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BIRDIE

WIN

Birdie Win Corporation is headquartered in Kuala Lumpur, Malaysia. We provide financial literacy seminar services to Malaysian individuals and families. Our mission is to improve the financial well-being of our clients which coincide with Malaysia National Strategy for Financial Literacy 2019-2023.

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PRACTICE AREAS

PROGRAMMES

PFL Seminar

PFL Seminar focus on elevating client’s financial literacy and enlightening them responsible behaviors and rational attitudes toward their financial managements. PFL Seminar aims to improves clients’ awareness and capability to make rational financial decision throughout their life stages, which leads to sustained improvements in their financial behavior. We believe that raising financial literacy is a key to empower clients with the financial knowledge and skills which necessarily improve their financial well-being. Financially capable clients could interact responsibly with their financial service providers, which in turn, builds a healthy financial lifestyle.

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Personal Financial Report Review and Evaluation Program

Personal Financial Report Review and Evaluation Program enable our existing clients to understand how their investment portfolio is performing and whether their financial goals are likely to be achieved. Our clients can subscribe the program after their Personal Financial Reports are generated. We can review and re-assess a client’s Personal Financial Reports to check whether their portfolio management is in line with their investment strategy, and whether any changes are required to achieve the client’s goals. During the program, the client can obtain a better picture on the goal achievement progress, process consistency and portfolio performance. Furthermore, if there is any update on our program, we will invite those existing clients to join the updated session at a discounted fee.

OUR VISION

Malaysian Financial Literacy Level Overview

According to World Bank, by the end of 2019 Malaysia has a population of 31.95 million with an annual growth rate of 1.72% and a GDP per capita of $11,414 growing at an annual compounding growth rate of 6.1% for the last 20 years. Financial planning has become an important practice among individuals as the country continues to develop and its economy grows. As the income of the population rises, the need to manage their money will become increasingly important.

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Refer to a study from statistics of the Malaysian Department of Insolvency, the total number of bankruptcy cases in Malaysia reached 299,186 by end of 2019, increased by average 16,961 cases annually for the last 5 years. Among the 5 years ended December 31, 2019, personal spending accounted for 76.17% bankruptcy population. Out of the 76.17% bankruptcy population, personal loan accounted for 32.07%, hire purchase accounted for 21.53%, mortgage accounted for 12.57% and credit card accounted for 10.00%.

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One of the possible contributors to this phenomenon was the lack of information and knowledge regarding the financial literacy level of individuals in Malaysia, and how that reflected the individual’s readiness in pursuing personal financial planning. According to Report of National Findings by Malaysia Financial Planning Council published in 2018, which collected 2,000 samples from Malaysia population specifically on financial literacy.

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In terms of cash flow management, it is surprising that almost 83.7% of the respondents allowed expenses to be sometimes higher than income in their general management of cash flows. The results revealed that respondents felt that it was all right to overspend, revealing a worrying trend among Malaysians. Only 16.3% of the respondents understood that expenses could not be higher than income. The results also revealed that some 7.3% believed in living life in the present, without the need for any preparation through savings for a rainy day. They thus did not make provision for savings from their income.

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In terms of credit management, which revealed the 81.4% of the respondents understood that credit cardholders could not spend without limit and the longer repayment period involved the higher the cost of the overall loan. However, 18.6% still thought that a credit card allowed one to spend without limit.

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In terms of general investment knowledge, it was disturbing to note that 25.7% of the respondents believed that all investments in Malaysia were legitimate, while 74.3% of that were aware that not all investments were legitimate. Another worrying finding was that 18.5% of the respondents thought all investments in Malaysia were profitable and low risk. In addition, 11.4% of respondents who did not see the need for a 10% buffer fund as an allocation for emergency events.

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In terms of retirement planning, the study revealed that only 56.2% of the respondents know that they could not depend on their Employee Provident Fund savings (“EPF Savings”), Malaysia compulsory savings and retirement planning for private sector workers, for cost of living after retirement. Alarmingly, 43.8% of the respondents believed that they could depend on their EPF Savings for their living expenses after retirement. However, this belief in the adequacy of EPF Savings to meet retirement needs contradicts the findings of a study to determine the Adequacy of Retirement Income delivered by Ros, Noriszura & Zaidi in 2017. In addition, according to the EPF Operations Division Deputy Chief Executive Officer, Datuk Mohd Naim Daruwish statement, as reported by Malay Mail in September 2020, as many as 54% of Employees Provident Fund contributors aged above 54 have savings of less than Malaysia Ringgit (“MYR”) 50,000 (equivalent to around $13,000) for retirement, while the minimal retirement savings target should be MYR240,000 (equivalent to around $62,400) comparatively.

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In terms of risk management, 57% of the respondents were illiterate in risk management as they did not understand the need of insurance. For them, insurance was a “nice to have” instead of a “need to have” on their list of priorities. In addition, 71.8% of the respondents believed that they could purchase an insurance policy at any point in their lifetime. Many were unaware that insurance companies performed risk analysis and implemented holistic risk measuring approaches before agreeing to insure an individual.

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In terms of taxation, 57.2% respondents were generally unaware that not all working individuals would need to pay income tax. 74.4% of the respondents do not possess the knowledge fundamental tax computation, as in what are the items need to be included within tax computation. [User11] Only 25.6% were of the opinion that tax computation only encompassed income from salary.

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In terms of estate planning, about 36.8% of the respondent were unaware that Wills could be modified after they had been written. There was a common misconception among the respondents of the need and purpose of a Will as 52.2% of the respondents answered that one could only write a Will if one had assets. A surprising 47.8% of the respondents did not know that they could also assist their loved ones by writing a Will even if they did not have assets. The respondents did not understand that nominees could not be included in one’s Will as 76.7% were unaware that a Will could not supersede a nomination.

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In terms of knowledge of financial institutions in Malaysia, only 55.8% of the respondents in this study were aware of the role of Agensi Kaunseling Dan Pengurusan Kredit (“AKPK”), an agency set up by Federal Bank of Malaysia in April 2006 to help individuals to take control of their financial situations and the wise use of credit. Nonetheless, the respondents were aware of the roles of Federal Bank of Malaysia, Bursa Malaysia and Securities Commission Malaysia, with more than half responding correctly. This reflected that the respondents did have knowledge of Malaysia’s financial institutions and their respective roles and functions. However, it was also essential to note that 24.9% of the respondents thought that Federal Bank of Malaysia’s role was only to print currency to ensure an adequate supply in the market.

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In addition, pursuant to Financial Behavior and State of Financial Well-Being of Malaysian Working Adults 2018 published by AKPK, found that financial education played an important role in improving financial behavior. Financial well-being refers to a person’s ability to meet current and ongoing financial obligations, feel secure in their financial future, and make choices that allow them to enjoy life. Pursuant to the study, the financial well-being of Malaysian Working Adults was in a compromised position and required immediate attention. This was evidenced from the survey which showed that a notable number of Malaysian working adults were unable to make ends meet, uncomfortable with their current financial situation and lack financial resilience. Many did not have funding for emergency needs and could not cover three months’ expenses if retrenched. Almost 3 out of 10 Malaysian working adults needed to borrow to buy essential goods which led to high indebtedness. This problem needs to be nipped in the bud.

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 [User11]If 74.4% of the respondents did not understand the items that needed to be included for tax computation, please just make it easier to read.

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CONTACT

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OUR ADDRESS

D109, Level 1, Block D, Kelana Square, Jalan SS 7/26,

47301 Petaling Jaya, Selangor,

Malaysia

 

Tel:  (60)3 2776 4841

Fax: (60)3 27702809

Email: birdiewincorp@gmail.com

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