KUALA LUMPUR, March 24 (Bernama) -- The second National Strategy for Financial Literacy (NS2.0) is expected to be launched in fourth quarter of 2025 (4Q 2025), aimed at strengthening financial literacy and well-being for Malaysians.
Bank Negara Malaysia (BNM) said the insights from the Financial Capability and Inclusion Demand Side (FCI) Survey 2024, which was conducted in 3Q 2024, will shape NS2.0.
“Issues such as the impact of digitalisation on consumer behaviours, changes in the financial and economic landscape, as well as an ageing society, will guide the setting of priorities and plans, in close collaboration with relevant stakeholders and partners through the Financial Education Network (FEN),” the central bank said in its Annual Report 2024, released today.
Conducted every three years by BNM, the FCI Survey is a cross-sectional survey that assesses Malaysians' financial capability in terms of financial knowledge, behaviour, and attitude, reflected in the Malaysia Financial Literacy and Capability (MYFLIC) Index.
The survey revealed that financial literacy levels in Malaysia have been largely unchanged since 2021, with the MYFLIC Index at 59.1 in 2024 from 59.0 in 2021.
It said financial knowledge improved to 62.9 in 2024 from 60.2 in 2021 in most sub-components, particularly in terms of product awareness and understanding of financial concepts such as diversification, inflation as well as risks and returns.
BNM said Malaysians have become more aware and knowledgeable of their financial affairs since the implementation of NS1.0 (2019-2023), however, rising costs of living amid uncertain income streams, as well as the rapid pace of digitalisation, present new challenges.
“With the advent of social media and more accessible information platforms, awareness on financial products continues to increase,” it said.
The central bank added that this presents opportunities for financial service providers and policymakers to intensify efforts to increase financial literacy with greater impact.
-- BERNAMA
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