KUCHING: Malaysians are confronted by three challenges when it comes to their finances, one of them being poor financial management.
Citing the findings of the Financial Capability and Inclusion Survey 2024 by Bank Negara Malaysia (BNM), its deputy governor Adnan Zaylani said it has become a worrisome issue as one in four Malaysians, especially the youth, feel burdened by their debts.
“It may be high time for higher education institutions and TVET to make financial education mandatory for their students who are about to start their career for long-term financial well-being,” he said.
Adnan raised this issue at the closing of the Karnival Celik Kewangan (KCK) Sarawak at Vivacity Megamall here Sunday.
The second challenge, he said is that despite good access to financial services like deposit accounts in Malaysia, this has not translated to effective saving habits or meaningful usage.
According to the same survey, 61 per cent of Malaysians struggle to come up with RM1,000 in case of an emergency.
“Although many are aware of the importance of saving, their funds are often depleted, forcing them into debt during critical times,” he said.
The third challenge, according to him, is the low level of digital financial literacy among Malaysians, even though the use of digital financial services has exceeded 90 per cent this year.
“Worryingly, 15 per cent of Malaysians, many of whom are teenagers, share their banking passwords, exposing themselves to a higher risk of online scams and the possibility of becoming mule account holders,” he said.
As such, Adnan highlighted that improving financial literacy, particularly in digital aspects, is essential to protect Malaysians from these growing threats.
“I hope that attendees of the KCK here can take advantage of this knowledge to build a stronger and more stable financial future for themselves, their families and the community.
“No matter who you are – whether a student, worker, housewife or retiree – prudent financial management is the key to a better life and economy.
“It is my hope that this event will be a bigger starting point in our efforts towards building a financially literate society and a more sustainable national economy.”
An overwhelming 20,000 visitors thronged the KCK Sarawak event which saw the participation of 40 exhibitors.
With the success of the event, Adnan hoped those who turned up would be able to take advantage of this financial literacy initiative.
According to him, the carnival here marked the conclusion of Financial Literacy Month (FLM) 2024, which ran throughout October and November.
“Throughout the month, various programmes and activities have been organised aimed at increasing financial awareness and knowledge among Malaysians, especially target groups such as students, micro-entrepreneurs and women, as well as rural communities.
“With the good cooperation of financial institutions, government agencies, NGOs, and local communities, the Financial Literacy Squad consisting of representatives of all institutions and agencies has conducted various programmes in more than 90 locations throughout the country, including in Sarawak and Sabah.
“Based on the estimation, we found out that more than 40.000 people have benefited from the programmes that have been carried out in conjunction with FLM 2024.
“This shows a high commitment and interest in increasing the level of financial literacy among Malaysians,” he added.
