SC investment programmes good for Sabahans: Shafie
Published on: Sunday, June 30, 2019
By: Jo Ann Mool
KOTA KINABALU: The Securities Commission (SC)’s initiative to organise the InvestSmart@Borneo and InvestSmart programmes in Sabah is a timely effort that will help create awareness among the local community on investment opportunities, in the process of converting them into smart and informed investors.
Chief Minister Datuk Seri Mohd Shafie Apdal believed that the initiative would greatly benefit people in the State.
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“The physical distance separating SC and the Sabah community is not an obstacle as I note that various useful information on investments can be found on the InvestSmart’s website, mobile app and social media platform,” he said when officiating the inaugural East Malaysia investor education titled “Bersama InvestSmart® @ Borneo - Sabah 2019” at a shopping mall, here, Saturday.
His speech was read by Assistant Finance Minister Sarifuddin Hata.
Shafie, who is also State Finance Minister, said survey results conducted by various agencies need to be taken seriously.
He said the Employees Provident Fund (EPF) had stated that one out of five contributors with a retirement age (50-55) had less than RM10,000 in their EPF savings.
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Meanwhile, a survey by the Credit Management Counselling Agency (AKPK) found that three out of 10 working adults in Malaysia were forced to borrow money to buy essential items.
“These statistics are very disturbing. More efforts are needed from various parties to enhance the financial literacy of the Malaysian society so that they practise prudent financial attitudes.
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“Greater focus should be given to youths so that they have an early exposure to good financial management and to encourage them to start investing when they are young.
“The community also needs to be alerted about the need for them to save and start creating wealth through investments in legitimate products such as stock markets and unit trusts.
“Savings alone may not be enough in preparation for life after retirement or for emergency use.
“The real value of money saved from year to year is likely to decrease if the money is not invested to provide higher returns due to to inflation,” he said.
“Youths should also be told how important it is to start investing while they are still young even if it is only small.
“In the long run, a small investment will be profitable due to the compounding effect on the interest or profit invested annually,” Shafie said.
To achieve that goal, he added, it is important for Malaysians, especially the people of Sabah, to have a good level of financial literacy to foster prudent financial behaviours and attitudes.
“Community must realise that wage increment alone is not enough to tackle the rising cost of living, without being supported by prudent financial attitudes.
“It is the intention of the Sabah Government to make changes and bring a positive impact on the progress and standard of living of Sabahans. The Sabah Government is determined to make Sabahans more competitive,” said Shafie.
“As I have announced during the 2019 Budget presentation, the Sabah Government is focusing on increasing the State’s economic growth, which is balanced with efforts to improve the well-being of the people, to ensure the benefits of development and prosperity are enjoyed together and equitably by the people of Sabah.
“All planned development programmes should be ‘inclusive’ in order to ensure that none is left out in the mainstream of Malaysia’s new development.
“This goal is also consistent with the Federal Government’s vision to ensure sustainable economic growth, a more equitable distribution of wealth and the well-being of Malaysians, in line with the Shared Properity agenda.
“Therefore, I strongly welcome the SC’s decision to bring InvestSmart®’s initiative to Sabah.”
The two-day event from June 29 to 30 is aimed at equipping investors in Sabah with the fundamentals in making sound investment decisions, which include learning about investment opportunities and protecting oneself against investment scams.
Themed ‘Invest Smart’ or “Bijak Labur”, the event showcases over 20 participating organisations comprising capital market intermediaries, associations, regulators and other agencies under one roof.
SC Chairman Datuk Syed Zaid Albar, in his welcoming remarks, said:
“In order to attain financial well-being, Malaysians need to have the necessary skills and knowledge to effectively manage their financial resources.
“To that end, this ‘Bersama InvestSmart® @ Borneo – Sabah 2019’ offers a unique platform for investors to be more informed in terms of building and managing wealth, and preparing for their retirement.
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