This article is especially for those of you who are in college, or who have children or younger siblings heading there soon. But honestly, even if you’re long past your student days, you might recognise a few familiar patterns here.

Money has always been a loaded topic. Some people think it’s the most important thing in the world; others avoid talking about it altogether. Some say money is the root of all evil. Others argue that the real evil is not having enough of it. Whatever your view, one thing is clear: money is deeply intertwined with our daily lives — and the sooner we get comfortable talking about it, the better off we’ll be.

Why College Is the Most Critical Time for Financial Habits

College is often the first time young Malaysians handle their own money — whether it’s a PTPTN loan, a monthly allowance from parents, a scholarship, or part-time earnings. And without any financial education to go with it, most students do what feels natural: spend first, think later.

This isn’t about blaming students. The problem is that nobody taught them. Our school system covers Add Maths and Sejarah, but rarely touches on budgeting, saving, or how interest on a loan actually works. So students graduate academically equipped but financially unprepared.

How Malaysian Students Actually Spend Their Money

Let’s be real. If you put RM200 in the hands of an 18-year-old who just arrived at campus, there’s a good chance a big chunk of it is gone by the end of the week. Not because they’re irresponsible, but because no one ever showed them how to make it stretch.

Research and observation across Asian campuses show some common spending patterns. Guys tend to spend on gaming, sports gear, food (especially mamak sessions that last till midnight), and trying to impress their dates. Girls often spend on fashion, accessories, skincare, and social outings. And both groups share one very powerful spending motivator: peer pressure.

When your friends are wearing the latest sneakers, eating at trendy cafes, and going for weekend trips, it’s incredibly hard not to follow along — even when your allowance simply doesn’t support that lifestyle. The fear of being left out (or worse, being seen as “kesian”) drives many students into financial stress they don’t even realise they’re in.

The ATM Parent Problem

Here’s a story that might sound familiar. A mother gives her daughter RM20 as pocket money. Instead of saying thank you, her daughter says: “But Mama, my friends get RM50 every week.”

That reaction tells us a lot. When children grow up receiving money without understanding where it comes from or what it costs to earn it, they begin to see their parents as an ATM machine — a limitless source of cash that should never run out. And when the ATM eventually says “Insufficient funds,” they don’t know how to cope.

This is also why we sometimes see children who inherit a family business run it into the ground within a few years. Not because they lack intelligence — but because they never developed the financial discipline and knowledge that their parents used to build the business in the first place.

It Starts at Home: The Words We Use About Money

There’s a well-known saying: “The child’s upbringing starts at home.” When it comes to money, this couldn’t be more true. Parents are the first and most powerful financial role models in a child’s life — even when they don’t realise it.

Phrases like these, repeated throughout childhood, quietly shape a young person’s money mindset:

• “Do you think I’m made of money?”
• “We can’t afford that.”
• “I’d rather be happy than rich.”

These phrases aren’t necessarily wrong — but repeated often enough, they become beliefs. And beliefs drive behaviour.

Here’s a simple but powerful reframe: instead of saying “I can’t afford it,” ask “How can I afford it?” It sounds like a small difference, but it’s not. The first statement shuts the door. The second opens the mind to look for solutions — save up, earn more, find an alternative, prioritise.

3 Things Every College Student Should Start Doing Now

1. Track every ringgit you spend for one month.

Use a free app like Money Manager, Spendee, or even just a Notes app. Most students are shocked when they see where their money actually goes. Awareness is the first step to change.

2. Save before you spend, not after.

The moment your allowance or salary comes in, set aside at least 10% first. Even RM20 out of RM200. The discipline of saving first — no matter how small — is the habit that separates people who build wealth from those who don’t.

3. Learn to say no — kindly but confidently.

You don’t have to join every outing, buy every round of drinks, or match what your friends are spending. True friends won’t make you feel bad for being responsible with money. And if they do — that’s worth reflecting on.

Your Future Self Is Watching

The financial decisions you make between ages 18 and 25 have an outsized impact on your life. Not because the amounts are large — they usually aren’t. But because you’re programming habits, patterns, and beliefs that will run on autopilot for decades. The financial habits you build now will follow you for the rest of your life — let’s make sure they’re good ones.