KUALA LUMPUR, Oct 2 — Malaysia’s new National Strategy for Financial Literacy (NS2.0) will take a more inclusive, targeted and action-oriented approach to address today’s realities while preparing for future needs.
Bank Negara Malaysia (BNM) deputy governor Adnan Zaylani Mohamad Zahid noted that the approach goes beyond information-sharing and must be a long-term commitment to behavioural change, one that adapts to the evolving financial landscape and the diverse experiences people have with money to ensure success.
He highlighted three pressing challenges that demand collective attention as the Financial Capability and Inclusion Demand Side Survey 2024 revealed a paradox.
“Financial knowledge among Malaysians has improved from 60.2 per cent in 2021 to 62.9 per cent in 2024. Yet, behaviours are not shifting,” he said in his speech at the launch of the Fourth National Financial Literacy Symposium today.
Prime Minister Datuk Seri Anwar Ibrahim will launch the National Strategy for Financial Literacy tomorrow.
Adnan Zaylani said only 58 per cent of Malaysians save for the future, and many cannot finance a RM1,000 emergency. He noted that this is a wake-up call, as knowledge alone is not enough and must translate into action, confidence and resilience.
He cited other challenges such as digitalisation, which has also changed how people engage with money, with transactions now faster, easier and, in some situations, seemingly more affordable while being highly accessible, from e-wallets to buy now, pay later (BNPL) schemes.
“But with convenience comes risk. The same survey found that 31 per cent of Malaysians spend more impulsively online, while scams are rising sharply. Worse still, digital exclusion is real; those with limited digital literacy or poor connectivity risk being left behind.
“We must ensure digital financial literacy goes beyond mastering apps or platforms,” he noted.
Adnan Zaylani pointed out that Malaysia will be an ageing nation within the next decade, with the share of older Malaysians rising each year, but financial readiness has not kept pace as only 36 per cent of Employees Provident Fund (EPF) members meet the basic retirement savings benchmark.
“This is not just a demographic trend, it is a financial preparedness challenge of national importance.
“Retirement planning, healthcare financing, protecting seniors from financial fraud — we must act decisively to safeguard their future well-being,” he added.
He also said that one of Malaysia’s unique strengths is its rich tapestry of multiracial and multireligious communities, which the country could harness to enhance the delivery of financial education that resonates deeply.
He added that a promising path to strengthen BNM’s messages to Muslim communities is Islamic financial literacy, which offers a powerful framework rooted in ethical and purposeful financial behaviour.
Under BNM’s new strategic direction, the central bank will introduce the FEN Research Community, a dedicated platform to advance impactful financial literacy research with a special focus on supporting the most vulnerable segments of society.
