A STAGGERING 53% of the RinggitPlus Malaysian Financial Literacy Survey 2022 respondents said their savings could only last up to three months, while according to the Insolvency Department, over 20% of bankruptcy cases between 2018 and 2022 involved Malaysians under the age of 34.
This worrying trend, according to Asia Pacific University of Technology & Innovation (APU), highlights the pressing need for better financial education among the youth.
To help ensure a brighter financial future for the country’s youth, the APU AKPK Club was launched to equip them with financial management knowledge.
With strong financial health and efficacy, individuals can better control their finances and achieve greater well-being, said the varsity’s School of Accounting and Finance (SAF) head Assoc Prof Dr Chong Lee Lee.
The APU AKPK Club, she said in a press release, is a crucial step towards building a financially responsible generation that can make informed decisions about their money.
The club has a dedicated team of mentors, including SAF senior lecturer Dr Ooi Bee Wah, and lecturers Mohamad Shahiman Mahdzir and Dr Nur Lalua Rashidah Mohd Rahsiad.
While the club is open to students from any study programme, it is currently composed of accounting and finance undergraduates.
The launch of the club by APU chief executive officer Datuk Parmjit Singh and Credit Counselling and Debt Management Agency (AKPK) chief executive officer Azaddin Ngah Tasir coincided with the National Financial Well-being Summit 2023 (NFWS 2023), organised by SAF on March 20.
“Financial awareness is learning and knowing about your finances and money matters, while financial well-being is about how you manage your finances.
“Knowing how to manage our expenses and spending wisely will enhance our well-being.
This helps us to raise our families and embark on our careers more confidently,” said Parmjit in his opening remarks during the summit.
Featuring 16 speakers including financial educators, advocates, activists, bloggers and researchers from various industries, the summit offered a platform for participants to engage in active discussions and learn financial literacy.
The summit was held in conjunction with the OECD International Network on Finance Education’s Global Money Week 2023, which was aimed at highlighting the importance of financial literacy globally.
“This event signifies the growing importance of financial literacy in our society and the need for concerted efforts from various stakeholders to address the issue.
“The formation of the APU AKPK Club with the support of the AKPK and the success of the NFWS 2023 show how education institutions and the financial industry can work together to create a financially responsible generation,” Dr Nur Lalua Rashidah said.