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Category: Financial Literacy EN

Fads are a debt trap for the youth

Consumers Association of Penang (CAP) calls on Malaysians to face the reality of the global economic downturn in the midst of geopolitical uncertainties. Overspending has driven our youth to the brink of bankruptcy through an unsustainable lifestyle of spending as much as they have and using credit cards when the money runs out. The statistics of youths in debt are shocking. Last year’s UCSI...
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CONSUMERS FLEECED BY INACCURATE WEIGHING SCALES

Consumers’ Association of Penang (CAP) urges the Ministry of Domestic Trade, Cost of Living to conduct checks and take action against wet market traders using inaccurate mechanical weighing scales (with dial indicators on both sides of the machine) to short-weigh consumers. Our recent survey of all the wet markets in Penang showed that some of the weighing scales have their calibration...
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UNCLAIMED MONEY – FIND OUT IF YOU HAVE ANY

Do you have any unclaimed money lying around? Homemaker Jessica Lai thought it was a scam when told she could find unclaimed money on the government portal eGUMIS. She tried and found that she could claim RM1,000. “I had never heard of it, and I thought it was a scam,” said the 53-year-old. The eGUMIS portal, launched in 2020, received about 17.2 million visitors as of last March and has...
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SHOCKING RISE IN THE PRICE OF TOMATOES

The Consumers Association of Penang (CAP) is very concerned about the recent rapid increase in the price of tomatoes in Penang markets. A CAP market survey carried out today shows that the price of local product tomato has increased from RM8.00 to RM12.00. A month ago it was only sold for RM5.50 per kilogram. Tomato is an essential ingredient and is used by almost every consumer. Several...
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MONEY CAN’T BUY YOU HAPPINESS

In a study by the Proceedings of the National Academy of Sciences of the USA, 2 groups of people were given $40 each. One group was told to spend it in buying a possession (an object, something they wanted). The other group was told to spend it in ways that would enable them to have more free time (eg: having food delivered to save them from cooking, or hiring a cleaner instead of cleaning their...
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Speed up the introduction of Lemon Law for old and new vehicles

Consumers’ Association of Penang (CAP) urges the Domestic Trade and Cost of Living Ministry (KPDNKSH) to look into laws related to the sale and purchase of used and new vehicles. Although KPDNKSH had announced that they are looking into the laws related to the sale and purchase of used vehicles, CAP had called on the Ministry to extend the Lemon Law to new cars as well. New cars can be...
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Alarm over rising online financial scams exploiting people’s vulnerabilities

Experts call for urgent campaigns to counter fraudster syndicates in a more holistic and integrated manner. ONLINE financial fraud has become more prevalent across the globe as businesses adopt digital modes of payments and transactions. Malaysia is not spared from this growing threat. Fraudsters are continuously evolving their approaches to exploit the vulnerabilities of the current prevention...
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Commentary: The iPhone 15’s message about mindless consumerism

By Mark Ko When the latest iPhone 15 series was released, tech writer and Apple fan Mark Ko eagerly stood by to pre-order the phone. Then he changed his mind. When the latest iPhone 15 series was released, many people eagerly submitted their pre-orders, hoping to receive it within a week. As a tech writer and enthusiast, I too succumbed to this temptation. I vividly remember setting my alarm...
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