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Rafizi (centre) is seen during the launch of Belanjawanku Guide and Belanjawanku mobile application.
KWASA DAMANSARA (June 14): The Employees Provident Fund (EPF) in collaboration with the Social Welfare Research Center (SWRC) Universiti Malaya, launched the my Budget Guide for Individuals and Families in Malaysia 2022/2023 as well as the Belanjawanku mobile application, to provide minimum monthly expenditure estimates for various types of goods and services according to different households.
Minister of Economy Rafizi Ramli launched the Belanjawanku book and application in a ceremony at the EPF Tower in Kwasa Damansara yesterday, which was attended by EPF chairman Tan Sri Ahmad Badri Mohd Zahir, EPF chief executive officer Datuk Seri Amir Hamzah Azizan, EPF board members, senior management, and staff.
First introduced in 2019 for Klang Valley residents, Panduan Belanjawanku has been expanded to cover 11 more major cities nationwide including Johor Bahru, Alor Setar, and Kuching. The guide details minimum household category expenses and provides recommendations on spending, discretionary spending, and personal savings.
The Belanjawanku application, developed in-house by the EPF team, was uploaded to all app stores in August 2022.
The application contains interactive features that allow users to manage their expenses online. App users can choose to use my Budget Guide or the Rule of Thumb1 method to monitor their monthly expenses. As of May 2023, the Belanjawanku application has recorded a total of 12,000 downloads.
Ahmad Badri said, “According to the National Financial Literacy Strategy 2019-2023, developed by the Financial Education Network (FEN), of which EPF is a member, as many as 76 per cent of Malaysians have a budget, but not all adhere to the budget. The data also shows that 47 per cent face difficulties in allocating RM1,000 for emergencies.
“This data show that Malaysians need to improve their financial literacy as one of the conditions to strengthen their finances and future well-being. Therefore, my Budget Guide was developed to help Malaysians manage their finances better.”
To help members increase their EPF savings, the EPF voluntary contribution amount has been increased from RM60,000 per year to RM100,000 starting June 1, 2023.
My Budget Guide has been used by EPF Retirement Advisory Service (RAS) officers in providing financial guidance and advice to members, further forming a solid foundation for financial well-being and a better quality of life in the long term.
The Belanjawanku project is part of the EPF’s financial literacy programme, while the detailed research was carried out by the research team at SWRC.
This research involved questionnaires and focus group discussions consisting of researchers from local universities, representatives from the EPF, the Credit Counseling and Debt Management Agency (AKPK), the Economic Planning Unit, the National Salary Consultation Council, non-government agencies, Bank Negara Malaysia, and industry experts.
My Budget Book can be downloaded for free on the KWSP website at www.kwsp.gov.my. The Belanjawanku application can also be downloaded for free on the Apple App Store, Google Play, and the Huawei Application Gallery.
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