The Faculty of Business and Finance (FBF) and Private Pension Administrator Malaysia (PPA) jointly organised a financial literacy talk titled “PRS (Private Retirement Schemes) for Youth@Campus” on 15 August 2018 at Kampar Campus.
Present at the talk with staff and participants was FBF Dean Dr Au Yong Hui Nee. With the aim to promote good savings habit among the youth, invited speaker and Chief Executive Officer of PPA Husaini Hussin highlighted the benefits of saving money before entering the working life for the youth. The benefits of saving money as well as investing as soon as one starts working include having about 30 to 40 years of compound growth to help build a steady retirement fund; achieving financial independence; and having control over one’s future after retirement.
His topics in the talk were “Millennials, get smart about your future”, “Never too young to start”, “TN50 PRS Youth”, “The SMART Saving tips for Youth”, and “Simple steps to start your PRS today”. He emphasised on the need for the youth to start making financial planning and to begin savings for their retirement with the PRS Youth Incentive. It is hoped that participants will be aware and interested to make savings in the PRS.
He explained that the incentive was initially launched in October 2014 and is targeted to youth between the ages of 20 to 30 years old. With a minimum contribution of RM1,000, the youth under the incentive will receive an additional RM1,000 from the government to further boost their retirement savings.
Husaini explaining about the PRS Youth Incentive
Husaini (centre) posing with staff and participants at the end of the talk
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