Do you find yourself scrolling through social media to find the best deals? How about bingeing on in-depth videos explaining how your credit score works? 

You’re not alone. According to the latest RinggitPlus Malaysian Financial Literacy Survey (RMFLS), more Malaysians are now turning to social media for financial advice. What’s more, Malaysians are also getting better at understanding credit scores, and that’s a real win for everyone.

Malaysians Are Finally Getting Credit Scores

Only 47% of Malaysians now lack a working understanding of credit scores, a notable drop from 53% in 2024. While it’s concerning that nearly half the population still lacks understanding, the trend is moving in the right direction, and that’s meaningful progress.

Your credit score in Malaysia, which is primarily calculated by credit reporting agencies (CRAs) like CTOS and Experian, is your financial reputation in number form. When you apply for a home loan, car financing, or even a credit card, banks check your score to decide whether you’re a reliable borrower. A strong score opens doors to better interest rates and higher loan approvals, which translates to real savings over the life of a loan.

A good credit score could save you thousands of ringgit in interest payments on your first home. It can be the difference between getting approved for that car loan at a competitive rate or facing rejection altogether. For young professionals planning major life purchases, understanding credit scores is no longer optional.

What’s particularly promising is that the biggest literacy gains are among individuals earning below RM5,000 a month. This shows that financial education is reaching the everyday Malaysians who need it most.

Your New Financial Advisor Is… Social Media?

So where are Malaysians learning about personal finance? Apparently, from their phones. The RMFLS reveals that 68% of Malaysians now use social media to learn about finance. Even more telling is the fact that trust in social media as an education tool has climbed from 4.0 to 4.3, with Gen Z showing the highest confidence in these platforms. A quick scroll through Instagram or TikTok serves up bite-sized explanations of everything from EPF withdrawals to investment strategies. Financial influencers, or “finfluencers”, have become the go-to advisors for millions of Malaysians who might never set foot in a bank branch for advice.

That being said, not all financial content is created equal. Some creators genuinely educate, while others might be promoting products they earn commissions on without proper disclosure. The line between helpful content and a sales pitch can blur quickly.

How To Safely Navigate Online Financial Advice

How can you become a smarter consumer of financial content online? Start with these practical filters:

Check the credentials. Does the person sharing advice have relevant qualifications or experience? Be wary of accounts that promise “guaranteed returns” or “secret strategies” without explaining the risks. Legitimate financial educators are transparent about what they know and will encourage you to do your own research.

Cross-reference everything. See an interesting tip about credit cards? Don’t just take one influencer’s word for it. Check the actual bank’s website or use comparison tools like those on RinggitPlus to verify the details. If multiple credible sources say the same thing, it’s more likely to be accurate.

Understand the difference between education and advice. General content explaining how personal loans work is educational. Someone telling you specifically what loan to take out is advice—and in Malaysia, providing regulated financial advice requires a license. If an influencer is pushing a specific product without understanding your personal situation, that’s a red flag.

Watch for disclosure. Reputable creators clearly state when they’re being paid to promote something or when they earn commissions from links. If someone is constantly pushing products without mentioning these relationships, you should be sceptical.

Trust your gut. If something sounds too good to be true, like “double your money in 30 days with zero risk”, it probably is. Real financial growth takes time, carries some level of risk, and requires understanding what you’re getting into.

Taking Control Of Your Financial Future

For young Malaysians, the combination of growing credit score awareness and accessible social media education represents a genuine opportunity. You have more tools than ever to understand your financial health and make informed decisions.

Start by seeing where you stand. Check your credit score so you can see exactly what lenders see when you apply for financing. From there, you can take concrete steps to improve your score, such as paying bills on time, keeping credit utilisation low, and correcting any errors in your credit report.

Curious about your overall financial literacy? The RinggitPlus Money Meter quiz helps you assess your financial knowledge across different areas, from credit management to investment basics. It’s a quick way to identify where you’re strong and where you might benefit from learning more.

As for your social media financial education, approach it with the same critical thinking you’d apply to any important decision. Use it as a starting point for learning, not the final word. Verify claims, understand the full picture, and remember that your financial situation is unique.

For deeper insights on saving, investing, and managing debt, download the complete 2025 survey report for detailed findings and analysis.

Ready to take control of your financial future? Stay tuned to the RinggitPlus blog for in-depth analyses, and follow us on WhatsApp for the latest money tips and updates.

• TAGS:
• Credit Scores
• Financial Literacy
• RMFLS 2025
• Social Media