FOR IMMEDIATE RELEASE

Kuala Lumpur, 7 October 2024

Empowering Vulnerable Communities through Financial Education:
Highlights from the National Financial Literacy Symposium 2024

The National Financial Literacy Symposium 2024 (NFLS 2024) was held from 2 to 3 October 2024 at Sasana Kijang, Kuala Lumpur. The Symposium is organised by the Financial Education Network (FEN), in collaboration with the Malaysian Economic Association (MEA). This year, the Symposium focused on fostering inclusive financial well-being by enhancing financial capabilities, particularly among vulnerable communities. The collaboration with MEA also highlights the importance of encouraging the economic community to engage in research that bridges academic insights with practical applications.

Bank Negara Malaysia Assistant Governor Encik Suhaimi Ali emphasised that “Financial education plays a transformative role in improving the lives of vulnerable communities, including low-income households and persons with disabilities. It is important to empower and protect these groups where financial education must be paired with measures to ensure fair treatment of financial consumers to achieve impactful financial inclusion.”

Employees Provident Fund Chief Financial Officer Encik Mohamad Hafiz Kassim said, “Financial well-being is a shared societal responsibility, essential for enhancing economic stability, reducing poverty and strengthening the social fabric. Financial literacy needs to be actionable and inclusive, recognising the diverse requirements of different groups, including rural populations, low-income households, women, gig economy workers, youth, and retirees.”

Agensi Kaunseling dan Pengurusan Kredit Chief Executive Officer Encik Azaddin Ngah Tasir stressed the critical role of financial literacy for the long-term sustainability of microenterprises. He said, “Entrepreneurs must be financially literate to maximise outcomes through prudent decision-making and exploring multiple viable alternatives.”

The two-day Symposium featured a mix of plenary sessions and research paper presentations by local and international experts. 42 research papers were submitted. The coverage included financial consumer behaviour, microentrepreneur empowerment, tackling over-indebtedness, and leveraging digitalisation to promote financial education. Eight submissions were shortlisted and presented at the Symposium. Awards were presented to the top three papers, as follows:
• Well-being in Retirement: Examining the Role of Retirement Resources, Moderated by Gender and Caring for Grandchildren, by Dr Phaik Nie Chin, Universiti Sains Malaysia
• Over-Indebtedness: Causes and Recommendations for the Future, by Dr Nur Hafidzah Idris, Universiti Teknologi Mara
• Empowering Malaysian Young Adults: Financially Capable Behaviour and Self-Efficacy as Predictors of Financial Wellness by Dr Selina Dang Siew Ping, Coreplus Advisory Sdn. Bhd.

In addition, an engagement session was held with Yayasan MySDG and more than 50 representatives from other NGOs and social enterprises. The engagement aimed to foster collaboration and gain on-the-ground insights to address financial inclusion gaps of vulnerable communities.

The NFLS 2024 was co-hosted by Bank Negara Malaysia, the Employees Provident Fund and Agensi Kaunseling dan Pengurusan Kredit in conjunction with FEN’s Financial Literacy Month 2024. It gathered policymakers, researchers, practitioners and non-governmental organisations (NGOs) to explore innovative strategies to promote financial literacy across various communities in Malaysia.

For more information about the NFLS 2024, please visit www.fenetwork.my/nfls/

About the Financial Education Network (FEN)

Established in November 2016, FEN serves as an inter-agency platform to increase the impact of financial education initiatives and identify new opportunities to elevate financial literacy among Malaysians through greater alignment, closer collaboration and a strong focus on impact assessments. Its members include the Ministry of Education Malaysia, Ministry of Higher Education, Bank Negara Malaysia, Securities Commission Malaysia, Employees Provident Fund, Agensi Kaunseling dan Pengurusan Kredit, Perbadanan Insurans Deposit Malaysia and Permodalan Nasional Berhad.