Financial Education

For a better tomorrow, it is necessary for Malaysians to have good and timely financial education, especially the younger generation.

According to our own data, more than 50% of our Debt Management Programme clients are below 40 years old. The Malaysian Department of Insolvency’s data also adds that 64,632 Malaysians aged between 18 and 44 years old have gone bankrupt over the last five (5) years.

Many other reports have also pointed to financial delinquency among youth. A survey in 2015 by the Asian Institute of Finance, targeting Gen Y, reported that 70% who owned credit cards only serviced the required minimum monthly payment 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 are widespread. 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 the necessary knowledge to manage their finances.

Financial literacy is a living skill that will help an individual navigate the major milestones in their life and will impact their financial decisions, from getting a credit card to taking educational loans, buying a car and a house as well as choosing insurance and retirement plans.

AKPK provides financial advisory as well as educational programmes and materials on the salient topics, i.e. money management and proper use of credit while offering modules that cater to specific financial needs of youth, adults and the elderly. They are divided into four (4) stages of life, i.e. tertiary education, entering the workforce, starting and raising a family, and retirement.

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Which stage of life are you at now and what can you learn from us?

Tertiary

The world we live in is increasingly complex, especially for the youths, and they will eventually need to take charge of their future and finances. Financial education in the tertiary stage is for those between the ages of 18 to 25 currently pursuing post-secondary education. Providing them with the appropriate financial know-how at this point will build up their competence in dealing with future financial decisions. This module focuses on cash flow management, the importance of savings and setting up a budget, internet banking and other appropriate topics for university and college students.

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Entering Workforce

This stage comprises those between the ages of 20 to 30, i.e. mainly those who are just starting out in life. Financial education is essential to this age group as they learn to be independent in most matters especially financial management. In their minds, a car is a want rather than a need, and normally sits at the top of their list of things to acquire. Our Entering Workforce module focuses on understanding the fundamentals of borrowing and the importance of borrowing productively to encourage positive net worth. Financial education at this stage is also aimed at inculcating the habit of managing debts wisely. The module also introduces the fundamentals of investments and the importance of insurance for a better tomorrow.

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Starting and Raising a Family

The module for the next stage of life is for those who are starting and raising a family. People in this category are approaching that time in their life when they will normally experience important and meaningful life’s milestones: marriage, children and a new home. Designed for those between 30 to 40 years of age, this module will focus on settling unproductive loans while reducing debt commitments as they prepare for retirement. Emphasis will again be placed on the importance of planning for and protecting against uncertainties by talking about the types of financial tools available. They will learn the various types of insurance policies and be able to decide on the best coverage based on their affordability for their precious family. Education will also be given on the appropriate investments that will provide passive income for a better tomorrow.

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Retirement

The transition from working to retiring involves many tough decisions regarding income and lifestyle needs and whether one plans to ease into retirement or otherwise, while considering factors such as wealth management, pension, and EPF balances. These are big decisions with long-term impact on their financial well-being during retirement. To make the best choices, they require sufficient knowledge and intense awareness of how they want to live through their retirement years. Therefore, our pre-retirement module will prepare them for retirement by teaching them the proper use of their investments and review of their portfolio while servicing their insurance policies and settling unproductive debts to improve their net worth positively.

Post–Retirement

You have retired. How would you manage your money now? Considering that the average life expectancy in Malaysia has improved, it is more important now than ever to ensure that you have the financial resources to live a comfortable and happy lifestyle—particularly if you are looking forward to retiring with peace of mind. Taking care of your wealth and making it last are important at this stage. Financial literacy through education is a lifelong endeavour that does not end at retirement. Now, more than ever, you need to manage your finances wisely and plan for the unexpected. Our post-retirement module is focused on those who are currently transitioning into retirement or are in the early stages of retirement.

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