Governor of Bank Negara Malaysia (BNM), Datuk Abdul Rasheed Ghaffour had commented that many Malaysians are still predisposed to adopting a short-term mindset when managing their finances. On top of that, they can be half-hearted in assessing and dealing with financial risks, including when facing unforeseen situations.

“Nearly half of Malaysians have difficulties in setting aside RM1,000 for the purpose of emergencies, and one in three Malaysians are not interested to learn about insurance and takaful,” said Datuk Abdul Rasheed, noting that data from the Credit Counselling and Debt Management Agency (AKPK) indicated that many Malaysians fall into debt during emergencies. He added that this is worrying since it shows that Malaysians’ financial knowledge is not growing in tandem with their financial management attitude and behaviour.

Aside from that, the governor highlighted that one in three Malaysians are burdened with debt even though most of them are earning relatively good income. It was also revealed that 37% of Malaysians have admitted to sharing their passwords and personal identification numbers with families and friends.

Given these data, Datuk Abdul Rasheed said that it’s crucial for Malaysians to buck up and expand their financial knowledge, including debt management, risk assessment of investment products, and safeguards against fraud and scams. He further stressed the importance of a financially literate society, where Malaysians will be able to not only increase their living standards, but also contribute to national economic growth.

These reminders from Datuk Abdul Rasheed came as BNM and various other partners – such as the Financial Education Network (FEN) – as well as the financial industry prepare to wrap up the Financial Literacy Month 2023. The Financial Literacy Month 2023 was held throughout October, in conjunction with the World Savings Day, which falls on 31 October each year. Numerous activities were launched to raise awareness on the importance of financial literacy and to promote financial inclusion among Malaysians, including symposiums and carnivals.

Other activities include the returning Bulan Menabung Simpan SSPN 2023 campaign by the National Higher Education Fund Corporation (PTPTN), as well as the Jelajah Bijak Wang initiative by the Life Insurance Association of Malaysia (LIAM) and AKPK.

(Source: Malay Mail)

• TAGS:
• AKPK
• Bank Negara Malaysia
• BNM
• Credit Counselling and Debt Management Agency
• Datuk Abdul Rasheed Ghaffour
• FEN
• Financial Education Network
• Financial Literacy Month
• Financial Literacy Month 2023
• Financial Management
• World Savings Day