future,” she adds.
At the forum, MBSB also presented a cheque of RM350,000 in scholarships to MyPAC to support future accountants.
The bank also contributed RM131,850 to UiTM’s Digibiz Mastery Programme, which will fund the TikTok Mastery Bootcamp and the creation of the MBSB-Innobiz Hub – which trains entrepreneurs to use artificial intelligence and live-streaming technology to succeed in today’s competitive business landscape.
As part of its continued efforts to make financial literacy more accessible, MBSB has also introduced a range of initiatives, from the MIDF Youngpreneurship Programme for primary school students to the MBSB Bank BEST Programme, which targets underserved communities to foster entrepreneurship and financial awareness at every stage of life.
