Prudential and AKPK to Increase Financial Literacy among Low-Income Households

The partnership’s endeavour to benefit 35 B40 communities

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Collaboration agreement signing ceremony between Prudential Assurance Malaysia Berhad (PAMB) and Credit Counselling and Debt Management Agency (AKPK)

Prudential Assurance Malaysia Berhad (PAMB) and the Credit Counselling and Debt Management Agency (AKPK) have agreed to collaborate on the delivery of 23 financial education programmes to 35 PRUKasih communities in 2021.

This programme, which covers a variety of financial issues such as budgeting, planning, protection and emergency money is estimated to help around 2300 people.

This collaboration is an expansion of PAMB’s PRUKasih programme which provides free financial protection to low-income households in the event of a sudden loss of income due to illness, accident or death.

Eric Wong, Chief Customer & Marketing Officer of PAMB said, “Prudential and AKPK have a common mission to empower communities to be financially resilient. To build financial resilience, one must have the knowledge and resources to smart financial planning which many in low-income communities do not have access to. With AKPK’s experience and specially targeted programmes, we piloted a number of financial education sessions in 2019 and 2020 for some of our PRUKasih communities. After taking in the feedback of the participants and making adjustments to the programme, we are delighted to be able to roll it out officially to all our PRUKasih communities this year.”

According to AKPK’s Financial Behaviour Survey 2018, those earning less than RM2000 face the most financial challenges when it comes to savings and are more vulnerable to financial difficulties in times of emergency. This same group of persons accounts for 70% of working adults who are unable to meet three months of expenses if they are laid off.

“…Financial education is part of AKPK’s work to help create a better tomorrow especially for the underserved. This continues to be a source of motivation to us in AKPK, knowing fully well that creating a positive difference in people’s lives is the very reason why AKPK exists,” said Azaddin Ngah Tasir, Chief Executive Officer of AKPK.