BUILDING FINANCIAL WISDOM ACROSS THREE GENERATIONS IN THE YEAR OF THE SNAKE

KUALA LUMPUR, Jan 28 (Bernama) -- In celebrating this year’s Chinese New Year, Credit Counselling and Debt Management Agency (АKРK) encourages Malaysians to reflect on the cultural significance of the snake, particularly in relation to financial planning and wealth creation across generations.

АKРK, in a statement, explained that in Chinese culture, the snake is considered a symbol of wisdom, intuition, transformation and elegance. It embodies qualities of renewal and caution, often associated with strategic thinking and careful planning.

For AKPK, these symbolic traits offer valuable lessons for individuals and families in managing their finances.

“Let us see how significantly this Chinese New Year can be interpreted in terms of financial management and wealth creation for three generations: the children (at the age of tertiary education or entering the workforce), the parents (still actively working) and the grandparents (retired),” the statement read.

For younger generations, especially those in tertiary education or just entering the workforce, AKPK emphasises the importance of financial literacy.

Parents are encouraged to guide their children in budgeting effectively for tuition, living expenses and other necessities, while also encouraging them to plan for the repayment of student loans.

The agency said that as these children transition into working life, they must educate themselves about the basics of personal finance, such as budgeting, saving strategies (including building an emergency fund), credit scores, and retirement savings.

As the snake symbolises transformation, AKPK also advises young people to adapt to their environments to thrive, build professional networks and embrace opportunities for personal and professional growth.

For parents who represent the second generation, AKPK highlights the importance of strategic financial planning to support both immediate family needs and long-term goals.

This includes setting aside funds for childcare, education and retirement while maintaining an emergency fund to safeguard against unforeseen events.

By embodying the protective and strategic traits of the snake, parents can create a financial roadmap that not only supports their current needs but also secures the prosperity of future generations, it added.

Meanwhile, retirees and grandparents, who form the first generation, are advised to periodically review and adjust their investment portfolios as they navigate their golden years.

At the same time, retirees are encouraged to strike a balance between enjoying life and maintaining frugality. Spending habits may need adjustments to accommodate a more stable yet sustainable lifestyle.

“Be financial savvy from now, at whatever age you are. It makes you as sharp as a snake, and when you reach old age, you will look intelligent, adaptable and intriguing,” said AKPK.

-- BERNAMA