For a better tomorrow, Malaysians at all levels—especially the younger generation―need good and timely financial education.
From AKPK’s records, more than 50% of our Debt Management Programme clients are below 40 years of age. According to statistics from the Malaysian Department of Insolvency, 64,632 Malaysians aged between 18 and 44 years old have been declared bankrupt over the last five (5) years.
Many other reports also indicate financial misbehaviour in youth. A survey in 2015 by the Asian Institute of Finance, targeting Gen Y, reported that 70% of them who owned credit cards only paid the minimum monthly payment required while 45% of them did not pay their debts on time at some point.
The unwise use of financial products such as credit cards and personal loans is rampant, where both facilities account for more than 80% of AKPK’s customers who face financial woes. While factors contributing to this are many, 40% of them are due to poor financial planning. This leads to one conclusion―many lack financial education in managing their finances and using financial products.
Financial literacy is a living skill that will accompany an individual throughout life’s financial decisions, from getting a credit card to taking loans for studying, buying a car and a house as well as choosing protection and retirement plans.
AKPK provides financial education programmes, materials and advisory on these matters―money management and proper use of credit―while offering modules that cater for specific financial needs in four (4) stages of life i.e. tertiary education, entering the workforce, starting and raising a family as well as retirement.