MELAKA: Only 9,290 individuals have enrolled into the Debt Management Programme (DMP) under the Credit Counseling and Debt Management Agency (AKPK) in Melaka from 2019 to 2023, said AKPK Melaka branch head Mohamad Farid Fadzil.
In 2019, some 2,094 individuals sought debt management services at Melaka AKPK, but the figure declined by 34.43 per cent to 1,373 in 2020.
“The downward trend continued with an 8.96 per cent decrease to 1,250 in 2021. However, in 2022, there was a 63.04 per cent increase to 2,038 and a subsequent 24.39 per cent increase to 2,535 last year.
“This data indicates a low level of financial literacy in the state, despite the government’s effort to assist individuals in managing their financial situation through prudent use of credit,” he told Bernama.
Mohamad Farid said that financial challenges faced by individuals often arise from a high cost of living, weak financial planning, business setbacks, job loss and high medical expenses, among other factors.
“We can achieve better financial well-being if we can master proper financial behaviour.
“Individuals need to be aware of their financial capabilities and possess good financial knowledge to avoid falling into serious indebtedness,” he said.
He also said the Melaka AKPK would take a direct approach with targeted groups, including government agencies, authorities, financial institutions and organisations, in its efforts to deliver more holistic financial education. – Bernama
