FINANCIAL planning awareness appears to be still lacking in the community.
A Wealth Perception Survey conducted by Hong Leong Bank Berhad (HLB) recently saw 79 per cent of respondents admitting to not having a financial plan.
This was mainly due to the assumption that they do not have sufficient funds to start a formal wealth management plan.
Here’s what some people think.
HOWARD BUNSU RESIK
Financial institutions need to come up with a plan that gives guarantees to the people. Financially they may not have enough, but they have assets like land. So help them by providing capital so that they can work on the assets until they get returns.
ANDREW DOUGLAS GUDAM
There is simply not enough funds, so no formal financial plan is needed. Plan according to your own ability. Many do not have formal guidance on financial planning from outside parties so there is still a lack of awareness about the importance of a financial plan.
IMELDA RICHARD FUCHAU
The first factor is lack of funds and the second, economic challenges faced by individuals. The implication is increased financial risk and instability in the long term. Without a solid plan, individuals may not be able to achieve their financial goals such as for a comfortable retirement or children’s education.
SAHARIYA TAHOT
I do not agree with the findings (survey) considering that the average Malaysian who is bumiputera has a Bumiputera Savings Trust (ASB). Some are aware of making gold investments. However, for survival, it is necessary to have a financial plan especially with the increasing cost of living.
