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Malaysia’s Prime Minister Tun Dr Mahathir Mohamad has launched the National Strategy for Financial Literacy 2019-2023, an initiative led by Financial Education Network, co-led by Bank Negara Malaysia and Securities Commission Malaysia.
It is aimed that developing a capable society that is able to make wise financial decisions free of wrongdoing and mistakes, as cited in his speech.
“I hope more institutions and agencies will be involved in delivering messages on financial education to every level of society so that they literacy level of people’s finances can be enhanced,” he added.
He noted that efforts to build human capital for financial literacy have been implemented since 2014, such as exposure provided to teachers, and he urges more such initiatives, in which the private sector collaborates with Ministry of Education to diversify these approaches.
Among the activities planned under the strategy, he noted collaborative programmes such as financial carnivals, ‘Management of Personal Finance’ programme for civil servants (offered through the e-learning portal), and more.
The National Strategy for Financial Literacy 2019-2023 has five strategic priorities:
Strategic Priority 1: Nurture values from young
- Expand financial education fundamentals into the curriculum for pre-school, primary and secondary schools
- Reinforce financial education through co-curriculum activities
- Introduce capacity development and support for teachers
- Encourage financial education advocates among students, parental groups and the community
Strategic Priority 2: Increase access to financial management information, tools and resources
- Make basic financial education information easily understood, available and accessible to all
- Heighten awareness and intensify financial education initiatives through nationwide outreach campaigns
Strategic Priority 3: Inculcate positive behaviour among targeted groups
- Impart financial knowledge to promote positive financial behaviour among the youth
- Encourage financial education at the workplace to promote financial resilience, which will have positive impact on employees’ productivity
- Foster good money management practices through community-based financial education
- Equip the self-employed with financial knowledge to encourage self and business sustainability
Strategic Priority 4: Boost long term financial and retirement planning
- Promote use of innovative guides and tools to improve long-term financial planning
- Create awareness and promote the benefits of seeking professional advice on financial planning
- Promote voluntary savings channels and platforms to encourage income diversification
- Educate Malaysians to make long-term financial plans for retirement
Strategic Priority 5: Building and safeguarding wealth
- Promote better understanding of risks and returns to build wealth
- Improve awareness on the innovation of financial products and services and its implications
- Raise awareness on financial scams and fraud
- Develop and publish materials relating to sophisticated financial products and services
All images / Securities Commission Malaysia