For many of us, we are faced with drastic challenges due to the pandemic crisis. Covid-19 that hit us early part of this year is not just a health crisis, but also a cataclysm for the economy. Businesses went bankrupt, employees were laid off, and debts increased. There is no doubt that how we go about our lives and finances has changed.
The study “Financial Behaviour and State of Financial Well-Being of Malaysian Working Adults 2018 (AFBES18)” by Agensi Kaunseling dan Pengurusan Kredit’s (AKPK) found that 50 percent of Malaysian working adults are not financially resilient.
In addition, in all the income range groups, there was evidence by data in AFBES18 that there is a positive relationship between financial behaviour and financial wellbeing. Hence, it must be emphasised that promoting good financial behaviour is impactful for all income groups. A better relationship with your money can lead to more informed decisions, less stress and an overall better quality of life.
HSBC Malaysia is a strong advocate for financial literacy because it is instrumental towards a healthy financial wellbeing, according to Tara Latini, Head of Wealth and Personal Banking. This is a challenging period for many individuals and businesses.
“As a financial institution that has been through thick and thin with Malaysia, we want to do our part to help the local communities in building better financial resilience for them to weather the storm. It is our ongoing effort to provide tools and tips for Malaysians that they can implement into their daily lives,” she said.
Here are the three key tools to start building financial resilience:
In addition to the financial tips, HSBC customers can also benefit from the international bank’s various offerings to enhance their financial well-being. HSBC Malaysia has recently introduced a Balance Conversion Plan (BCP) that helps customers build stronger financial flexibility. BCP enables HSBC credit cards customers to easily convert their retail purchases into affordable monthly instalments via HSBC Malaysia mobile banking app.
HSBC is committed to be with its customers on their journey to a healthy financial resilience, BCP is just one of the many product features that reflect the bank’s commitment. Download HSBC Malaysia mobile banking app to take advantage of BCP and many other digital banking features, available on iOS App Store and Google Play Store
