
Article from The Star dated 11 March 2013
VISA recently launched an online competition called Visa Financial Football Malaysia 2013, designed to teach money management skills to young adults in Malaysia .
Harnessing the popularity of the world’s most popular sport, Visa aims to teach financial concepts through a fast-paced and interactive online video game.
To make learning more rewarding, Visa is attracting contestants with its grand prize, a trip to the Confederations Cup Final in Rio de Janeiro, Brazil this year.
Launched at Universiti Malaya, the online competition is accessible via www.my.financialfootball.com and will run from now until April 2.
The 10 ten scorers will be invited to compete at the Grand Final in April for a chance to win the trip to Brazil. The competition uses an educational video game accompanied by a classroom curriculum and is entirely skills-based.
At the launch, Visa country manager (Malaysia) Stuart Tomlinson said, “For nearly two decades, Visa has been developing financial literacy programmes around the world to help teach individuals how to spend, save and budget more wisely and responsibly.
“Financial literacy is in our DNA, and I believe the competition will appeal to many Malaysians; entertaining as it teaches the fundamentals of finance. The game will continue to be available online even after the competition ends. Today’s launch is the beginning of our commitment to advancing financial literacy in Malaysia.”
Credit Counselling and Debt Management Agency (AKPK) chief executive officer Koid Swee Lian said, “AKPK is pleased to enter into this strategic partnership with Visa as we share the same vision to provide financial education to all Malaysians. Financial literacy programmes like these will benefit every Malaysian by helping them gain the knowledge, skills and confidence to make informed financial choices.”
In addition to the launch, Visa is working with bank partners to distribute financial literacy brochures via their bank branches throughout the country. The brochures contain simple tips and guidelines in Bahasa Malaysia and English on money management. Visa’s five bank partners — Aeon Credit Services, BSN, Hong Leong, Maybank, and Public Bank also hosted links to the competition on their websites.
“From our work with the local government agencies and various banking partners, we know that many young adults can often be overwhelmed with banking data and financial jargon, while trying to make financial decisions as they begin their working lives.
Whether it is making a long-term investment like buying a house, taking a short-term loan to buy a car, or just being aware of money-saving tips, it is vital for Malaysians to be equipped with basic financial knowledge and have access to the tools to make informed financial decisions as early as possible,” added Tomlinson.
The launch was graced by two eminent names in the local football scene — former Malaysian league star turned ESPN and Astro SuperSport football pundit, Abbas Saad and Malaysia’s very own national goalkeeper, Farizal Marlias who gave their support to the event. Also present was popular radio announcer Phat Fabes as the event emcee who entertained the students and guests with financial quizzes and football games.
For more details about Visa’s financial literacy initiatives in Asia and around the world, visit www.corporate.visa.com.
Article from The Star dated 11 March 2013
VISA recently launched an online competition called Visa Financial Football Malaysia 2013, designed to teach money management skills to young adults in Malaysia .
Harnessing the popularity of the world’s most popular sport, Visa aims to teach financial concepts through a fast-paced and interactive online video game.
To make learning more rewarding, Visa is attracting contestants with its grand prize, a trip to the Confederations Cup Final in Rio de Janeiro, Brazil this year.
Launched at Universiti Malaya, the online competition is accessible via www.my.financialfootball.com and will run from now until April 2.
The 10 ten scorers will be invited to compete at the Grand Final in April for a chance to win the trip to Brazil. The competition uses an educational video game accompanied by a classroom curriculum and is entirely skills-based.
At the launch, Visa country manager (Malaysia) Stuart Tomlinson said, “For nearly two decades, Visa has been developing financial literacy programmes around the world to help teach individuals how to spend, save and budget more wisely and responsibly.
“Financial literacy is in our DNA, and I believe the competition will appeal to many Malaysians; entertaining as it teaches the fundamentals of finance. The game will continue to be available online even after the competition ends. Today’s launch is the beginning of our commitment to advancing financial literacy in Malaysia.”
Credit Counselling and Debt Management Agency (AKPK) chief executive officer Koid Swee Lian said, “AKPK is pleased to enter into this strategic partnership with Visa as we share the same vision to provide financial education to all Malaysians. Financial literacy programmes like these will benefit every Malaysian by helping them gain the knowledge, skills and confidence to make informed financial choices.”
In addition to the launch, Visa is working with bank partners to distribute financial literacy brochures via their bank branches throughout the country. The brochures contain simple tips and guidelines in Bahasa Malaysia and English on money management. Visa’s five bank partners — Aeon Credit Services, BSN, Hong Leong, Maybank, and Public Bank also hosted links to the competition on their websites.
“From our work with the local government agencies and various banking partners, we know that many young adults can often be overwhelmed with banking data and financial jargon, while trying to make financial decisions as they begin their working lives.
Whether it is making a long-term investment like buying a house, taking a short-term loan to buy a car, or just being aware of money-saving tips, it is vital for Malaysians to be equipped with basic financial knowledge and have access to the tools to make informed financial decisions as early as possible,” added Tomlinson.
The launch was graced by two eminent names in the local football scene — former Malaysian league star turned ESPN and Astro SuperSport football pundit, Abbas Saad and Malaysia’s very own national goalkeeper, Farizal Marlias who gave their support to the event. Also present was popular radio announcer Phat Fabes as the event emcee who entertained the students and guests with financial quizzes and football games.
For more details about Visa’s financial literacy initiatives in Asia and around the world, visit www.corporate.visa.com.
Mar 13, 2013 | financialmanagement
Article from The Star dated 11 March 2013
VISA recently launched an online competition called Visa Financial Football Malaysia 2013, designed to teach money management skills to young adults in Malaysia .
Harnessing the popularity of the world’s most popular sport, Visa aims to teach financial concepts through a fast-paced and interactive online video game.
To make learning more rewarding, Visa is attracting contestants with its grand prize, a trip to the Confederations Cup Final in Rio de Janeiro, Brazil this year.
Launched at Universiti Malaya, the online competition is accessible via www.my.financialfootball.com and will run from now until April 2.
The 10 ten scorers will be invited to compete at the Grand Final in April for a chance to win the trip to Brazil. The competition uses an educational video game accompanied by a classroom curriculum and is entirely skills-based.
At the launch, Visa country manager (Malaysia) Stuart Tomlinson said, “For nearly two decades, Visa has been developing financial literacy programmes around the world to help teach individuals how to spend, save and budget more wisely and responsibly.
“Financial literacy is in our DNA, and I believe the competition will appeal to many Malaysians; entertaining as it teaches the fundamentals of finance. The game will continue to be available online even after the competition ends. Today’s launch is the beginning of our commitment to advancing financial literacy in Malaysia.”
Credit Counselling and Debt Management Agency (AKPK) chief executive officer Koid Swee Lian said, “AKPK is pleased to enter into this strategic partnership with Visa as we share the same vision to provide financial education to all Malaysians. Financial literacy programmes like these will benefit every Malaysian by helping them gain the knowledge, skills and confidence to make informed financial choices.”
In addition to the launch, Visa is working with bank partners to distribute financial literacy brochures via their bank branches throughout the country. The brochures contain simple tips and guidelines in Bahasa Malaysia and English on money management. Visa’s five bank partners — Aeon Credit Services, BSN, Hong Leong, Maybank, and Public Bank also hosted links to the competition on their websites.
“From our work with the local government agencies and various banking partners, we know that many young adults can often be overwhelmed with banking data and financial jargon, while trying to make financial decisions as they begin their working lives.
Whether it is making a long-term investment like buying a house, taking a short-term loan to buy a car, or just being aware of money-saving tips, it is vital for Malaysians to be equipped with basic financial knowledge and have access to the tools to make informed financial decisions as early as possible,” added Tomlinson.
The launch was graced by two eminent names in the local football scene — former Malaysian league star turned ESPN and Astro SuperSport football pundit, Abbas Saad and Malaysia’s very own national goalkeeper, Farizal Marlias who gave their support to the event. Also present was popular radio announcer Phat Fabes as the event emcee who entertained the students and guests with financial quizzes and football games.
For more details about Visa’s financial literacy initiatives in Asia and around the world, visit www.corporate.visa.com.

Article from The Star R-AGE dated 1 March 2013
Youth are not keeping up with credit card and loan payments
WHEN asked about her experience with credit card debt, the first thing Paige (not her real name) said was “do you know the movie Confessions Of A Shopaholic?”
The movie, of course, is based on the best-selling novel by Sophie Kinsella, telling the story of a young writer whose shopping addiction lands her in some serious credit card debt, and the ingenious and humourous excuses she came up with to avoid having to deal with that debt.
“Yeah, I’m kind of like that,” said Paige, 26. “I got my first credit card with a RM4,000 limit about three years ago. I remember telling myself that I would only use it to pay for petrol.”
Before she knew it, she had got herself a second credit card, and racked up a bill of RM4,000. Hardly Confessions Of A Shopaholic stuff, but, like many young Malaysians out there, it was a debt she was ill-equipped to manage.
She ended up incurring an additional 16% in interests, having failed to recognise how substantial an amount it would be.
“You don’t feel it when you swipe! It’s just too easy to keep telling yourself that you can afford to pay it off slowly,” said Paige, who also had to pay off a car loan at the time on an RM3,500 salary.
Evidently, the true stories about the debts of working young adults in Malaysia – credit card debts, housing loans, car loans, study loans, insurance payments, etc. – rarely make for such whimsical reads as Kinsella’s novels.
Datuk Paul Selva Raj, CEO of the Federation of Malaysian Consumers Associations (FOMCA), said 47% of young Malaysians are currently in “serious debt” (debt payments amount to 30% or more of their gross income), something that could catch up with them very quickly.
“Car purchases and credit card debts are among the main reasons for bankruptcy in Malaysia,” said Paul. “It’s the culture we live in. There’s a lot of emphasis on status and being ‘cool’ – but being cool costs money.”
In some cases, it can cost you more than just money. Koid Swee Lian, CEO of the Credit Counselling and Debt Management Agency (AKPK), came across one such case.
“This young man had over RM13,000 in credit card debts. He had difficulty paying it off and the bank threatened him with bankruptcy. He couldn’t face the pressure, so he committed suicide,” she said.
Planning ahead
According to Koid, a lot of young Malaysians are too nonchalant about their credit card and loan payments.
“A lot of them think ‘as long as I pay the minimum amount, I should be fine’. We’ve had people coming to the agency asking why it’s taking so long for them to settle their credit card bills. Then only they realised that after so long, they’ve only been paying for the interests incurred, and barely covering the amount they’ve actually spent,” said Koid.
Established in 2006, AKPK is a subsidiary of Bank Negara that aims to improve the financial knowledge of Malaysians through its counselling and debt management programmes. More than 80,000 have been enrolled under their Debt Management Programme.
Koid added that a lot of young people are unaware of the consequences of defaulting on credit card and loan payments.
“If you have a history of being a bad paymaster, you’d have difficulty applying for a housing or car loan in the future. If you have a debt amount of over RM30,000; you may get a bankruptcy proceeding initiated against you,” she said.
According to the Insolvency Department, 41 Malaysians are declared bankrupt every day, with the majority of them being under the age of 44. The main reasons cited are inability to pay off car loans, poor control of credit card usage and a failure to pay off personal loans.
Earlier this year, Paige resolved to not become part of that statistic.
“Whenever I get my salary now, I pay the full amount I owe from the credit card. It’s a bit tougher on me financially, but anything is better than having a huge debt constantly looming over my head,” she said.
It’s almost impossible for Paige to put aside any money for savings at the moment, but she recognises that she has no one but herself to blame for her current financial situation.
She said: “The problem is really the spending habit, not the credit card.”
Dealing with debt
The problem with young Malaysians is that too many of them do not have any financial planning skills.
Paul gives an example: “Credit cards are supposed to be a short-term convenience. You use it, then you pay it off at the end of the month. But a lot of young Malaysians are using it almost like a loan! The problem with that is it keeps adding up, and the interest rates, of course, are very high.”
The numbers Paul gets from Visa and MasterCard show that credit card usage is on the rise, but it is becoming increasingly obvious that the knowledge on how to manage them hasn’t caught up.
In 2012, Visa conducted a Financial Literacy Barometer survey on over 900 participants in Malaysia. The survey showed that one in five respondents had no savings at all, and over 70% cannot endure a personal economic emergency of over three months.
“We find that a lot of parents don’t talk about financial issues and money with their children. It’s sort of a taboo topic. Parents often worry of other how people will perceive their financial situations through hearsay therefore they prefer to keep it to themselves,” said Jason Alderman, Visa’s Global Head of Financial Education, during the launch of Visa Financial Football, an online game that helps educate young people about financial planning.
In order to catch their attention, the game will also give one lucky winner the chance to attend the Confederations Cup final in Rio de Janeiro, Brazil.
Visa Malaysia country manager Stuart Tomlinson said: “With sound knowledge on financial education, young people would become better consumers. They will be able to fully utilise their credit cards, manage their loans and avoid falling into the debt trap.”
Clueless about money
The Consumer Research and Resource Centre (CRRC) conducted a survey on the financial behaviour of 1,000 Malaysians aged 18 to 35 living in urban areas. Here’s what they found:
> Close to 50% of young Malaysians are in “serious debt” (debt payments amount to 30% or more of their gross income)
> They pay an average of RM932 on housing loans, RM619 on car loans, RM199 on study loans and RM391 on insurance payments. That adds up to over RM2,100 a month.
> Sixty-five per cent earn less than RM3,000 a month.
> An average of RM702 is spent using credit cards every month.
> (From a separate Nielsen global survey) Less than 50% of Malaysians settle their credit card bills in full every month (compared to 89% in Taiwan and 87% in Japan).
Get help!
IF you’re struggling to get a grip on your finances, there are a few ways you can get help;
The Credit Counselling and Debt Management Agency (AKPK) has an online learning portal (power.akpk.org.my) designed to provide young people with essential financial knowledge.
Both AKPK and the Federation of Malaysian Consumers Associations (FOMCA, (fomca.org.my) organise free seminars to help people with financial planning.
If you’re looking to learn about financial planning while having fun, try the Visa Financial Football online game (my.financialfootball.com).
Article from The Star R-AGE dated 1 March 2013
Youth are not keeping up with credit card and loan payments
WHEN asked about her experience with credit card debt, the first thing Paige (not her real name) said was “do you know the movie Confessions Of A Shopaholic?”
The movie, of course, is based on the best-selling novel by Sophie Kinsella, telling the story of a young writer whose shopping addiction lands her in some serious credit card debt, and the ingenious and humourous excuses she came up with to avoid having to deal with that debt.
“Yeah, I’m kind of like that,” said Paige, 26. “I got my first credit card with a RM4,000 limit about three years ago. I remember telling myself that I would only use it to pay for petrol.”
Before she knew it, she had got herself a second credit card, and racked up a bill of RM4,000. Hardly Confessions Of A Shopaholic stuff, but, like many young Malaysians out there, it was a debt she was ill-equipped to manage.
She ended up incurring an additional 16% in interests, having failed to recognise how substantial an amount it would be.
“You don’t feel it when you swipe! It’s just too easy to keep telling yourself that you can afford to pay it off slowly,” said Paige, who also had to pay off a car loan at the time on an RM3,500 salary.
Evidently, the true stories about the debts of working young adults in Malaysia – credit card debts, housing loans, car loans, study loans, insurance payments, etc. – rarely make for such whimsical reads as Kinsella’s novels.
Datuk Paul Selva Raj, CEO of the Federation of Malaysian Consumers Associations (FOMCA), said 47% of young Malaysians are currently in “serious debt” (debt payments amount to 30% or more of their gross income), something that could catch up with them very quickly.
“Car purchases and credit card debts are among the main reasons for bankruptcy in Malaysia,” said Paul. “It’s the culture we live in. There’s a lot of emphasis on status and being ‘cool’ – but being cool costs money.”
In some cases, it can cost you more than just money. Koid Swee Lian, CEO of the Credit Counselling and Debt Management Agency (AKPK), came across one such case.
“This young man had over RM13,000 in credit card debts. He had difficulty paying it off and the bank threatened him with bankruptcy. He couldn’t face the pressure, so he committed suicide,” she said.
Planning ahead
According to Koid, a lot of young Malaysians are too nonchalant about their credit card and loan payments.
“A lot of them think ‘as long as I pay the minimum amount, I should be fine’. We’ve had people coming to the agency asking why it’s taking so long for them to settle their credit card bills. Then only they realised that after so long, they’ve only been paying for the interests incurred, and barely covering the amount they’ve actually spent,” said Koid.
Established in 2006, AKPK is a subsidiary of Bank Negara that aims to improve the financial knowledge of Malaysians through its counselling and debt management programmes. More than 80,000 have been enrolled under their Debt Management Programme.
Koid added that a lot of young people are unaware of the consequences of defaulting on credit card and loan payments.
“If you have a history of being a bad paymaster, you’d have difficulty applying for a housing or car loan in the future. If you have a debt amount of over RM30,000; you may get a bankruptcy proceeding initiated against you,” she said.
According to the Insolvency Department, 41 Malaysians are declared bankrupt every day, with the majority of them being under the age of 44. The main reasons cited are inability to pay off car loans, poor control of credit card usage and a failure to pay off personal loans.
Earlier this year, Paige resolved to not become part of that statistic.
“Whenever I get my salary now, I pay the full amount I owe from the credit card. It’s a bit tougher on me financially, but anything is better than having a huge debt constantly looming over my head,” she said.
It’s almost impossible for Paige to put aside any money for savings at the moment, but she recognises that she has no one but herself to blame for her current financial situation.
She said: “The problem is really the spending habit, not the credit card.”
Dealing with debt
The problem with young Malaysians is that too many of them do not have any financial planning skills.
Paul gives an example: “Credit cards are supposed to be a short-term convenience. You use it, then you pay it off at the end of the month. But a lot of young Malaysians are using it almost like a loan! The problem with that is it keeps adding up, and the interest rates, of course, are very high.”
The numbers Paul gets from Visa and MasterCard show that credit card usage is on the rise, but it is becoming increasingly obvious that the knowledge on how to manage them hasn’t caught up.
In 2012, Visa conducted a Financial Literacy Barometer survey on over 900 participants in Malaysia. The survey showed that one in five respondents had no savings at all, and over 70% cannot endure a personal economic emergency of over three months.
“We find that a lot of parents don’t talk about financial issues and money with their children. It’s sort of a taboo topic. Parents often worry of other how people will perceive their financial situations through hearsay therefore they prefer to keep it to themselves,” said Jason Alderman, Visa’s Global Head of Financial Education, during the launch of Visa Financial Football, an online game that helps educate young people about financial planning.
In order to catch their attention, the game will also give one lucky winner the chance to attend the Confederations Cup final in Rio de Janeiro, Brazil.
Visa Malaysia country manager Stuart Tomlinson said: “With sound knowledge on financial education, young people would become better consumers. They will be able to fully utilise their credit cards, manage their loans and avoid falling into the debt trap.”
Clueless about money
The Consumer Research and Resource Centre (CRRC) conducted a survey on the financial behaviour of 1,000 Malaysians aged 18 to 35 living in urban areas. Here’s what they found:
> Close to 50% of young Malaysians are in “serious debt” (debt payments amount to 30% or more of their gross income)
> They pay an average of RM932 on housing loans, RM619 on car loans, RM199 on study loans and RM391 on insurance payments. That adds up to over RM2,100 a month.
> Sixty-five per cent earn less than RM3,000 a month.
> An average of RM702 is spent using credit cards every month.
> (From a separate Nielsen global survey) Less than 50% of Malaysians settle their credit card bills in full every month (compared to 89% in Taiwan and 87% in Japan).
Get help!
IF you’re struggling to get a grip on your finances, there are a few ways you can get help;
The Credit Counselling and Debt Management Agency (AKPK) has an online learning portal (power.akpk.org.my) designed to provide young people with essential financial knowledge.
Both AKPK and the Federation of Malaysian Consumers Associations (FOMCA, (fomca.org.my) organise free seminars to help people with financial planning.
If you’re looking to learn about financial planning while having fun, try the Visa Financial Football online game (my.financialfootball.com).
Mar 13, 2013 | financialmanagement
Article from The Star R-AGE dated 1 March 2013
Youth are not keeping up with credit card and loan payments
WHEN asked about her experience with credit card debt, the first thing Paige (not her real name) said was “do you know the movie Confessions Of A Shopaholic?”
The movie, of course, is based on the best-selling novel by Sophie Kinsella, telling the story of a young writer whose shopping addiction lands her in some serious credit card debt, and the ingenious and humourous excuses she came up with to avoid having to deal with that debt.
“Yeah, I’m kind of like that,” said Paige, 26. “I got my first credit card with a RM4,000 limit about three years ago. I remember telling myself that I would only use it to pay for petrol.”
Before she knew it, she had got herself a second credit card, and racked up a bill of RM4,000. Hardly Confessions Of A Shopaholic stuff, but, like many young Malaysians out there, it was a debt she was ill-equipped to manage.
She ended up incurring an additional 16% in interests, having failed to recognise how substantial an amount it would be.
“You don’t feel it when you swipe! It’s just too easy to keep telling yourself that you can afford to pay it off slowly,” said Paige, who also had to pay off a car loan at the time on an RM3,500 salary.
Evidently, the true stories about the debts of working young adults in Malaysia – credit card debts, housing loans, car loans, study loans, insurance payments, etc. – rarely make for such whimsical reads as Kinsella’s novels.
Datuk Paul Selva Raj, CEO of the Federation of Malaysian Consumers Associations (FOMCA), said 47% of young Malaysians are currently in “serious debt” (debt payments amount to 30% or more of their gross income), something that could catch up with them very quickly.
“Car purchases and credit card debts are among the main reasons for bankruptcy in Malaysia,” said Paul. “It’s the culture we live in. There’s a lot of emphasis on status and being ‘cool’ – but being cool costs money.”
In some cases, it can cost you more than just money. Koid Swee Lian, CEO of the Credit Counselling and Debt Management Agency (AKPK), came across one such case.
“This young man had over RM13,000 in credit card debts. He had difficulty paying it off and the bank threatened him with bankruptcy. He couldn’t face the pressure, so he committed suicide,” she said.
Planning ahead
According to Koid, a lot of young Malaysians are too nonchalant about their credit card and loan payments.
“A lot of them think ‘as long as I pay the minimum amount, I should be fine’. We’ve had people coming to the agency asking why it’s taking so long for them to settle their credit card bills. Then only they realised that after so long, they’ve only been paying for the interests incurred, and barely covering the amount they’ve actually spent,” said Koid.
Established in 2006, AKPK is a subsidiary of Bank Negara that aims to improve the financial knowledge of Malaysians through its counselling and debt management programmes. More than 80,000 have been enrolled under their Debt Management Programme.
Koid added that a lot of young people are unaware of the consequences of defaulting on credit card and loan payments.
“If you have a history of being a bad paymaster, you’d have difficulty applying for a housing or car loan in the future. If you have a debt amount of over RM30,000; you may get a bankruptcy proceeding initiated against you,” she said.
According to the Insolvency Department, 41 Malaysians are declared bankrupt every day, with the majority of them being under the age of 44. The main reasons cited are inability to pay off car loans, poor control of credit card usage and a failure to pay off personal loans.
Earlier this year, Paige resolved to not become part of that statistic.
“Whenever I get my salary now, I pay the full amount I owe from the credit card. It’s a bit tougher on me financially, but anything is better than having a huge debt constantly looming over my head,” she said.
It’s almost impossible for Paige to put aside any money for savings at the moment, but she recognises that she has no one but herself to blame for her current financial situation.
She said: “The problem is really the spending habit, not the credit card.”
Dealing with debt
The problem with young Malaysians is that too many of them do not have any financial planning skills.
Paul gives an example: “Credit cards are supposed to be a short-term convenience. You use it, then you pay it off at the end of the month. But a lot of young Malaysians are using it almost like a loan! The problem with that is it keeps adding up, and the interest rates, of course, are very high.”
The numbers Paul gets from Visa and MasterCard show that credit card usage is on the rise, but it is becoming increasingly obvious that the knowledge on how to manage them hasn’t caught up.
In 2012, Visa conducted a Financial Literacy Barometer survey on over 900 participants in Malaysia. The survey showed that one in five respondents had no savings at all, and over 70% cannot endure a personal economic emergency of over three months.
“We find that a lot of parents don’t talk about financial issues and money with their children. It’s sort of a taboo topic. Parents often worry of other how people will perceive their financial situations through hearsay therefore they prefer to keep it to themselves,” said Jason Alderman, Visa’s Global Head of Financial Education, during the launch of Visa Financial Football, an online game that helps educate young people about financial planning.
In order to catch their attention, the game will also give one lucky winner the chance to attend the Confederations Cup final in Rio de Janeiro, Brazil.
Visa Malaysia country manager Stuart Tomlinson said: “With sound knowledge on financial education, young people would become better consumers. They will be able to fully utilise their credit cards, manage their loans and avoid falling into the debt trap.”
Clueless about money
The Consumer Research and Resource Centre (CRRC) conducted a survey on the financial behaviour of 1,000 Malaysians aged 18 to 35 living in urban areas. Here’s what they found:
> Close to 50% of young Malaysians are in “serious debt” (debt payments amount to 30% or more of their gross income)
> They pay an average of RM932 on housing loans, RM619 on car loans, RM199 on study loans and RM391 on insurance payments. That adds up to over RM2,100 a month.
> Sixty-five per cent earn less than RM3,000 a month.
> An average of RM702 is spent using credit cards every month.
> (From a separate Nielsen global survey) Less than 50% of Malaysians settle their credit card bills in full every month (compared to 89% in Taiwan and 87% in Japan).
Get help!
IF you’re struggling to get a grip on your finances, there are a few ways you can get help;
The Credit Counselling and Debt Management Agency (AKPK) has an online learning portal (power.akpk.org.my) designed to provide young people with essential financial knowledge.
Both AKPK and the Federation of Malaysian Consumers Associations (FOMCA, (fomca.org.my) organise free seminars to help people with financial planning.
If you’re looking to learn about financial planning while having fun, try the Visa Financial Football online game (my.financialfootball.com).

Article from The Star dated 27 February 2013
PETALING JAYA: Visa has teamed up with the National Credit Counselling and Debt Management Agency or AKPK – a Bank Negara unit – and some banks to raise the level of financial management and literacy in the country, a timely move considering one out of five Malaysians practically have zero savings and the ratio of household debt to gross domestic product is at about 77%.
Visa country manager for Malaysia Stuart Tomlinson said proactive steps were needed to improve financial literacy among individuals, including youth. “We are bringing in programmes globally and domestically that are designed to know how to spend, save and budget more wisely and responsibly. For nearly two decades, Visa has been developing programmes to enhance financial literacy,’’ he said during a press briefing at the launch of the Visa Financial Football Malaysia 2013 online competition. The competition is designed to teach money-management skills to the younger population.
Malaysia was somewhat ranked in the middle, based on Visa’s 2012 Global Financial Literacy Barometer, compared with other countries in the region, he said. The barometer, which gauges strengths and weaknesses of financial education in 28 markets and identifies opportunities for improvement, placed Malaysia tenth in the overall rankings ahead of the United Arab Emirates, Lebanon and Taiwan. In the Asia-Pacific, Malaysia was ranked third behind Japan and Thailand.
The worrying trend from this survey was, among others, that one in five (21%) respondents from Malaysia said they had no savings at all and that young people (18-24 years old, 14%) were less likely than older people (25-34 years old (23%), 35-39 years old (28%), 50-64 years old (35%) ) to be able to stick closely to a budget.
Tomlinson said Visa was also working closely with its bank and financial services partners – Aeon Credit Service (M) Bhd, Bank Simpanan Nasional, Hong Leong Bank Bhd, Malayan Banking Bhd and Public Bank Bhd – to distribute financial literacy brochures via their branches nationwide.
Whether its making a long-term investment like buying a house, or taking a short-term loan to buy a car or just being aware of money-saving tips, he said it was vital for Malaysians to be equipped with basic financial knowledge and have access to the tools to make informed financial decisions as early as possible.
AKPK chief executive officer Koid Swee Lian felt there was still room for improvement when it came to financial literacy, adding that from a measurement pilot survey with the Organisation for Economic Cooperation and Development or OECD countries in 2010, Malaysia scored 58.3%, which was quite a decent number in gauging the level of financial literacy.
On the number of people seeking AKPK’s advice on credit counselling and debt management, she said up to Jan 31 this year, since the agency’s inception in 2006, a total of 211,106 individuals had attended counselling services, and from that, 87,395 had enrolled in the agency’s debt-management programme (DMP).
In January this year, there were 3,109 who attended credit counselling, of which 1,401 had enrolled in the DMP.
For 2012 and 2011, the number of people who attended counselling was 35,825 and 31,710, respectively. Of this, 16,137 enrolled in the DMP last year and 16,910 in 2011.
Koid said she foresaw financial literacy further improving moving forward, due to a greater awareness of its importance, adding that the challenge would be a change in mindset for people to spend and invest wisely.
Article from The Star dated 27 February 2013
PETALING JAYA: Visa has teamed up with the National Credit Counselling and Debt Management Agency or AKPK – a Bank Negara unit – and some banks to raise the level of financial management and literacy in the country, a timely move considering one out of five Malaysians practically have zero savings and the ratio of household debt to gross domestic product is at about 77%.
Visa country manager for Malaysia Stuart Tomlinson said proactive steps were needed to improve financial literacy among individuals, including youth. “We are bringing in programmes globally and domestically that are designed to know how to spend, save and budget more wisely and responsibly. For nearly two decades, Visa has been developing programmes to enhance financial literacy,’’ he said during a press briefing at the launch of the Visa Financial Football Malaysia 2013 online competition. The competition is designed to teach money-management skills to the younger population.
Malaysia was somewhat ranked in the middle, based on Visa’s 2012 Global Financial Literacy Barometer, compared with other countries in the region, he said. The barometer, which gauges strengths and weaknesses of financial education in 28 markets and identifies opportunities for improvement, placed Malaysia tenth in the overall rankings ahead of the United Arab Emirates, Lebanon and Taiwan. In the Asia-Pacific, Malaysia was ranked third behind Japan and Thailand.
The worrying trend from this survey was, among others, that one in five (21%) respondents from Malaysia said they had no savings at all and that young people (18-24 years old, 14%) were less likely than older people (25-34 years old (23%), 35-39 years old (28%), 50-64 years old (35%) ) to be able to stick closely to a budget.
Tomlinson said Visa was also working closely with its bank and financial services partners – Aeon Credit Service (M) Bhd, Bank Simpanan Nasional, Hong Leong Bank Bhd, Malayan Banking Bhd and Public Bank Bhd – to distribute financial literacy brochures via their branches nationwide.
Whether its making a long-term investment like buying a house, or taking a short-term loan to buy a car or just being aware of money-saving tips, he said it was vital for Malaysians to be equipped with basic financial knowledge and have access to the tools to make informed financial decisions as early as possible.
AKPK chief executive officer Koid Swee Lian felt there was still room for improvement when it came to financial literacy, adding that from a measurement pilot survey with the Organisation for Economic Cooperation and Development or OECD countries in 2010, Malaysia scored 58.3%, which was quite a decent number in gauging the level of financial literacy.
On the number of people seeking AKPK’s advice on credit counselling and debt management, she said up to Jan 31 this year, since the agency’s inception in 2006, a total of 211,106 individuals had attended counselling services, and from that, 87,395 had enrolled in the agency’s debt-management programme (DMP).
In January this year, there were 3,109 who attended credit counselling, of which 1,401 had enrolled in the DMP.
For 2012 and 2011, the number of people who attended counselling was 35,825 and 31,710, respectively. Of this, 16,137 enrolled in the DMP last year and 16,910 in 2011.
Koid said she foresaw financial literacy further improving moving forward, due to a greater awareness of its importance, adding that the challenge would be a change in mindset for people to spend and invest wisely.
Mar 13, 2013 | financialmanagement
Article from The Star dated 27 February 2013
PETALING JAYA: Visa has teamed up with the National Credit Counselling and Debt Management Agency or AKPK – a Bank Negara unit – and some banks to raise the level of financial management and literacy in the country, a timely move considering one out of five Malaysians practically have zero savings and the ratio of household debt to gross domestic product is at about 77%.
Visa country manager for Malaysia Stuart Tomlinson said proactive steps were needed to improve financial literacy among individuals, including youth. “We are bringing in programmes globally and domestically that are designed to know how to spend, save and budget more wisely and responsibly. For nearly two decades, Visa has been developing programmes to enhance financial literacy,’’ he said during a press briefing at the launch of the Visa Financial Football Malaysia 2013 online competition. The competition is designed to teach money-management skills to the younger population.
Malaysia was somewhat ranked in the middle, based on Visa’s 2012 Global Financial Literacy Barometer, compared with other countries in the region, he said. The barometer, which gauges strengths and weaknesses of financial education in 28 markets and identifies opportunities for improvement, placed Malaysia tenth in the overall rankings ahead of the United Arab Emirates, Lebanon and Taiwan. In the Asia-Pacific, Malaysia was ranked third behind Japan and Thailand.
The worrying trend from this survey was, among others, that one in five (21%) respondents from Malaysia said they had no savings at all and that young people (18-24 years old, 14%) were less likely than older people (25-34 years old (23%), 35-39 years old (28%), 50-64 years old (35%) ) to be able to stick closely to a budget.
Tomlinson said Visa was also working closely with its bank and financial services partners – Aeon Credit Service (M) Bhd, Bank Simpanan Nasional, Hong Leong Bank Bhd, Malayan Banking Bhd and Public Bank Bhd – to distribute financial literacy brochures via their branches nationwide.
Whether its making a long-term investment like buying a house, or taking a short-term loan to buy a car or just being aware of money-saving tips, he said it was vital for Malaysians to be equipped with basic financial knowledge and have access to the tools to make informed financial decisions as early as possible.
AKPK chief executive officer Koid Swee Lian felt there was still room for improvement when it came to financial literacy, adding that from a measurement pilot survey with the Organisation for Economic Cooperation and Development or OECD countries in 2010, Malaysia scored 58.3%, which was quite a decent number in gauging the level of financial literacy.
On the number of people seeking AKPK’s advice on credit counselling and debt management, she said up to Jan 31 this year, since the agency’s inception in 2006, a total of 211,106 individuals had attended counselling services, and from that, 87,395 had enrolled in the agency’s debt-management programme (DMP).
In January this year, there were 3,109 who attended credit counselling, of which 1,401 had enrolled in the DMP.
For 2012 and 2011, the number of people who attended counselling was 35,825 and 31,710, respectively. Of this, 16,137 enrolled in the DMP last year and 16,910 in 2011.
Koid said she foresaw financial literacy further improving moving forward, due to a greater awareness of its importance, adding that the challenge would be a change in mindset for people to spend and invest wisely.

Petikan artikel dari Utusan Malaysia, 20 Februari 2013
KUALA LUMPUR 19 Feb – Sekurang-kurangnya 137 belia di negara ini telah mendapat perkhidmatan Agensi Kaunseling dan Pengurusan Kredit (AKPK) menerusi Program Pengurusan Kredit sehingga 31 Januari lalu.
Menurut Ketua Jabatan Komunikasi Korporat, Mohamad Khalil Jamaldin, tujuan program tersebut diadakan adalah bagi menyediakan pelbagai perkhidmatan pendidikan kewanganyand direka khas untuk membantu individu mengawal semula keadaan kewangan mereka dan memupuk tabiat penggunaan kredit secara bijak.
Jelasnya, dalam kebanyakan kes, faktor yang menyumbang kepada masalah hutang dan ketidakupayaan membayar balik pinjaman adalah disebabkan perancangan kewangan lemah, tidak mempunyai pengetahuan membuat perancangan kewangan dan tidak hidup mengikut kemampuan kerana tahap disiplin kewangan yang kurang.
Petikan artikel dari Utusan Malaysia, 20 Februari 2013
KUALA LUMPUR 19 Feb – Sekurang-kurangnya 137 belia di negara ini telah mendapat perkhidmatan Agensi Kaunseling dan Pengurusan Kredit (AKPK) menerusi Program Pengurusan Kredit sehingga 31 Januari lalu.
Menurut Ketua Jabatan Komunikasi Korporat, Mohamad Khalil Jamaldin, tujuan program tersebut diadakan adalah bagi menyediakan pelbagai perkhidmatan pendidikan kewanganyand direka khas untuk membantu individu mengawal semula keadaan kewangan mereka dan memupuk tabiat penggunaan kredit secara bijak.
Jelasnya, dalam kebanyakan kes, faktor yang menyumbang kepada masalah hutang dan ketidakupayaan membayar balik pinjaman adalah disebabkan perancangan kewangan lemah, tidak mempunyai pengetahuan membuat perancangan kewangan dan tidak hidup mengikut kemampuan kerana tahap disiplin kewangan yang kurang.
Mar 13, 2013 | financialmanagement
Petikan artikel dari Utusan Malaysia, 20 Februari 2013
KUALA LUMPUR 19 Feb – Sekurang-kurangnya 137 belia di negara ini telah mendapat perkhidmatan Agensi Kaunseling dan Pengurusan Kredit (AKPK) menerusi Program Pengurusan Kredit sehingga 31 Januari lalu.
Menurut Ketua Jabatan Komunikasi Korporat, Mohamad Khalil Jamaldin, tujuan program tersebut diadakan adalah bagi menyediakan pelbagai perkhidmatan pendidikan kewanganyand direka khas untuk membantu individu mengawal semula keadaan kewangan mereka dan memupuk tabiat penggunaan kredit secara bijak.
Jelasnya, dalam kebanyakan kes, faktor yang menyumbang kepada masalah hutang dan ketidakupayaan membayar balik pinjaman adalah disebabkan perancangan kewangan lemah, tidak mempunyai pengetahuan membuat perancangan kewangan dan tidak hidup mengikut kemampuan kerana tahap disiplin kewangan yang kurang.

Petikan artikel dari Sinar Harian, 27 Februari 2013
Visa Malaysia mempunyai cara unik untuk meningkatkan tahap celik kewangan orang ramai, iaitu melalui pertandingan bola sepak Visa Financial Football yang direka bentuk sebagai platform mempelajari kemahiran pengurusan kewangan dalam kalangan remaja.
Pengurus Visa Malaysia, Stuart Tomlinson berkata, Visa memperkenalkan program celik kewangan di serata dunia untuk membantu masyarakat berbelanja, menyimpan wang dan membuat belanjawan secara bijaksana.
Tomlinson berkata, beliau percaya pertandingan itu akan menarik perhatian rakyat Malaysia.
“Ia bukan sahaja menghiburkan dan memenuhi cita rasa remaja, malah memberikan maklumat lengkap dan meningkatkan kesedaran tentang asas-asas kewangan,” katanya pada majlis pelancaran pertandingan itu di Kuala Lumpur, semalam.
Hadir sama, Ketua Pegawai Eksekutif Agensi Kaunseling dan Pengurusan Kredit Malaysia (AKPK), Koid Swee Lian serta dua bintang bola sepak tempatan iaitu bekas pemain import liga Malaysia, Abbas Saad dan penjaga gol kebangsaan, Farizal Marlias.
Visa Financial Football adalah pertandingan berasaskan permainan video dalam talian interaktif dengan hadiah utama percutian ke perlawanan akhir Piala Konfederasi di Brazil.
Menurut Barometer Literasi Kewangan Global Visa 2012, responden Malaysia mempunyai 2.2 bulan wang simpanan sebagai persediaan menghadapi kecemasan. Walau bagaimana pun, seorang daripada lima responden menyatakan mereka tidak mempunyai sebarang simpanan.
Hasil tinjauan itu dianggap amat membimbangkan kerana golongan muda dalam lingkungan 18 hingga 24 tahun adalah lebih berkemungkinan untuk gagal mengikuti belanjawan dengan teliti.
Tomlinson berkata, penemuan laporan itu juga menunjukkan golongan muda adalah kumpulan sasaran yang memerlukan pendidikan kewangan asas.
“Untuk membantu mencapai matlamat itu, Visa bertekad untuk menyediakan alat pembelajaran khas seperti pertandingan ini untuk membantu mereka mempelajari pengurusan kewangan peribadi dengan lebih mendalam,” katanya.
Barometer Literasi Kewangan Global Visa 2012, iaitu satu laporan yang mengukur kekuatan dan kekurangan pendidikan kewangan di 28 negara serta mengenal pasti peluang untuk peningkatan pengetahuan kewangan meletakkan Malaysia dalam kedudukan ke-10 keseluruhan mendahului Lebanon dan Taiwan.
Petikan artikel dari Sinar Harian, 27 Februari 2013
Visa Malaysia mempunyai cara unik untuk meningkatkan tahap celik kewangan orang ramai, iaitu melalui pertandingan bola sepak Visa Financial Football yang direka bentuk sebagai platform mempelajari kemahiran pengurusan kewangan dalam kalangan remaja.
Pengurus Visa Malaysia, Stuart Tomlinson berkata, Visa memperkenalkan program celik kewangan di serata dunia untuk membantu masyarakat berbelanja, menyimpan wang dan membuat belanjawan secara bijaksana.
Tomlinson berkata, beliau percaya pertandingan itu akan menarik perhatian rakyat Malaysia.
“Ia bukan sahaja menghiburkan dan memenuhi cita rasa remaja, malah memberikan maklumat lengkap dan meningkatkan kesedaran tentang asas-asas kewangan,” katanya pada majlis pelancaran pertandingan itu di Kuala Lumpur, semalam.
Hadir sama, Ketua Pegawai Eksekutif Agensi Kaunseling dan Pengurusan Kredit Malaysia (AKPK), Koid Swee Lian serta dua bintang bola sepak tempatan iaitu bekas pemain import liga Malaysia, Abbas Saad dan penjaga gol kebangsaan, Farizal Marlias.
Visa Financial Football adalah pertandingan berasaskan permainan video dalam talian interaktif dengan hadiah utama percutian ke perlawanan akhir Piala Konfederasi di Brazil.
Menurut Barometer Literasi Kewangan Global Visa 2012, responden Malaysia mempunyai 2.2 bulan wang simpanan sebagai persediaan menghadapi kecemasan. Walau bagaimana pun, seorang daripada lima responden menyatakan mereka tidak mempunyai sebarang simpanan.
Hasil tinjauan itu dianggap amat membimbangkan kerana golongan muda dalam lingkungan 18 hingga 24 tahun adalah lebih berkemungkinan untuk gagal mengikuti belanjawan dengan teliti.
Tomlinson berkata, penemuan laporan itu juga menunjukkan golongan muda adalah kumpulan sasaran yang memerlukan pendidikan kewangan asas.
“Untuk membantu mencapai matlamat itu, Visa bertekad untuk menyediakan alat pembelajaran khas seperti pertandingan ini untuk membantu mereka mempelajari pengurusan kewangan peribadi dengan lebih mendalam,” katanya.
Barometer Literasi Kewangan Global Visa 2012, iaitu satu laporan yang mengukur kekuatan dan kekurangan pendidikan kewangan di 28 negara serta mengenal pasti peluang untuk peningkatan pengetahuan kewangan meletakkan Malaysia dalam kedudukan ke-10 keseluruhan mendahului Lebanon dan Taiwan.
Mar 13, 2013 | financialmanagement
Petikan artikel dari Sinar Harian, 27 Februari 2013
Visa Malaysia mempunyai cara unik untuk meningkatkan tahap celik kewangan orang ramai, iaitu melalui pertandingan bola sepak Visa Financial Football yang direka bentuk sebagai platform mempelajari kemahiran pengurusan kewangan dalam kalangan remaja.
Pengurus Visa Malaysia, Stuart Tomlinson berkata, Visa memperkenalkan program celik kewangan di serata dunia untuk membantu masyarakat berbelanja, menyimpan wang dan membuat belanjawan secara bijaksana.
Tomlinson berkata, beliau percaya pertandingan itu akan menarik perhatian rakyat Malaysia.
“Ia bukan sahaja menghiburkan dan memenuhi cita rasa remaja, malah memberikan maklumat lengkap dan meningkatkan kesedaran tentang asas-asas kewangan,” katanya pada majlis pelancaran pertandingan itu di Kuala Lumpur, semalam.
Hadir sama, Ketua Pegawai Eksekutif Agensi Kaunseling dan Pengurusan Kredit Malaysia (AKPK), Koid Swee Lian serta dua bintang bola sepak tempatan iaitu bekas pemain import liga Malaysia, Abbas Saad dan penjaga gol kebangsaan, Farizal Marlias.
Visa Financial Football adalah pertandingan berasaskan permainan video dalam talian interaktif dengan hadiah utama percutian ke perlawanan akhir Piala Konfederasi di Brazil.
Menurut Barometer Literasi Kewangan Global Visa 2012, responden Malaysia mempunyai 2.2 bulan wang simpanan sebagai persediaan menghadapi kecemasan. Walau bagaimana pun, seorang daripada lima responden menyatakan mereka tidak mempunyai sebarang simpanan.
Hasil tinjauan itu dianggap amat membimbangkan kerana golongan muda dalam lingkungan 18 hingga 24 tahun adalah lebih berkemungkinan untuk gagal mengikuti belanjawan dengan teliti.
Tomlinson berkata, penemuan laporan itu juga menunjukkan golongan muda adalah kumpulan sasaran yang memerlukan pendidikan kewangan asas.
“Untuk membantu mencapai matlamat itu, Visa bertekad untuk menyediakan alat pembelajaran khas seperti pertandingan ini untuk membantu mereka mempelajari pengurusan kewangan peribadi dengan lebih mendalam,” katanya.
Barometer Literasi Kewangan Global Visa 2012, iaitu satu laporan yang mengukur kekuatan dan kekurangan pendidikan kewangan di 28 negara serta mengenal pasti peluang untuk peningkatan pengetahuan kewangan meletakkan Malaysia dalam kedudukan ke-10 keseluruhan mendahului Lebanon dan Taiwan.
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