Financial Planning as Catalyst for Poverty Eradication Among B40 in Malaysia

Abstract

Good personal financial management is often associated with an individual's ability to plan, manage and administer finances well. Good financial planning can prevent a person falling into poverty. Individuals most at risk of being trapped in poverty are households in the B40 category. Therefore, good financial planning among the B40 can be a catalyst in eradicating poverty. This study highlights the findings of interviews with individuals in the B40 category regarding the importance of mastering financial planning in managing life in order to get out of poverty. Data was obtained using a Focus Group Discussion (FGD) technique. The results of the study were analysed using the Nominal Group Technique (NGT) which is able to uncover issues, problems or solutions among the B40 individuals involved. A total of 10 informants were involved in this study. The results of this study are relevant to the government's policy in the Vision for Shared Prosperity 2030. In addition, the study is also timely because it is relevant to the UN’s Sustainable Development Goals (SDGs) as stated in the first objective which is "No Poverty".