“Don’t just depend on govt to drive financial education”

23 Jul 2019 / 14:53 H.

KUALA LUMPUR: The private sector should take the initiative to provide financial education in the workplace and not rely on the government to drive financial literacy, said Fi Life Sdn Bhd founder Malek Ali.

“Employers should be the first line of defence when employees face financial distress,“ he said at a forum during the launch of the National Strategy for Financial Literacy 2019-2023 today.

He said financial literacy is needed within the workplace and companies can collaborate with associations such as the Financial Planning Association of Malaysia (FPAM) to offer various financial education programmes to employees.

He said it is important to have financial education for Malaysians at all stages of life, from school, college and at the workplace, as financial management is different at various stages.

Emeritus Professor and director of Social Wellbeing Research Centre at University of Malaya Datuk Dr Norma Mansor said financial education should begin at an early age, citing England as an example where financial education begins at age three.

She said this would be more effective in inculcating the right mindset and habit towards sound financial management.

She added that all stakeholders including parents, schools and the government must play their roles in order to improve financial literacy among Malaysians.

email blast