According to the RinggitPlus Malaysian Financial Literacy Survey (RMFLS) 2022, a staggering 53% of respondents reported that their savings would only last them for up to three months. Additionally, the Insolvency Department revealed that 26% of bankruptcy cases were comprised of Malaysians under the age of 34. These figures are cause for concern and highlight the pressing need for better financial education among our youth.
Building financial literacy among the younger generation is crucial. By equipping them with the knowledge and tools to manage their finances effectively, we can help them avoid the pitfalls of debt and insolvency.
During the launching ceremony of the APU AKPK Club, Datuk Parmjit Singh, CEO of APU (6th from left) is exchanging tokens of appreciation with Encik Azaddin Ngah Tasir, CEO of AKPK.
To ensure a brighter financial future for Malaysia's youth, the Asia Pacific University of Technology & Innovation (APU) has taken a proactive step towards building financial literacy among the younger generation by launching the APU AKPK Club recently.
This initiative aims to equip youth with fundamental knowledge of financial management. As Associate Professor Dr Chong Lee Lee, the Head of the School of Accounting and Finance (SAF) at APU, pointed out, it is essential to instil the concept of financial well-being from a young age.
“With strong financial health and efficacy, individuals can better control their finances and achieve overall well-being. The APU AKPK Club is a crucial step towards building a financially responsible generation that can make informed decisions about their finances,” said Assoc. Prof. Dr. Chong.
Datuk Parmjit Singh, CEO of APU (3rd from left) presenting a token of appreciation to Encik Azaddin Ngah Tasir, CEO of AKPK, with Dr. Desmond Chong, AKPK Manager and Club Coordinator (right) and members of APU AKPK Clubs looking on.
The launch of the APU AKPK Club by Datuk Parmjit Singh, CEO of APU, and Encik Azaddin Ngah Tasir, CEO of AKPK, coincided with the National Financial Well-being Summit 2023 (NFWS2023), organised by SAF and took place on 20th March 2023. Dr. Nur Lalua Rashidah, a lecturer of SAF, headed the organising committee as the event director.
Besides Dr. Nur Lalua, the APU AKPK Club has a dedicated team of mentors, including Senior Lecturer Dr. Ooi Bee Wah and Lecturer Mohamad Shahiman Mahdzir of SAF. While the club is open to students of any study programme, it is currently composed mainly of Bachelor in Accounting and Finance students.
Delivering his opening remarks for the summit, Datuk Parmjit Singh emphasized, “Financial awareness is learning and knowing about your finances and money matters; financial well-being is about how you manage your finances. Knowing how to manage our expenses and spending wisely will enhance our well-being which will help us raise our own families and embark on our careers more confidently.”
By highlighting the need to start early and emphasizing the benefits of financial well-being, Datuk Parmjit Singh has underlined the significance of initiatives like the APU AKPK Club and NFWS2023, which are aimed at fostering financial literacy among young Malaysians.
Dr. Hari Narayanan (centre), President of APU, handing over the lucky draw goodies to one of the participants of the National Financial Wellbeing Summit 2023, with the Director of NFWS 2023, Dr. Nur Lalua Rashidah (left) cheering for the lucky winner.
Featuring 16 distinguished speakers and moderators from various industries, the summit offered a platform for participants to engage in active discussions and absorb the essence of financial literacy. The summit was held in conjunction with the Global Money Week 2023 by OECD International Network on Finance Education, highlighting the importance of financial literacy on a global level.
During one of the sharing sessions, Malek Ali, the Founder of Fi Life (2nd from left), is sharing his view with the audience. The rest of the speakers are (from left) Lim Ka-Ming, CEO and Founder of MoneyFitt, Singapore; Dr. Zokhri Idris, Chief Executive Director of Policy and Economic Affairs Centre of Malaysia Foundation (PEACE); and Vinorra Shaker, the moderator and Associate Head of School of Psychology, APU.
The speakers, including financial educators, advocates, activists, bloggers, and researchers, provided invaluable professional perspectives on financial literacy. The event was sponsored by leading financial institutions such as FWD Takaful, CIMB Islamic, Welbeck and Bradwell, UOB, and The Edge Malaysia, indicating the industry's commitment to building financial literacy in Malaysia. Approximately a hundred APU academicians and students participated in the event.
“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 Credit Counselling and Debt Management Agency (AKPK) and the success of NFWS2023 were examples of how educational institutions and the financial industry can work together to create a financially responsible generation. Together we can secure a better financial future,” concluded Dr. Nur Lalua.