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The Malaysian government envisions Malaysia as an inclusive and sustainable high-income nation by 2020. The definition of high income is per capita income of USD15, 000 or MYR48, 000, based on the World Banks current definition of high income. The objective is not merely a quantitative target; it is also about Malaysia being an advanced and developed nation with an economy having the characteristics of developed nations. Advancements in information and communication technology (ICT) and globalization have resulted in the evolution of a more complex and challenging marketplace. As todays consumers are constantly faced with a bewildering array of goods and services in the market, consumers must be equipped with an elevated level of consumerism knowledge and skills. Malaysian consumers thus need to be kept in touch with developments in the market, enabling them to act and decide effectively, to ensure that they develop as more empowered, savvy and resilient consumers now and after Malaysia transforms into a developed nation. However, without the governments intervention to protect consumers through adequate legislations and enforcement, the aim of creating empowered consumers will not be realized. This paper aims to discuss the development of consumer protection policies in Malaysia.

The main purpose of this study is to understand the financial status of urban poor community in Kuala Lumpur and factors affecting their personal well-being. The sampling size of this research is 1,064 respondents chosen by using systematic sampling method. The data was obtained by using self- administered questionnaires and the data being analysed by descriptive analysis meanwhile and multi regression analysis. The results shows that the urban poor community in Kuala Lumpur are having a moderate level of financial literacy possess a less effective financial behaviour, experiencing a high financial strain and adapting a moderate level of personal well-being. Besides that, the results also indicates that the financial literacy has no influence on personal well-being of the urban poor community, meanwhile financial behaviour has a positive influence and financial strain has a negative influence on the personal well-being of the urban poor community. The findings of the study suggest the government and non-government organisation such as Economic Planning Unit ((EPU), Kuala Lumpur City Hall (KLCH or DBKL), Central Bank of Malaysia (BNM), Credit Counselling and Debt Management Agency (CCDM or AKPK), Federation of Consumer Association (FOMCA) to make an inclusive effort and approach to improve the personal well-being of the urban poor. By understanding more about the financial status of the urban poor community, it is hoped to help them to become financial prudence and in the long-run could lead them into a good decision making while facing conflicts in financial issues and maintain a good quality of life. It is important to ensure the urban poor consumers have better financial management skills which lead them to make the right decision in order to enhance their personal well-being.