Industry expert shares the significance of financial planning

Third from right: Dr Falahat, Dr Sia, Dr Desmond Chong and Shamini with participants

UTAR Faculty of Accountancy and Management (FAM) organised an in-class sharing session called “Personal Finance Management” at UTAR Sungai Long Campus on 25 February 2020. Held as part of FAM’s “Personal Financial Planning and Management” lecture class, the talk aimed to instil students with knowledge on personal finance management.

Present were FAM Dean Dr Sia Bee Chuan, Centre for Sustainable Development and Corporate Social Responsibility in Business Chairperson Dr Mohammad Falahat Nejadmahani, Department of Accountancy Head K. Shamini, staff and students.

The talk was conducted by industry expert Dr Desmond Chong Kok Fei from Agensi Kaunselling dan Pengurusan Kredit (AKPK). He is also the deputy president of Malaysian Financial Planning Council. Dr Desmond Chong started the session by briefly introducing AKPK. According to him, AKPK is owned by Bank Negara Malaysia (BNM) as part of a Consumer Protection Framework under BNM’s 10-year Financial Sector Master Plan. It was set up in the year 2006 to help individuals take control of their financial situation and gain peace of mind from using credit cards wisely. AKPK also provides financial education on using money responsibly, credit management skills, free financial counselling and advice on financial management and debt management programme to assist consumers in regaining financial control. In the effort to improve financial knowledge among Malaysians, AKPK has carried out various consumer education programmes, workshops, seminars and roadshows. They have also provided financial education based on different scenarios that people face in life.

During the talk, Dr Desmond Chong also shared a few cases he handled in the past to provide participants with a better understanding. Throughout the talk, he largely emphasised on the importance of financial planning. It focused on educating Gen Y and Gen Z to increase their financial literacy.

Elaborating further on the Debt Management Programme offered by AKPK, he said one can get advice on budgeting, credit-related issues and money management consultation. According to statistics gathered by AKPK, the prevalence of bankrupt adults below the age of 35 is growing in number. With that in mind, he encouraged everyone, especially young adults to learn to spend within their means and to plan for retirement as early as possible.

Souvenir presentation and group photo sessions were held before the sharing session adjourned.

Dr Desmond Chong sharing his experience and knowledge on financial planning

Dr Desmond Chong is a highly experienced financial education trainer who has conducted over 800 financial talks to the public, universities, government agencies, non-profit organisation, schools, private organisation, insurance companies and agencies, and investment houses and agencies. He is also a certified Registered Financial Planner (RFP), Shariah Registered Financial Planner and Certified Malaysian Financial Planning Council (MFPC) examiner.

Dr Sia (left) presenting a souvenir to Dr Desmond Chong (middle) as FAM lecturer Dr Tan Kok Eng looks on