Dr M unveils new national strategy to boost financial literacy

A Malaysia ringgit note is seen in this illustration photo June 1, 2017. — Reuters pic
A Malaysia ringgit note is seen in this illustration photo June 1, 2017. — Reuters pic

KUALA LUMPUR, July 23 — Prime Minister Tun Dr Mahathir Mohamad has launched the National Strategy for Financial Literacy 2019-2023 today, which sets out priorities and actionable plans to equip Malaysians with the knowledge to make informed financial decisions and to nurture healthy attitudes in financial management.

The strategy was formulated by the Financial Education Network (FENetwork), an inter-agency group co-chaired by Bank Negara Malaysia and the Securities Commission Malaysia.

Its founding members consist of the Ministry of Education, Malaysia Deposit Insurance Corp (PIDM), Employees Provident Fund, Credit Counselling and Debt Management Agency (AKPK) and Permodalan Nasional Bhd.

In a statement today, FENetwork said it would be collaborating with individuals and organisations in the public and private sectors to deliver the strategy’s inclusive and sustainable measures.

“These measures will focus on empowering individuals to manage their money wisely, to plan ahead and invest for their future, and protect themselves from financial fraud and abuse,” it said.

The group said it had identified several priorities under the strategy, including nurturing values from young, increasing access to financial management information, tools and resources, inculcating positive behaviours among target groups and boosting long term financial retirement planning.

Established in 2016, FENetwork serves as an inter-agency platform comprising institutions and agencies to increase the impact of financial education initiatives and identify new opportunities to boost financial literacy among Malaysians.

FENetwork is supported by Khadijah Abdullah, the director of the National Strategy’s Promotions and Advancement Unit, who will be leading the effective roll-out and delivery of the National Strategy. — Bernama

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