KUALA LUMPUR (March 9): 40% of millennials are spending beyond their means, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz. "Warren Buffett famously said, ‘do not save what is left after spending, but spend what is left after saving’. Tengku Zafrul also noted that 50% of contributors would exhaust their savings within five years of their retirement. "Through events like KBW 2020, the goal of improving the financial wellbeing of Malaysians will become a reality in line with the Malaysian National Strategy for Financial Literacy," Tengku Zafrul said. He said raising the level of financial literacy is a long-term commitment that requires the sustained efforts and support of many parties.

Source: The Edge Markets March 09, 2021 11:26 UTC