As the effects of the pandemic continue to wreak havoc on our lives, Malaysians are increasingly realizing that financial literacy is not an additional skill but a necessity for survival.

Malaysia’s Finance Minister Tengku Datta Seri Zafrul Abul Aziz recently stressed the importance of financial planning and financial knowledge , including steps like budgeting. This is crucial to a better future.

Many Malaysians are not only focusing on budgeting and finding additional income sources such as freelance or contract work to support their financial situation during turbulent economic times. They also miss out on passive income and the benefits of investment avenues like money market funds (MMF), which provide stability and liquidity — vital conveniences in today’s investment scene.

Understanding Malaysians’ Financial Habits

Malaysians lack financial discipline due to poor budget management, insufficient spending and inability to control their finances are just a few of the many reasons they fail to be financially savvy. These bad habits can lead to bigger problems when it comes time to save and invest for the future.

Vodus Insights conducted an independent market study on Malaysia’s digital cash management scene. It found that the use of online trading apps and digital investment apps (stock trading and cryptocurrency) is much lower than traditional banking apps like CIMB and Maybank.

Facts aside, many Malaysians face financial volatility. There are very few prospects for money-saving or investing. What happens when an emergency occurs and you need a large sum of money?

It is vital to feel financial security and stability, especially in the unpredictable world we live in. There are many options available that can help Malaysians achieve financial savviness. However, many people are not aware of these alternatives.

Why money market fund?

Versa is a digital cash management platform that leverages on the idea of money market funds. This type of low-risk, high liquidity mutual fund allows users to manage their spare cash and generate interest. It also gives them access to the funds for free, thus meeting the needs of modern Malaysians.

It is crucial to be able to invest and have cash available when you need it, especially in these uncertain times. Vodus Insights also found that convenience, cash withdrawal ease, and trustworthiness are the main factors that influence the adoption of a digital savings app.

Money market fund investors have the opportunity to benefit from the liquidity of the money market fund and receive rates comparable to fixed deposits. This feature allows users make the most of their cash and transforms them into money-earning opportunities.

Adults in their 20s and 30s can also learn about how Versa platforms — which allow them to withdraw money at any time without penalty, unlike fixed deposits — can make their lives easier and better secure their futures.

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