Encouraging youth to be financially literate

A total of 39 undergraduates from Universiti Brunei Darussalam undertaking the Discovery Year (DY) Programme attended a financial literacy programme participated by the Employees Trust Fund (TAP) organised by the Brunei Youth Council at the Youth Centre in Bandar Seri Begawan on Monday.

Legislative Council member and Brunei Youth Council President Yang Berhormat Khairunnisa binti Haji Ash’ari was also present.

TAP Head of the Retirement Planning Service Unit Sri Nazrina binti Haji Johari highlighted the importance of practising financial planning to achieve financial independence – being responsible of their own finances without relying on others.

She emphasised the importance of earning income whether from a formal job or by being self-employed, controlling spending by prioritising needs over wants, making a budget, building essential savings such as emergency savings and retirement savings, investment, getting financial protection (takaful/insurance), and avoiding unnecessary debts.

The undergraduates also participated in the Big Dreams 2.0 activity which simulated future needs, where they were given the mission of having a monthly income and were required to choose their desired lifestyle.

This included goals that involved money such as getting their dream home, dream car, dream vacation, retirement income goal, and so on. From this activity, participants would be able to envision the impact of their choices to their income and make wise consideration whether to save, get into debts or earn more income to achieve a sustainable living.

Brief information on TAP and its role for members when they step into the realm of work was also shared, highlighting TAP as one of the income sources for retirement.

The briefing in progress. PHOTO: TAP