Malaysia’s new National Strategy for Financial Literacy (NS2.0) will take a sharper, more inclusive and action-oriented approach to address today’s realities while preparing for future needs, Bank Negara Malaysia (BNM) said.
BNM deputy governor Adnan Zaylani Mohamad Zahid said the strategy goes beyond information-sharing, requiring a long-term commitment to behavioural change that adapts to the evolving financial landscape and diverse experiences Malaysians have with money.
He highlighted three pressing challenges revealed by the Financial Capability and Inclusion Demand Side Survey 2024. While financial knowledge among Malaysians improved from 60.2% in 2021 to 62.9% in 2024, behaviours have not shifted. Only 58% actively save for the future and many cannot withstand a RM1,000 emergency.
“Knowledge alone is not enough and must translate into action, confidence and resilience,” Adnan Zaylani said at the launch of the Fourth National Financial Literacy Symposium today.
Digitalisation presents another challenge. Transactions are faster and easier, from e-wallets to Buy-Now-Pay-Later schemes, but convenience brings risks. The survey found that 31% of Malaysians spend more impulsively online, scams are rising and digital exclusion affects those with limited literacy or connectivity. “We must ensure that digital financial literacy goes beyond mastering apps or platforms,” he said.
Malaysia’s ageing population adds further urgency, with the share of older Malaysians rising each year. Only 36% of Employees Provident Fund members meet the basic retirement savings benchmark. “Retirement planning, healthcare financing, protecting seniors from financial fraud — we must act decisively to safeguard their future wellbeing,” he added.
Adnan Zaylani also emphasised Malaysia’s multi-racial and multi-religious communities as a strength, which can enhance the delivery of financial education that resonates widely. Islamic financial literacy, rooted in ethical and purposeful financial behaviour, offers a promising avenue to strengthen engagement with Muslim communities.
Under NS2.0, BNM will introduce the FEN Research Community (FENRC), a platform to advance financial literacy research with a focus on supporting society’s most vulnerable segments.
