AKPK resolves 14,973 cases involving RM600.6 million

KUALA LUMPUR: Management and Counselling Agency (AKPK) resolved 14,973 cases involving RM600.6 million between 2006 and Oct 31, 2017.

Chief executive officer, Azaddin Ngah Tasir, said since its incorporation in 2006, the agency had counselled over 648,295 cases with the participation of 203,079 individuals in its Debt Management Programme ( DMP) to help them regain control of their fi nances.

“Our statistics showed that 12.8 per cent of our DMP customers are below 30 years old, 70.6 per cent between 30- 50 and 16.6 per cent above 50,” he told reporters at the Financial Insight Mobile App launch by Visa and AKPK here yesterday.

Azaddin said 44.2 per cent of DMP customers admit that they got into fi nancial problems due to poor fi nancial planning.

“This strongly indicates the importance of financial education and AKPK has been intensifying efforts towards educating Malaysians via collaborations.

“The tie-ups are with strategic partners and financial institutions, including Visa, government agencies, private organisations, institutions of higher learning, non-governmental organisations and cooperatives,” he added.

Meanwhile, on the launch of the mobile banking app, Azaddin said a recent fi nancial literacy study by Visa and AKPK in August this year revealed that more than half of Malaysians may not be fi nancially ready for retirement.

He said the development of the app will help people, especially the younger generation who are comfortable in using the mobile phone, as it is an effective tool for disseminating financial education.

Azaddin said young adults should make prudent financial management a way of life and gainfully make use of the mobile app to map out their financial future and up to their retirement.

“It is also important to inculcate basic financial principles, including planning finances, living within your means, seeking help or assistance early and dealing only with legitimate fi nancial institutions,” he added.

Established in 2006, AKPK disseminates financial awareness through its social media engagements, by conducting financial talks, roadshows and participating in forums/seminars nationwide with the support from its 11 branches located throughout Malaysia.