Majority of Malaysians have low financial knowledge.
In a survey done in collaboration with iMoney, 75 per cent of the respondents rated their proficiency in financial knowledge as low or average, and 68 per cent believed they do not have enough savings in general.
Here’s what the survey results revealed:
- 75% rated their financial knowledge as low to average proficiency,
- 63% found financial jargons to be confusing and intimidating, further discouraging them to seek early financial information,
- Surprisingly, only 19% knew all the right ways to maintain a good credit score, even though most claimed that they understood what the credit score is,
- 68% believed that they do not have enough savings in general,
- 41% said they didn’t know who and where to get help to better manage their money.
left to right: Datuk Ir. Dr. Abdul Rahim Hj. Hashim, Vice Chancellor of UM, Azaddin Ngah Tasir, CEO of AKPK, Domenic Fuda, Group Managing Director and CEO of HLB with Mitul Lakhani, Group CEO of iMoney at the launch of DuitSmart.
Hong Leong Bank (HLB) has launched HLB DuitSmart to encourage Malaysians to start their financial education. The first step starts with knowing your credit score and what you can do with it.
“Most people think financial knowledge means knowing how to save and manage borrowings, but there’s more than just saving and managing loans/financing. Knowing what your credit score and how to maintain and improve it is also crucial because your ability to apply for future loans/financing is impacted, whether you are an individual or company,” Domenic Fuda, HLB Group Managing Director and Chief Executive Officer said during the launch.
This initiative will provide financial knowledge online and at the same time give Malaysians access to get their credit score for free in partnership with iMoney from September 6 till the end of the month, with the support of Credit Counselling and Debt Management Agency (AKPK) and University of Malaya (UM).
HLB will also take the initiative on a year-long engagement roadshow to bring financial knowledge closer to the general public in an approachable and easy-to-understand manner with interactive digital games.
