Bank Negara says Malaysia’s economy remains resilient, with financial literacy key to managing rising costs, digital risks and household finances
GEORGE TOWN: Malaysia’s economy remains stable and resilient despite various global challenges, according to Bank Negara Malaysia Governor Datuk Seri Abdul Rasheed Ghaffour.
He said Malaysia is grappling with rising living costs, changing job landscapes and rapid technological developments that outpace adaptation.
Financial literacy is a fundamental skill that helps individuals make sound financial decisions and strengthen household resilience.
“Financial knowledge helps us to evaluate our true needs, avoid excessive debts and always be prepared for emergencies,” he said at the Penang Financial Literacy Carnival in Bayan Lepas.
The Financial Education Network is updating the National Financial Literacy Strategy 2026–2030 to help people manage finances and improve their quality of life.
Regarding digital developments, Abdul Rasheed said nine out of 10 Malaysians currently use digital financial services.
Threats such as voice phishing and deepfake facial scams enabled by artificial intelligence are also on the rise.
BNM together with the financial industry and enforcement agencies will continue to strengthen cybersecurity.
He stressed the importance of awareness and vigilance among users, noting that 31% of consumers spend impulsively when shopping online.
This can affect their savings and lead to financial stress.
“As a preliminary measure, BNM together with Bank Rakyat, Bank Simpanan Nasional and Agrobank will implement the Just-In-Time Financial Education,” he said.
This initiative targets personal financing applicants to ensure their loans are utilised wisely.
Abdul Rasheed said FEN now provides a Health Insurance and Takaful Guide on its website to help the public choose suitable protection.
BNM and its strategic partners are implementing key reforms under the RESET programme to address rising medical costs.
These reforms aim to ensure Malaysia’s healthcare system remains sustainable.
The Financial Literacy Squad has travelled to more than 100 locations nationwide to meet students, petty traders, homemakers and senior citizens.
They convey the message that wise financial management is a foundation of overall well-being.
The three-day carnival brings financial education directly to communities through interactive exhibitions and workshops.
It attracted some 20,000 visitors and marks the culmination of Financial Literacy Month 2025 launched by Prime Minister Datuk Seri Anwar Ibrahim last month. – Bernama
