The Star: Budget 2023 Should Address Financial Literacy

In this article, Kimberly discusses how the lack of financial literacy results in people falling for scams and suggests that we inculcate good spending habits from a young age.

She states that scams are getting more creative and adaptive to the changing environments, and that schools should include personal financial management in their syllabus.

Kimberly views EPF savings as money that should be used when you stop working or retire, and advises against early withdrawals. She hopes to see the government take the initiative to increase voluntary EPF contribution or to set up separate retirement funds such as endowments to raise retirement savings.

She believes that education is the main factor in helping people retire with sufficient savings rather than having to rely on handouts from the government and adds that we should be responsible to educate ourselves to build good financial habits.

This article can be found online here.