THE Finance Ministry (MOF) said it would send a recommendation to the Education Ministry (MOE) on introducing a finance and entrepreneurship subject in secondary schools.

Deputy Finance Minister I Ahmad Maslan said the subject would ensure youth were more financially savvy and were interested in becoming entrepreneurs and starting micro, small and medium enterprises.

He said the Financial Education Network committee, comprising representatives from Bank Negara Malaysia (BNM), the MOE and the Credit Counselling and Debt Management Agency would conduct a study about introducing the new subject.

“The ministry will recommend to the MOE that the financial and entrepreneurial subject be at the secondary school level from Form 1 to 6.

“We want youth to understand the subject in a more structured and systematic manner, as many will reap the benefits if they are financially savvy and have an entrepreneurial spirit in the future,” he said at a media conference after closing the Johor Financially Savvy Carnival today.

It was attended by BNM deputy governor Adnan Zaylani Mohamad Zahid.

Ahmad said efforts to introduce the subject would help curb scams and lower the number of fraud victims.

The decision to introduce the subject for Sijil Pelajaran Malaysia (SPM) would ensure the 500,000 students who take the exam annually would benefit from it, as opposed to only around 40% who take the Sijil Tinggi Pelajaran Malaysia or enrol in diploma or bachelor’s programmes, he said.

“Imagine if the 60% who only had SPM qualifications also had financial knowledge and entrepreneurial skills. It will help them from feeling pressured when looking for jobs and they will be able to manage their finances well,” Ahmad said. – Bernama, October 29, 2023.