RELATABLE: Poor financial literacy doesn't recognise social class

SHAH ALAM - Poor financial literacy comes in regardless of their social class, be it B40 or T20.

Wahine Capital founder, Rejina Rahim said it was in the culture that people usually didn’t question about fees involved in the transactions.

“Whether you were B40 or T20, we’re financially illiterate. We don’t question when someone sells something and don’t question about fees.

“Just want to highlight the potential clients there were fees involved, so the calculation of how much it will affect them in the long run,” she said.

Without the idea of fees, she contended there were many things that people were unaware of about credit cards and personal loans.

Rejina shared that 18 per cent of women involved with personal loans were women aged 24 until 35 years old.

“It can go up to 18 per cent and the duration of the loan itself can go up to 10 years. Can you imagine how much that you’re going through?” she questioned.

Hence explained the numbers of the bankruptcies were rising and she said younger generations were at that risk.

Rejina spoke during Sinar Daily’s Relatable programme “Women: Caught in a Financial Vortex”, where associate financial planner, Erin Adlina Adnan also attended as co-panellist.

Apart from the poor financial literacy, matters of how women should be involved in household finance and they should prepared their will at early age also was brought forward in the discussion.