Are you looking to buy a car? Do you wonder what are your chances in getting the loan approve? Checking your credit score can be as scary as checking your health if you long time have not checked any of it. This Malaysia day, Hong Leong Bank is working with AKPK and UM to create awareness on credit score and demystifying financial jargons to Malaysians.
Hong Leong Bank and Hong Leong Islamic Bank have collaborated with iMoney recently to do a survey to gauge the level of financial literacy amongst Malaysians nationwide. The results is as per below:
- 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.
With this result, Hong Leong Bank decided to create a financial sustainability initiative with the support of the Credit Counselling and Debt Management Agency (AKPK) and University of Malaya (UM), called the HLB DuitSmart program. This program is focus on engaging Malaysians with approachable and relatable content and activities on financial knowledge and information.
The program also target to tackle some of the key areas of concern shown in the survey to increase greater awareness and understanding on the importance of credit score and to demystify some fundamental financial jargons to make financial and knowledge more accessible to all Malaysians.
HLB DuitSmart is created to make financial education more accessible for Malaysians with the right tools. It will curate and provide financial knowledge information online as well as enable Malaysians to check their credit score through its partnership with iMoney from September 6 till the end of the month.
There will be a year-long on-ground engagement roadshows with the public including visiting media houses, universities and corporate organizations nationwide as well as organizing Hon Leong Bank in-branch activities for customers and people in the communities. During the roadshows, the public can learn and challenge their financial knowledge through interactive digital games, learn more about credit scortes, consult AKPK on financial health matters and chat with UM’s AI-powered financial knowledge chatbot called SUNDAY.
If you’re interested to know more about the HLB DuitSmart program, feel free to visit: https://www.hlb.com.my/duitsmart