PUTRAJAYA: Financial literacy is needed at all levels of society because it can serve as the first line of defence for consumers against unfair market practices, said Deputy Prime Minister Datuk Seri Dr Wan Azizah Wan Ismail today.
She added that this was all the more pertinent in view of the fact that technology will continue to change the manner in which financial services and products are offered, and as such, consumers should be equipped with necessary skills to avoid becoming victims in cyberspace.
Financial literacy is needed at all levels, “from primary and secondary schools to institutions of higher learning, and to those who are working, those who will be retiring and the retirees.
“It is also important for financial industry players and those in related industries,“ Dr Wan Azizah said when launching the Putrajaya LIFT (Literacy in Financial Technology) Festival here.
She added that consumers should be aware of the risks associated with the use of financial technology, and these include falling into debt as a result of making purchases beyond one’s means all because of easy access to credit and virtual services.
Other risks include the misuse of data by unscrupulous parties with access to such information, and financial scams undertaken through social media and phone, with victims transferring funds from their accounts to scammers.
At the same time, she said, the government also needed to introduce policies and laws which take account of financial services available through existing and future technology, and the protections required for customers of such services and industry players.
Dr Wan Azizah explained that it was in this connection that the festival was held, adding that it is aimed at advancing financial savviness among the public, in line with the government’s aim of building a digital society.
The festival features seminars, talks, workshops and exhibitions by financial institutions and financial technology companies, as well as financial advisory services such as the settlement of disputes, checks via the Central Credit Reference Information System (CCRIS), and funding for small and medium enterprises.
The two-day event is organised with the cooperation of Bank Negara, and is being held in three locations comprising Menara Perkeso Putrajaya, Bangunan Suasana Putrajaya Holdings and the Finance Ministry complex. - Bernama
