BANK Negara Malaysia (BNM) is formulating a five-year national strategy to elevate financial literacy, focusing on clarity, collaboration and commitment.

BNM deputy governor, Abdul Rasheed Ghaffour said the aspiration and objectives of this national strategy had been carefully articulated by the Financial Education Network established in 2016.

“The national strategy for financial literacy has identified five strategic priorities which cover all life stages, from nurturing values among young children, to inculcating positive behaviour for adults and preparing Malaysians to retire comfortably.

“Specific action plans would be formulated to reach out to the masses, as well as meeting the needs of target groups,” he said at the Federation of Malaysian Consumer Associations (Fomca) Conference 2017 here today.

The clarity thrust, Rasheed said, is aimed at having a clear vision to realise the financial well-being of Malaysians by advancing and elevating financial literacy.

The vision is to shape society, characterised by responsible financial behaviour, the ability to manage finances well and achieve financial security.

“Financial well-being is a pre-condition for a more productive, resilient and inclusive economy. A population with a high sense of financial well-being has the financial freedom of choice to enjoy life,” he added.

Rasheed said the collaboration thrust required strong and long-term efforts by all stakeholders, including regulators, the private and public sectors, non-governmental associations and consumers themselves, to realise the desired outcome of improving financial literacy.

He said the national strategy would be a catalyst for stakeholders to leverage on each other’s strengths, resources, expertise or even authority, in providing holistic financial education and in reaching out to Malaysians nationwide.

“We would anticipate some nudges or policy changes by relevant stakeholders to influence behavioural change in consumers,” he added.

On the commitment thrust, Abdul Rasheed said it involved an outcome-oriented approach to implementation. – Bernama, October 3, 2017.