,According to Kiplepay acting chief executive officer Ricky Lew, the new features would enable better financial literacy and financial management among the youth from an early age.
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MANAGING the health of your finances has become more imperative as the pandemic continues to have an impact on the earnings of many Malaysians.
With many facing financial difficulties, spending responsibly is becoming a new normal.
Educating the younger generation with financial literacy before they enter the workforce is becoming more important.
Even prior to the pandemic, many youths in Malaysia have not shown strong financial discipline. Three years ago, Bank Negara stated that 47% of Malaysian youth had high credit card debt.
A global survey by Standard Chartered last year revealed that 74% of millennials in Malaysia found managing their money more difficult since the start of the pandemic.Financial planner Yap Ming Hui, who runs a wealth management company, says these digital tools in the e-wallet are a foundation for good financial planning management and would help streamline the information on financial expenses for students and businesses.
However, the survey showed that around 28% of millennials have started using a money management or budgeting app since the pandemic began, while another 62% plan to do so in the next three years, in the wake of the Covid-19 pandemic.
To help solve these issues, Kiplepay Sdn Bhd, a subsidiary of tech firm Green Packet Bhd, recently rolled out the Kiplepay prepaid visa card tied to an e-wallet.
Targeting university students, the payment card with money preloaded linked to an e-wallet would soon allow users to track their spending and control their expenses.
According to Kiplepay acting chief executive officer Ricky Lew, the new features would enable better financial literacy and financial management among the youth from an early age.
“Students would be able to view their weekly top spending in their e-wallet, and can even key in their savings goals. The card will also motivate students with incentives such as cashback to help them achieve their goals,” he tells StarBizWeek.
He explains that learning good financial management skills at a young age is not a life skill taught in schools in the country compared to the United States which has included financial literacy as part of their syllabus.
“We will be developing even more financial management solutions for these young students to help them be better at managing money,” notes Lew.