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Report on the Survey of Financial Behaviours and Financial Habits of Young Workers PDF Print E-mail
Friday, 06 July 2012 21:22

Report on the Survey of Financial Behaviours and Financial Habits of Young Workers

In a Survey of Financial Behaviors and Financial Habits of Young Workers carried out by the Consumer Research and Resource Centre, 2 key findings were:

1. 47% of young workers were in serious debt that is their monthly debt payments were 30% or more of their gross income.

2. 37% lived beyond their means.

In relation to their Behaviors and Habits other important findings were:

3. 15% had no savings.

4. If they stopped working, the consumer had enough savings on an average for only 4 months.

5. Average purchase made on credit card per month is RM 702.

6. 37% had never thought of retirement.

7. 60% of those who had thought about retirement were not satisfied or only somewhat satisfied with their preparations.

8. On the issue of financial knowledge, on a score of 1 to 6 (1 strong financial knowledge and 6 having no financial knowledge), 43% scored 4 and above that is they felt that they had poor financial knowledge.

9. Generally people rated themselves poorly in managing their money (mean score of 2.75 on a scale of 1 to 4 with 4 being poor knowledge).

This study was conducted on behalf of Era Consumer. The Survey was one of the components in the Stretching Your Ringgit Financial Education Program funded by Citi Foundation.

To address these issues of poor financial management among young executives, FOMCA has proposed to the Government to form a National Financial Education Commission to integrate and coordinate financial education for all sectors, including schools, young workers, community and families.

Financial education can contribute to consumer well-being by helping them to better manage their finances as well as become better informed about financial products and services. Becoming financially better informed involves first acquiring information, that is, determining where to find information and getting hold of it and second, processing this information, that is, using the information to make better decisions.

Last Updated on Monday, 09 July 2012 22:37
Is It Safe to Bank Online? PDF Print E-mail
Thursday, 16 June 2011 01:51

Kimberly Palmer, On Monday June 13, 2011, 2:29 pm EDT

Last week's security breach at Citibank was just the latest in a string of incidents that have rattled consumers: Sony, Lockheed Martin, and iTunes are also among recent high-profile targets. With such big names falling victim to hackers, is it still safe to bank online?

The answer, according to top security experts, is a qualified "yes." Using the Internet to bank, buy music, or shop is still as safe or safer than visiting brick-and-mortar locations, as long as consumers take precautions and know what to do if they notice any suspicious activity. In fact, the overall trend is a reassuring one: 2010 actually saw fewer records breached than the previous year due to new infrastructure in place, says Julie Conroy McNelley, senior fraud and risk analyst at research firm Aite Group. Today, she adds, "banks have some of the most sophisticated mechanisms in place."

The Looming Food Crisis: Are the World's Elites to Blame? PDF Print E-mail
Friday, 03 June 2011 04:47

Posted by Emily Rauhala Wednesday, June 1, 2011 at 10:31 am

Julian Cribb's The Coming Famine opens in Hokkaido, Japan, at a meeting of the G8. It's 2008, the financial crisis is underway and food prices are soaring. Nonetheless, the attendees tuck into an eighteen course feast of caviar, sea urchin roe, Kyoto beef, conger eels, truffles and champagne, prepared by some sixty chefs. They also release a statement: "We are deeply concerned that the steep rise in global food prices coupled with availability problems in a number of developing countries is threatening global food security."

Sunscreens to avoid PDF Print E-mail
Friday, 27 May 2011 06:13

By Lori Bongiorno and Sarah B. Weir

Shopping for sunscreen? The Environmental Working Group's (EWG) newly released 2011 sunscreen guide can help you make smart decisions.

This research and advocacy group recommends a mere 20 percent of the 600-plus beach and sport sunscreens it evaluated. To score high marks in the rankings, a product must be effective -- adequately protect skin from both UVA (which causes premature aging, skin cancer, and other skin damage) and UVB (which causes sunburn) rays. It must also be safe, meaning free of potentially harmful chemicals.

Last Updated on Friday, 27 May 2011 06:16
Should Kids Under 13 Be on Facebook? PDF Print E-mail
Thursday, 26 May 2011 03:30

By Bonnie Rochman Tuesday, May 24, 2011

In a perfect, law-abiding world, no child under 13 has a Facebook account. But this world is pretty far from ideal, if the 7.5 million tweens and younger kids trolling the social-media behemoth are any gauge. Now, if Facebook founder Mark Zuckerberg gets his way, that already impressive number will explode.

Last week, Zuckerberg told the NewSchools Venture Fund's Summit in Burlingame, Calif., that he'd like younger children to be permitted to patronize his site. Technically, the Children's Online Privacy Protection Act (COPPA) prohibits websites that gather data about users from allowing access to anyone younger than 13. In reality, though, COPPA is pretty ineffectual.

Last Updated on Thursday, 26 May 2011 03:37
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