KUALA LUMPUR: CIMB Foundation’s new user-friendly digital financial guide and planner, named Be$MART app, is set to experience 22,000 downloads among youths, in 12 months.
In a recent statement, the CIMB Foundation said the app complements the ongoing Be$MART financial literacy program for university students.
Since it was launched in 2016 by the Foundation’s training partner Gem Systems, it has benefited 15,000 students.
The Be$MART app allows users to plan their finances, with features like budget tracking and updating, recurring transactions, goal tracking, as well as scheduled notifications of monthly expenses and upcoming bills.
“For the Be$MART workshop alumni, the app reinforces lessons on financial concepts and the different components of planning through useful tips and articles, to guide youths in managing their finances smartly,” said CIMB Foundation chief executive officer Datuk Hamidah Naziadin.
The CIMB Foundation said these included guidelines on retirement planning, a personal report of users’ spending behavior and recommendations for improvement.
Low financial literacy among young Malaysians is the main reason why many end up as bankrupts.
Between 2013 and 2017, there were 100,610 Malaysians who were declared bankrupt, of which 60 per cent were 18-44 years old.
Based on credit counselling and Debt Management Agency’s (AKPK) survey in 2018, one out of three Malaysians were not comfortable with their financial knowledge, while 52 per cent of the population said they faced difficulties even raising RM1,000 for emergencies.
Hamidah said “our target group is the youth, who make up 45.4 per cent of Malaysia’s population.”
“The Be$MART app was designed to disseminate financial tips relevant to their daily lives. Youths can via their fingertips on their smartphones, quickly recalling these information anytime, anywhere,” she added.
The CIMB Foundation has signed a MoU with nine universities to equip 10,000 students – particularly those from the B40 communities-with financial literacy skills through the Foundation’s flagship Be$MART program.
“Through our proprietary Be$MART syllabus, we ultimately aim to address and mitigate bankruptcy among youths,” Hamidah said.
© New Straits Times Press (M) Bhd
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