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Pre-marriage module to help potential brides, bridegrooms with finance

Posted on Sep 15, 2019

KUALA LUMPUR:The Credit Counselling and Debt Management Agency (AKPK), in collaboration with the National Population and Family Development Board (LPPKN), has come up with an online pre-marriage module known as ‘’I Do You Do Duit Together’’ to help potential brides and bridegrooms to manage their finances after marriage.

Deputy Women, Family and Community Development Minister Hannah Yeoh said most newly-wed couples faced financial problems due to poor management of their finances.

She said this was apart from them refusing to listen to advice and ashamed to admit their debts that many found themselves in dire financial situation, leading them to live under the poverty level.

“Through the ‘I Do You Do Duit Together’ pre-marriage programme and module, we hope to provide advice and guidance on financial management to couples.

“It is an interactive online module where the couples only need to answer the questions provided at any time of their choice. The answers provided can be used as guidance for them to manage their finances after they are married,” she told reporters after launching the module here today.

She said the module could be accessed at the AKPK’s website

“So, potential brides and bridegrooms, they do not have to go anywhere to get financial advice. It’s all done online,” she added.

Yeoh said the online pre-marriage module was also aimed at educating potential brides and bridegrooms to understand their financial position and to not waste their money on wedding preparations to avoid being burdened with marriage debts.

Meanwhile, AKPK chief executive officer Azzaddin Ngah Tasir said a series of competitions will be held for 10 months beginning today for those who join the module.

Participants are only required to submit attractive slogans for the module, and to participate in the contest, they have to provide the certificate number of their module which they will be given after they have answered all the questions, he added. — Bernama

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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.

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.

Starting and Raising a Family

The module for the next life stage 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.

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, whether a pension is enjoyed, 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 and education is a continuous life lesson 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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Early Adulthood
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