KUALA LUMPUR: Malaysia’s new National Strategy for Financial Literacy (NS2.0) will adopt a sharper, more inclusive and action-oriented approach to address current realities while preparing for future needs.
Bank Negara Malaysia deputy governor Adnan Zaylani Mohamad Zahid emphasised that this approach extends beyond information-sharing to become a long-term commitment to behavioural change.
He stated this strategy must adapt to the evolving financial landscape and diverse financial experiences to ensure success.
Adnan Zaylani highlighted three pressing challenges requiring collective attention following the Financial Capability and Inclusion Demand Side Survey 2024 findings.
“Financial knowledge among Malaysians has improved from 60.2% in 2021 to 62.9% in 2024. Yet, behaviours are not shifting,“ he said during his speech at the Fourth National Financial Literacy Symposium launch.
Prime Minister Datuk Seri Anwar Ibrahim will officially launch the National Strategy for Financial Literacy this Friday.
Adnan Zaylani revealed only 58% of Malaysians actively save for their future, with many unable to withstand a RM1,000 emergency expense.
He described this situation as a wake-up call demonstrating that knowledge alone proves insufficient without translating into action, confidence and resilience.
Digitalisation presents another challenge by transforming how people engage with money through faster, easier transactions.
He noted financial services have become highly accessible through e-wallets and Buy-Now-Pay-Later schemes that sometimes appear more affordable.
“But with convenience comes risk. The same survey found that 31% of Malaysians spend more impulsively online, while scams are rising sharply,“ he warned.
Adnan Zaylani expressed concern about digital exclusion affecting those with limited digital literacy or poor connectivity who risk being left behind.
“We must ensure that digital financial literacy goes beyond mastering apps or platforms,“ he emphasised.
Malaysia faces a third challenge as it rapidly becomes an ageing nation within the next decade with rising elderly population shares.
Financial readiness lags significantly with only 36% of Employees Provident Fund members meeting the basic retirement savings benchmark.
“This is not just a demographic trend, it is a financial preparedness challenge of national importance,“ he stated.
He stressed the urgency of addressing retirement planning, healthcare financing and senior financial fraud protection to safeguard future wellbeing.
Adnan Zaylani identified Malaysia’s multi-racial and multi-religious communities as unique strengths for enhancing financial education delivery.
He suggested Islamic financial literacy offers a powerful framework rooted in ethical financial behaviour for resonating with Muslim communities.
Bank Negara Malaysia will introduce the FEN Research Community under its new strategic direction to advance impactful financial literacy research.
This dedicated platform will particularly focus on supporting society’s most vulnerable segments through targeted research initiatives. – Bernama
