No products in the cart.

Category: Financial Literacy EN

The Consumer Hypnotized

Marketers use all kinds of tricks, gimmicks, psychological wizardly and emotional blackmail to exploit you to make a purchase. Have you experienced what the retired car salesman described below? And regret the purchase later on? Many of us suffer from IMPULSIVE BUYING. Advertisers create wants and most of the time -- things that are often unnecessary -- are advertised the most. It used to be...
Read More

How Economists Deceive Us

“The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.” — Joan Robinson* * British economist Joan Robinson was arguably the only woman born before 1930 who can be considered a great economist.
Read More

Do not ask EPF contributors to touch their account!

  The Consumers’ Association of Penang (CAP) urges the government to review their proposal to allow Employees Provident Fund (EPF) contributors to withdraw their savings from EPF Account. We are reiterating our stand that account holders should not be allowed to withdraw their savings because the people would be withdrawing and spending their savings meant for retirement. In the 2021...
Read More

The Majority Is Not Always Right

The TYRANNY OF THE MAJORITY is a problem in democracies. Does the majority listen to the minorities whose rights are trampled on? Do you expect the minority to keep quiet and accept the so-called march of progress when fishermen's livelihoods are destroyed or affected like in the Penang Reclamation projects? Do you expect the minorities in Malaysia or anywhere to just keep quiet and accept...
Read More

We are in a Get-Very-Rich-Quick Scheme FOR ONLY 1 PERCENT

We are talking about the economic, legal, planning and other systems that favour the rich and marginalise the poor. These also include huge development, infrastructural, land reclamation and other projects People and livelihoods are displaced and tribals lose their lands, etc. This has led to so much inequality, suffering and violence. All at the expense of the majority, climate change and the...
Read More

Consumers beware: Covid-19 pandemic breeds more scammers

The Consumers’ Association of Penang cautions the people to be wary of possible scammers, particularly in times like this.There have been recent reports of swindlers in the guise of representing legitimate government agencies such as the Employee Provident Fund (EPF) or even financial institutions and cooperatives to scam people of their money. In a more recent case, money lending companies...
Read More

Consumers must take moratorium deadline seriously

The Consumers’ Association of Penang (CAP) warns consumers not to take the issue of moratorium offered by banks lightly. According to Bank Negara Malaysia, any appeal for extension after the current six-month period will be based on the restructuring of the loan on a case-to-case basis by the respective banks. We urge consumers who really need to restructure their loan to approach their...
Read More

Banks should put peoples’ welfare before profits

The Consumers Association of Penang (CAP) calls on Bank Negara Malaysia (BNM) to ensure that banks do not impose any interest charges/profit on hire-purchase loans and fixed-rate Islamic financing of the B40 and M20 groups for the six-month moratorium period. Interest charges have already been calculated upfront in the loans. These are extraordinary times. Many from these two groups have lost...
Read More