AKPK plays key role in enhancing money management skills

THE Credit Counselling and Debt Management Agency, or commonly known as Agensi Kaunseling dan Pengurusan Kredit (AKPK), has become an important platform to enable the rakyat to enhance their knowledge on prudent financial management.

The agency, wholly-owned by Bank Negara Malaysia, provides a myriad of services to individuals seeking advice and assistance in managing finances and debts, which include financial education on the prudent use of credit cards and basic money management skills, counselling and advice on financial management as well the Debt Management Programme (DMP) to assist financially distressed consumers in managing their finances.

According to the Economic Report 2016/17, as at end July, 460,031 individuals had attended AKPK’s counselling services, with 156,892 having enrolled in the DMP.

In most cases, the inability to repay their debts, include poor financial planning, ignorance and lack of financial discipline.

Financial difficulties can also be triggered by unanticipated changes such as health problems, the death of the breadwinner, loss of employment and business failure.

As at July, 10,704 DMP participants completed counselling and the success rate is expected to continue as more participants will benefit from the restructuring of their financial commitments.

The number of participants in the DMP had grown from 8,172 participants in 2007 to 156,892 participants this year.

The number of counselling participants also grew from 32,157 in 2007 to 460,031 this year.

AKPK also provided the 10 step Financial Education Programme for Malaysians to strengthen their financial literacy, especially within the current uncertain global economic environment.