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Azlan Othman & Khayr Zakariyya A strong habit of savings can help with unexpected future and ease stress from financial pressures. As the country marks National Savings Day today, members of the public shared their views with the Sunday Bulletin on why a savings culture is important to a secure financial future. Marketing Executive at Laksamana College of Business (LCB) April Lim said young adults may lack the skills and knowledge to transition away from financial dependence on their parents or guardians. “It became evident to me and others embarking on this journey of financial independence that we lack the skills and knowledge to save and prepare funds for our day-to-day expenses and future goals. “Understanding our financial priorities and allocating budgets for short- and long-term objectives is crucial,” she said. She believes that it is necessary to instil the value of money at an early age, teaching budgeting to children so they can comprehend rewards from building savings. “Perhaps this could be incorporated into our school programmes so that the younger generation will have that awareness from an early age,” she said. Starting to save early is a foundation which would help, she said, and added that it is also essential to practise discipline and diligence when sticking to a financial plan. ![](https://media.everythingbrunei.com/public/S-D6Z-1vERGhm4qmLuage-Bbb6h0MhgW5lsDamYHjYe.jpeg) “It’s important to strike a balance between being ambitious and realistic in setting monthly budgets,” she said. Meanwhile Denny Azriman of Takaful Brunei said that while there is a general attitude of thriftiness, saving habits differ from one person to another based on their priorities. “It differs for our long-goals, such as our needs at an old age or if we are saving for our children’s education, or our short-term goals like wanting to buy our favourite things,” he said. While Brunei is a wealthy nation, he said that there is a strong emphasis on savings through government initiatives, campaigns that promote savings culture and the Friday sermon. “These highlight the need to be prudent and prevent wastage,” he said. Denny said most might not be aware that having takaful can also serve as a savings initiative in a form of safety net, to ensure protection against unexpected events. Entrepreneur Haji Halim Saim said cultivating savings culture is not an easy task, “particularly among the younger generation that are living in a trendy manner”. He said, “Even children are demanding these days, asking for latest gadgets and phones, or dining out at fast food restaurants.” Meanwhile, many are mentally stressed just to make ends meet, let alone save money, he added. K Goh from Motul Brunei said the country has a low stress environment with heavy subsidies, including medicine and fuel. “Nevertheless, Bruneians should maintain a strong habit of savings because it can help relieve us from the stress of unexpected expenses,” he said. “If we can do it, why not? We can convert short-term saving goals, such as buying a new mobile phone, into a long-term one, to be financially independent,” Goh said. Nursing student Nur Rabi’atul Munawarah binti Muhammad Andhar, said a savings culture is important because the future is unknown. “It is very important in the event of an emergency,” she said. “However, some may find it difficult to save because there are a lot of things they like that they want to buy.” Chairperson of Lakap Lagor Entertainment Faridah binti Haji Ibrahim said it is good for Bruneians to be aware of the need to save as much as possible from very early on. “In my opinion, saving is very necessary. I also save a little because I will retire in two years, so every month I will save money for my retirement days,” she said. While government programmes such as the National Retirement Scheme (SPK) can help support people after retirement, saving up for unexpected events is a good and useful habit, she said. “Life requires money. We need fuel for the car, we need to buy food, pay for electricity. “After that, we need to have something set aside for times of joy or grief. A car breakdown could cost more than BND500 to fix, or there are expenses when a family member passes away,” she said. “National Savings Day means to save money for the future, as we will never know what will happen next.”

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