THE Malaysian Financial Planning Council’s (MFPC) latest longitudinal study with the Capital Market Development Fund (CMDF) has found that one-third of Malaysians have more debt than assets.

Universiti Putra Malaysia’s deputy dean of Human Ecology Faculty Prof Dr Mohamad Fazli Sabri, who led the research, said the study highlighted various concerns, such as Malaysians not saving and the admission by a large number of respondents that their income is insufficient.

While this is alarming, he said it was also a wake-up call to find ways to help Malaysians make better financial decisions.

The study, titled the Financial Capability and Utilisation of Financial Advisory Services in Malaysia, was conducted in partnership with academic and industry professionals with hopes that it will serve as a stepping stone to further enhance literacy in financial education and capital market investment in Malaysia. 

On the perception towards financial planners, financial plans and companies, the study revealed that 44% of the respondents said specific financial plans are the most important factor when selecting a financial planner while 33% value professionalism and 30% trust the reputation of the firm. – Bernama, August 18, 2020.