KUALA LUMPUR - The Credit Counselling and Debt Management Agency (AKPK) said that a total of 39 institutions of higher learning (IPT) are now offering a credit module in Personal Financial Management (PFM), which is hoped to be made compulsory nationwide.
AKPK Household Financial Education Department head, Nirmala M Supramaniam, said that the introduction of the course is timely, in efforts to curb the financial problems faced by many in the community.
"Statistics compiled show that until December 2022, 41.8 per cent of those aged between 30 and 40 are facing difficulties because of their lack of knowledge about financial management.
"If the knowledge about financial management was introduced during their studies at institutions of higher learning, to some extent, it could have given them early awareness and then helped them plan their debts well,” she told Bernama.
Nirmala said that financial management, or financial literacy, is actually a soft skill which is very useful when facing various financial challenges.
"This includes how youths can easily be exposed to making mistakes in financial decisions, which can lead to bankruptcy, such as financial fraud, get-rich-quick schemes, and unproductive loans.
"Therefore, financial literacy programmes should be extended not only to those taking related subjects, but should also be made compulsory for all students,” she said.
She said that, to date, the agency has received positive responses from students, and financial programmes conducted also reach out to youths with a more holistic approach.
"Among the programmes conducted are gamification, brainstorming and involvement of industry experts, and these youths will acquire management knowledge and good financial behaviour,” she said.
She also added that youths should be encouraged to be interested and gain more financial management knowledge to foster good financial behaviours and habits.
"Having applied financial skills will create awareness, exposure and encouragement for the individuals about better financial management. This will enable them to manage their income, spending and loans efficiently.
"Especially before making financial commitments, to avoid problems in the future. Prevention is better than cure,” she said.
She added that youths should be advised to take advantage of getting the services of financial advisors, offered by AKPK or other legitimate institutions.
She said since its inception, AKPK has offered its experts’ advisory services to 1.2 million individuals, as of December 2022.
"In addition, in a period of a maximum of 10 years, about 400,000 individuals have participated in our debt management programme and about RM2.4 billion has been settled via the programme," she said.- BERNAMA
AKPK Household Financial Education Department head, Nirmala M Supramaniam, said that the introduction of the course is timely, in efforts to curb the financial problems faced by many in the community.
"Statistics compiled show that until December 2022, 41.8 per cent of those aged between 30 and 40 are facing difficulties because of their lack of knowledge about financial management.
"If the knowledge about financial management was introduced during their studies at institutions of higher learning, to some extent, it could have given them early awareness and then helped them plan their debts well,” she told Bernama.
Nirmala said that financial management, or financial literacy, is actually a soft skill which is very useful when facing various financial challenges.
"This includes how youths can easily be exposed to making mistakes in financial decisions, which can lead to bankruptcy, such as financial fraud, get-rich-quick schemes, and unproductive loans.
"Therefore, financial literacy programmes should be extended not only to those taking related subjects, but should also be made compulsory for all students,” she said.
She said that, to date, the agency has received positive responses from students, and financial programmes conducted also reach out to youths with a more holistic approach.
"Among the programmes conducted are gamification, brainstorming and involvement of industry experts, and these youths will acquire management knowledge and good financial behaviour,” she said.
She also added that youths should be encouraged to be interested and gain more financial management knowledge to foster good financial behaviours and habits.
"Having applied financial skills will create awareness, exposure and encouragement for the individuals about better financial management. This will enable them to manage their income, spending and loans efficiently.
"Especially before making financial commitments, to avoid problems in the future. Prevention is better than cure,” she said.
She added that youths should be advised to take advantage of getting the services of financial advisors, offered by AKPK or other legitimate institutions.
She said since its inception, AKPK has offered its experts’ advisory services to 1.2 million individuals, as of December 2022.
"In addition, in a period of a maximum of 10 years, about 400,000 individuals have participated in our debt management programme and about RM2.4 billion has been settled via the programme," she said.- BERNAMA