Need for financial literacy

PIC IS OPTIONAL: Not money savvy: According to the Credit Counselling and Debt Management Agency (AKPK), the major reason consumers face financial difficulties is poor financial planning. -- Filepic

THE Federation of Malaysian Consumers Associations fully agrees with the Education Minister that the level of financial literacy among the rakyat is still low. This has resulted in poor financial management leading to bankruptcy, financial stress, problems of productivity as well as family problems.

The data on financial problems faced by Malaysians is concerning. The number of Malaysian consumers declared bankrupt is increasing every year. In 2007, that number was 13,238; it increased to 21,987 in 2013. To date, 294,000 consumers have been declared bankrupt.