Zeti launches Money Sense for the Modern Mind in Kuala Lumpur

Former Bank Negara Malaysia Governor Tan Sri Dr Zeti Aziz launched Money Sense for the Modern Mind on 24 October. Dr Lalua Rahsiad, a financial literacy advocate, wrote it.

More than 300 guests came to the launch at the Khazanah Auditorium, Asia School of Business, in Kuala Lumpur. The main message was that financial literacy must go beyond understanding money.

Here is what the book says, the research behind it and what speakers said.

What the Money Sense book argues

Money Sense for the Modern Mind argues that people need judgement, discipline and confidence. These help them make sound money choices.

Dr Lalua called the book a bridge between research and real life. She said it rests on one belief: “people come first, planning comes next and progress must always continue”.

Dr Lalua has over 25 years of experience in Malaysia and the United Kingdom. She chairs MyCelik Network and is known as the Money Queen.

She also said a person’s money habits, feelings and past matter as much as models. In her view, these shape how people invest.

In addition, the book links money skills to inclusion and stronger homes. It also ties them to more people joining sustainable investing, the release said.

Zeti wrote the foreword. She noted that the skill matters more in a digital age. “Financial literacy is not a destination but a continuous practice,” she said.

She called it a vital skill. It lets people take better control of their money future.

The research behind the book

The book grew out of Dr Lalua’s doctoral research at Putra Business School, Universiti Putra Malaysia. It studies how money skills, risk tolerance and sustainable investing link up among Malaysian retail investors.

The study used 695 valid replies from 698 people, the release said. It split willingness to take risks from the real ability to absorb losses.

The author also reports that knowledge, attitude and awareness directly shaped sustainable investment choices.

The release does not say if the sample had mixed ages or incomes. So we cannot judge how far the findings apply.

These findings support the Lalua FinPro Model. The model joins knowledge, behaviour and risk tolerance. It aims to help people decide with care. Money Sense for the Modern Mind builds on it.

However, the release does not say where the study was published. It also does not say who reviewed it. For the full method, see the book or the thesis.

Who spoke at the launch, and where to find the book

Jason Chin, chief executive officer of MyCelik Network, gave the welcoming remarks. He said this skill should reach all Malaysians.

Likewise, Anuar Shuib, chairman of the International Development Committee at the Malaysian Financial Planning Council, agreed. He called it “one of the most important life skills”. Yet he said money stays a touchy subject.

Finally, Dr Lalua dedicated the book to her late parents. She said they taught her that knowledge becomes meaningful when shared.

Also, in memory of her mother, she invited children from Rumah Anak Yatim dan Miskin Sungai Pinang in Klang. She still supports the home.

“My mission is to make financial knowledge clear, human and usable,” she said. She wants to meet people where they are.

The book is on Amazon, the release said. It adds to her earlier titles for children, teens, working adults and investors.

For more, see our report on the financial literacy partnership between Rockwills and Dignity. Our story on financial literacy and sustainability is also relevant. More details are at mycelik.org.