According to report by The Star newspaper in 2019, more than 80,000 Malaysians have declared bankrupt since 2015. This figure is staggering, and it is even more alarming to note that 60% of these borrowers are between the ages of 25 to 34, as stated in this report.
Financial Literacy and Financial Planning as Key Resolutions
The Financial Literacy project focused on both individuals and SME business owners. We provides several financial literacy programs to fit two different group of people, they are:
- Debt management and restructuring – resolution of debts within one’s own income and capabilities.
- Leveraging on bank facilities to help expand business or personal wealth.
- Financial planning and roadmaps for the future.
- Improvement of bank and financial profiles.
SBH Financial Consultancy provides one hour consultations to individuals or business related to debt management and income growth / investment. During the one-to-one consultation session, we first analyse the individual’s financial profile, includes all debts, incomes and assets. Secondly, we propose a solution(s) to any issues being brought up. Thirdly, the individual will consider and fourth, they may request an option or amendments if necessary, as many times as they require. Lastly, client accepts our proposal of solutions.
SBH Financial Consultancy regularly participate in various seminars and workshops to provide financial planning session to public. In view of Covid-19 outbreak, most of the seminars / workshop have been conducted online reach out to more people. Apart from seminars / workshop, SBH also sharing financial knowledge through social media. SBH regularly share financial knowledge and tips on Facebook, TikTok and Youtube channel for free. One of the live streaming sharing session was hosted by Sin Chew Daily and SBH Founder Sam Tsen on financial tips for SMEs about the experience the end of loan moratorium by Malaysian Banks.
The Financial Literacy for Malaysia program targeted to reach more people on the importance of planning and managing their finances, for present and future.
PROJECT RESULT
The Financial Literacy for Malaysia’s campaign aims to reach as many people as possible with financial knowledge that was relevant to them. In this regard, we have achieved our goal by reaching more than 100,000 Malaysians through our various programs and outreach channels.
One to one consultation sessions
- From January to August 2020, we reached an estimated 10,000 people who made use of our free one-to-one financial consultations sessions online and offline through seminars / workshop or friends referrals. During Merdeka Day ‘From Debt-dependence to Independence’ campaign, we managed to conduct free consultations sessions outdoor at Starbucks branches around KL and Cheras area.
- Out of the thousands people we met, many have expressed their satisfaction of our free consultation sessions have helped them in assist in their financial planning present and future, resolve their current debts within their financial capabilities and arrange them to qualify for a financial support by leverage on banking facilities.
Seminars and workshops
- We able to reach out at least 50,000 or more people via workshops and sharing sessions we participated, both online and offline. The online workshops is effective and able to reach individuals and business owners outside KL area.
- Most of the workshops, online sharing sessions and seminars covered following information to participants (reach out to working adults, college students, young entrepreneurship, corporate executives and etc):
- How to leverage on the loan moratorium offered by BNM
- How to regain your financial footing during the pandemic
- How to leverage of banking facilities to grow your business
- Debt management for individuals as well as companies
- Planning for your finances today and for your retirement
- For corporations, what to do in the event of the business owner’s passing.
- Managing one’s financial goals to generate passive income, progressing one step beyond being debt-free.
- Most of the workshops, online sharing sessions and seminars covered following information to participants (reach out to working adults, college students, young entrepreneurship, corporate executives and etc):
Social media
The social media platform able to reach the most people. SBH has two TikTok channels, with more than 30 videos on SBH Founder Sam Tsen’s Channel. These videos attracted almost 250,000 views on Sam Tsen’s channel. Both TikTok channel content sharing in Mandarin and Bahasa Malaysia, focus on topics related to family life and basic bank and financial knowledge. In addition, SBH’s Youtube channel have more detailed and focuses on financial management and bank information.
Social media successfully reach out to most of the Malaysian young people, about 60%-70% of social media user age below 35.
WHAT IMPACT HAS THIS PROJECT CREATED IN THE COMMUNITY/ NATION?
This program has managed to reach more than 200,000 people, both online and offline.
The Financial Literacy for Malaysia’s one to one consultation program managed to reach more than 10,000 – 15,000 cases last year. We proposed customized debt solution and settle their debts at the time of writing. The program has been effective in preventing at least 10,000 people from being blacklisted or having to declare bankruptcy.
- SME Business Owners and Entrepreneurs in a Covid-19 economy
- It has been a challenging year, especially for business owners. SBH involved in several online workshops during MCO share practical guides for SME entrepreneurs to survive the pandemic by taking advantage of banking facilities and other financial aids.
- Additionally, SBH Financial Consultancy has started a program called SBH Merchant Outreach that helps business owners and SMEs reach out to more potential customers, especially for those customers have cash flow problems.
- Maintaining good financial reputations
- We focus on helping individuals and business understand how they should settle debts in order to build up good CCRIS / CTOS record. In addition, we also advise them on how to declare their annual income tax and other business taxes.
- Planning for the future
- In addition, we provide financial planning like asset management and investment to generate passive incomes and retirement planning. Business Legacy planning collaborated with The GLife Group who specialized in the business legacy aspect.
HOW WAS THIS PROJECT HELP TO ADVANCE THE CHOSEN SDG?
SBH’s Financial Literacy for Malaysia program aims to educate Malaysians regarding the importance of financial planning, we also propose practical ways to settle debts in a short time within own’s capabilities. This is important as there is a balance between debt service ratio and income to sustain their live and grow their income.
We realized national debt is tightly linked to personal and corporate debt as well. An economy whereby the debt rate is rampant among its population cannot expect to have robust debt rate at the national level either. Hence, we are here to push for debt resolution within every Malaysian’s financial capabilities. In the long term, this will also provide more sustainability for individuals and business.
THE TAGLINE FOR UNITED NATIONS SUSTAINABLE DEVELOPMENT GOALS (UNSDGs) IS “LEAVING NO ONE BEHIND.” PLEASE EXPLAIN HOW YOUR PROJECT HELPS TO REALIZE THE COMMITMENT OF UNSDGS FOR THE FUTURE. HIGHLIGHT ANY OTHER SDG(s) THAT YOUR PROJECT HAS DIRECTLY OR INDIRECTLY CREATED POSITIVE IMPACT TO PEOPLE AND SOCIETY
SBH’s Financial Literacy for Malaysia program reach out to all Malaysians regardless of race and financial
background. We believe that everyone should be exposed to the adequate amount of financial knowledge in order to make right decisions for now and future. The financial knowledge in regards to budget, debt servicing, investment and more will also be beneficial for future generations.
- Goal 8 : Decent work and economic growth
- We provide financial planning service, grow their wealth and manage wealth in a proper manner for now and future. SBH also provides investment workshops to encourage more people grow their personal income and assets passively.
- Goal 9 : Industry, Innovation and Infrastructure
- We have outlined the recent PRIHATIN initiative for SME business during the recent MCO and conducted workshops on how SMEs can survive the loan moratorium ending. Our focus on SMEs makes our program relevant to SDG 9, from the financing and credit aspect.
- Goal 12 : Responsible Consumption and Production
- One of the effects of Financial Literacy is of course to learn how to spend wisely. This is in line with the principal of ‘responsible consumption’ in which the main goal is not to overbuy or overspend on items or resources that would otherwise go to waste.
