Thursday, 8 October 2015


What is Financial Literacy?
The President’s Advisory Council on Financial Literacy defines personal financial Literacy as “the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being.” (2008 Annual Report to the President)
It is clear that it is an essential learn-able skill that one needs to be equipped with in order to handle his /her financial affairs well. Just like driving skill, you need to put into practice to master it.
Current High Inflation Situation
Many of us are aware that the cost of living has dramatically increased in view of the implementation of Goods and Service Tax and around 26 % depreciation of Ringgit against US Dollars from the beginning of the year 2015. As such, this skill evidently becomes more important.
Our national leaders are struggling to solve the nation’s trade deficits, mountain high national debts coupled with softening of commodities prices, just as many Malaysians are struggling to balance their household budgets.  We are living in an economic time when money is short and everyone is trying to find ways and means to stretch their Ringgit as far as possible.
The importance of Financial Literacy
What could happen if the leaders across our nation do not endeavor to prepare our future generations with this essential skill that were not formally introduced in our education system?  How could we expect them to be more successful in handling their financial matters, be it professionally or personally? The financial lessons and skills we teach and train our young people are to develop appropriate habits so that they can manage their finances independently.  To cultivate such a healthy habit, one needs to have better control of one’s emotion and mindset.
Recent research conducted by the National Endowment for Financial Education has successfully proven that financial education influences and impact behavior to certain extent. Students who are equipped and educated with financial literacy courses are more likely to save, less likely to incur high credit card debt, and more likely to take better financial risks as young adults.
As the Chief Valuation Creation Officer, I have extensively used my blogs, seminar and workshop to provide resources to public of all ages. In 2009, I launched Money Tells Stories blog, which specifically provides financial resources for individuals of all life phases before I take it further to conduct workshop to meet the a sudden surge of demands for this skill. 
More to be done
I have written several financial books and articles with intention in grooming Small Business Leadership, Business Owners and entrepreneurs to achieve sustainable value creation.
Next, I am seeking more collaboration with investors, academic and industry experts so that we can pooled our resources to help small businesses succeed in the current economic environment after the publication of financial stuff through magazines and other digital publications .
With this, I strongly encourage financial leaders across the country to identity innovative and creative ways to promote financial literacy in their circles and states.  It’s never too late for someone to reassess their finances and create a better financial future for their loved ones.
Together we can bring our nations and communities into the forefront of the financial education movement so that more people are well prepared and responsible for their own financial future.

 James Oh 

Chief Value Creation Officer

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