KUALA LUMPUR, Oct 17 (Bernama) -- The Malaysian Financial Planning Council (MFPC) commends the Government for a people-centric and forward-looking MADANI Budget 2026, which reflects a strong commitment to enhancing financial wellbeing, social protection, and national financial literacy.
The Government’s initiatives, particularly those supporting affordable living and long-term financial resilience, are well aligned with MFPC’s mission to empower Malaysians through professional financial planning and financial education.
Among key measures highlighted, BUDI95 will benefit more than 10 million Malaysians, allowing them to enjoy RON95 petrol at RM1.99 per litre and saving up to RM183 monthly. Efforts to encourage domestic tourism through tax relief of up to RM1,000 for local travel and cultural expenses, alongside rebates for energy-efficient appliances and expanded relief for sustainable household equipment, further promote responsible financial and environmental habits among citizens.
MFPC also applauds the expansion of childcare tax relief, the increase in EPF Hajj withdrawal limits and enhanced support for gig and self-employed workers under i-Saraan Plus, which introduces matching contributions up to RM600 annually. These measures are crucial in fostering greater financial inclusion and long-term retirement readiness for a broader segment of the population.
In addressing medical inflation and protection gaps, the government’s allocation of RM60 million to introduce affordable basic insurance, extend Perlindungan Tenang benefits, and continue the mySalam scheme demonstrates a strong commitment to financial protection and healthcare accessibility.
Furthermore, tax deductions for professional qualifications and continued ASB/ASM investments via Program Celik MADANI promote continuous advocacy for financial literacy and human capital development.
The Council also welcomes measures to strengthen financial integrity and consumer protection, such as the enhanced role of the National Scam Response Centre (NSRC) under the Royal Malaysia Police, ensuring more efficient action against financial scams and fraud.
Moving forward, the Council proposes several key initiatives to enhance Malaysia’s financial resilience and literacy through strategic collaboration, education, and professional empowerment:
- Deeper Integration of Professional Financial Planning in National Programmes – Embed professional financial planning practices within government and community initiatives to promote long-term financial wellness and ensure holistic advisory support for all Malaysians.
- Strengthening Digital Financial Literacy and Ethical Fintech Practices – Introduce targeted digital financial literacy programmes and establish ethical standards for digital financial services to safeguard consumers and strengthen trust in digital finance.
- Structured Retirement Planning for EPF Contributors – Expand access to structured advisory and retirement planning programmes to support financial independence among Malaysians in their later years.
- Youth Empowerment through Financial Literacy – Continue developing interactive, youth-focused financial literacy initiatives and digital coaching tools to nurture responsible money management habits among Gen Z and Gen Y.
MFPC President Mr Andy Ng Yen Heng affirmed, “Budget 2026 reflects the Government’s commitment to the Rakyat’s financial wellbeing. MFPC stands ready to collaborate with regulators, policymakers, and industry partners to advance financial literacy and ensure every Malaysian has access to sound professional financial advice.”
Building on this commitment, MFPC will continue driving inclusive financial education through nationwide initiatives like the My Money & Me workshops, supporting the National Financial Literacy Strategy (NFLS) 2.0 and helping Malaysians build lasting financial resilience.
About MFPC:-Established in 2004, the Malaysian Financial Planning Council (MFPC) is the professional body for financial planning in Malaysia. It offers the recognised Registered Financial Planner (RFP) and Shariah RFP qualifications, both approved by Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) as prerequisite pathways for obtaining the Financial Adviser Representative / Islamic Financial Adviser Representative Licence and the Capital Market Services Representative Licence (CMSRL), respectively. MFPC upholds high standards of professionalism and ethics. Through nationwide initiatives like My Money & Me Workshops, the Council promotes financial literacy and empowers Malaysians to make informed decisions, while advancing excellence and innovation in the financial planning profession.
SOURCE: Malaysian Financial Planning Council (MFPC)
FOR MORE INFORMATION, PLEASE CONTACT:
Name: Mohd Farhan Bin Azizan
External Relations, Research and Publication
Malaysian Financial Planning Council
Tel: +6 019 277 3521
Email: farhan@mfpc.org.my
Our website: www.mfpc.org.my
--BERNAMA