Bayan lepas: Malaysia’s economy remains stable and resilient despite various global challenges, according to Bank Negara Malaysia (BNM) Governor Datuk Seri Abdul Rasheed Ghaffour. He highlighted that, like many other countries, Malaysia is dealing with rising living costs, an evolving job landscape, and rapid technological developments.
According to BERNAMA News Agency, Abdul Rasheed emphasized the importance of financial literacy as a crucial skill for making sound financial decisions and strengthening household resilience. He explained that financial knowledge aids individuals in evaluating their true needs, avoiding excessive debts, and preparing for emergencies. The Financial Education Network (FEN) is updating the National Financial Literacy Strategy 2026-2030 to help people manage their finances and improve their quality of life.
Abdul Rasheed delivered these remarks at the Penang Financial Literacy Carnival (KCK) in Bayan Lepas, officiated by Chief Minister Chow Kon Yeow. He noted that nine out of 10 Malaysians use digital financial services, but warned of the rising threats of voice phishing and deepfake facial scams enabled by artificial intelligence. BNM, in collaboration with the financial industry and enforcement agencies, plans to enhance cybersecurity measures.
He also underscored the need for consumer awareness and vigilance, pointing out that 31 per cent of consumers tend to spend impulsively online, affecting their savings and leading to financial stress. To address this, BNM is working with Bank Rakyat, Bank Simpanan Nasional, and Agrobank to implement the Just-In-Time Financial Education, particularly for personal financing applicants.
Additionally, Abdul Rasheed announced that the FEN now offers a Health Insurance and Takaful Guide on its website to assist the public in selecting appropriate protection. This initiative is part of a broader effort by BNM and its partners to implement key reforms under the RESET programme to manage rising medical costs and ensure the sustainability of Malaysia’s healthcare system.
Commenting on the KCK, the BNM Governor highlighted the efforts of the Financial Literacy Squad, which has reached over 100 locations nationwide to promote wise financial management. The three-day carnival, which began yesterday, includes interactive exhibitions, service counters, educational talks, workshops, and family-friendly activities, drawing approximately 20,000 visitors. The Penang KCK concludes Financial Literacy Month 2025 (FLM2025), launched by Prime Minister Datuk Seri Anwar Ibrahim last month.