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Memorandum: Proposal for the Formation of a National Financial Education Commission PDF Print E-mail
Wednesday, 21 September 2011 03:31

In conjunction with World Consumer Rights Day 2011 themed “Consumers for Fair Financial Services”, FOMCA proposes the formation of a National Financial Education Commission

Rationale: Why a Financial Education Commission
Current data indicates that Malaysians are not managing their finances properly. According to Malay Mail figures, 50% of credit card holders declared bankrupt are under the age of 30.

According to AKPK figures (2010), the reasons given for default or difficulty in servicing their debts:

  • • High medical expenses – 26%
  • • Poor financial planning – 25%
  • • Loss control on usage of credit cards – 15%
  • • Credit Card Problems is an issue for 70.5% of the people who seek help from AKPK

In a Survey undertaken by Citibank:

  • • 37% of respondents were worried about their financial future
  • • 21% said their savings could only last for one month, if they were to lose their job
  • • On average, Malaysians have savings that could last them for 11 weeks
  • • A total of 12% said they did not save at all.
  • • Although 86% said they tried to follow a budget, only 28% stuck to it
  • • 60% were not confident of their retirement savings
  • • Only 22% had a formal retirement plan
  • • More than 25% had no idea or has not started a retirement plan

Click here to download the full memorandum

Pictures during workshop

Last Updated on Wednesday, 21 September 2011 05:32