Strengthen financial literacy to curb misuse of govt aid, says Fomca

Free Malaysia Today

Fomca CEO T Saravanan says some recipients lack financial planning awareness, leading them to misuse aid rather than allocate it to essentials.   Read More:  https://www.freemalaysiatoday.com/category/nation/2025/03/21/strengthen-financial-literacy-to-curb-misuse-of-govt-aid-says-fomca/   Laporan Lanjut:  https://www.freemalaysiatoday.com/category/bahasa/tempatan/2025/03/21/perkukuh-literasi-kewangan-bendung-salah-guna-bantuan-kerajaan-kata-fomca/   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 #Fomca #Strengthenfinancialliteracy

Transcript

00:00The Federation of Malaysian Consumers Associations has urged the government to prioritize financial

00:07literacy programs to ensure the effective use of financial assistance.

00:12FOMCA CEO T Sarabanan said many Malaysians misunderstand the purpose of government assistance

00:18programs, viewing them as a long-term entitlement rather than a temporary form of financial

00:23support.

00:25To address this, Sarabanan proposed incorporating financial education in schools and conducting

00:30workshops for working adults to promote responsible financial management.

00:36He said there must be upskilling and employment programs to equip Malaysians with new skills,

00:41enabling them to increase their earning capacity and reduce their reliance on financial aid.

00:47Similarly, Bank Muamalat Malaysia's Afzal Nizam Abdul Rashid also said cash aid should

00:53serve as a stepping stone for recipients to achieve financial independence.

00:58Second Finance Minister Amir Hamzah Azizan recently said the number of Sumbangan Asas

01:03Rahma recipients will increase sevenfold to 5.4 million by April.

01:09He said the figure includes 4.7 million existing Sumbangan Tunai Rahma recipients who will

01:15automatically be enrolled as new SARA beneficiaries.

01:19Natasha Bius, FMT

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