Economic challenges
On March 4, President Donald Trump threatened to impose 25% tariffs on imports from Canada and Mexico and 10% on imports from China. This move could trigger retaliatory tariffs, increase global inflation, and, worst case, start a trade war, further complicating financial planning.
The average person spends about 45 years in the workforce, accumulating wealth over time. Regardless of his profession, education level or even socioeconomic status, it is essential for him to attain financial literacy and the skills to manage money.
Without proper financial knowledge and discipline, it is easy to fall into spending traps driven by frequent publicised sales, unlimited consumer desires and ever-changing market trends. The rise of financial technology and payment systems like Buy Now, Pay Later (BNPL) from providers such as Atome, Grab and FavPay has simplified spending, making it more crucial than ever for individuals to balance consumption with savings and retirement planning.
