How the 2024 budget helped tackle household debt

Free Malaysia Today

The last federal budget took a constructive view of household debt and came up with well-planned strategies to handle it.   Read More: https://www.freemalaysiatoday.com/category/opinion/2024/10/15/how-the-2024-budget-helped-tackle-household-debt/  Laporan Lanjut: https://www.freemalaysiatoday.com/category/bahasa/pandangan/2024/10/15/bagaimana-belanjawan-2024-bantu-tangani-hutang-isi-rumah/   Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: https://bit.ly/49JJoo5 Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h Follow FMT on TikTok : https://bit.ly/3uKuQFp Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX Follow FMT LinkedIn - https://bit.ly/42YytEb Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTNews #FinacialLiteracy #HouseholdDebt

Transcript

00:00The root cause of household debt can be traced back to the detrimental habit of spending

00:06way beyond one's means.

00:08Fortunately, the tendency to overspend can be addressed by simply improving financial

00:14literacy among consumers, an area in which the government has already made significant

00:19investments.

00:21Set up in 2006, the Credit Counselling and Debt Management Agency is tasked with educating

00:27the public on ways to budget and manage their finances.

00:31Its debt management programs help households consolidate and restructure their debts, potentially

00:37reducing unnecessary monthly payments and defaults.

00:41Prime Minister Anwar Ibrahim also announced an initial allocation of RM50 million to the

00:46Madani Youth Financial Literacy Programme in August.

00:50Aside from enhancing financial literacy, increasing access to credit has given M40 and B40 individuals

00:57the assistance they need to elevate their businesses to the next level without going

01:02into debt.

01:04For example, Budget 2024 allocated RM1.4 billion for Bank Simpanan Nasional to provide micro-loans

01:11to hawkers and small entrepreneurs.

01:14Another RM313 million was allocated under the National Entrepreneurial Group Economic

01:20Fund to finance small traders such as batik and craft operators.

01:25The government's efforts have been proven successful in a recent study by Ringgit Plus,

01:30which showed that 47% of Malaysians reported better financial conditions than in 2023.

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