SC sets up behavioural analysis unit to boost financial literacy
KUALA LUMPUR: The Securities Commission (SC) has enhanced its structure by setting up a behavioural analysis unit under its Consumer and Investor Office (CIO) to improve financial and investment literacy among the public, especially the youth.
Chairman Tan Sri Ranjit Ajit Singh said this involved longterm behavioural changes inspired through multifaceted and coordinated initiatives sustained over a period of time.
“TN50 (Transformasi Nasional 2050) initiatives were introduced to pave the way for Malaysia to be among the top countries in the world in economic development, societal progression and innovation.
Undoubtedly critical to the success of this aspiration is the financial well-being of Malaysian citizens.
“As TN50’s five key themes are centred on drawing upon the aspirations of our youth for nationbuilding. Financial literacy among our future leaders cannot be overly emphasised,” he said at the launch of InvestSmart Fest 2017, here, yesterday.
“In the span of less than two years, it was reported that more than 500,000 Malaysians fell victim to scams. In view of this, it is critical for investors to take the necessary precautionary measures in order to prevent falling victim to these malicious schemes,” he added.
To ensure the cohesive development of Malaysia’s financial and investment literacy programmes, Ranjit said the SC and Bank Negara Malaysia were cochairing the Financial Education Network to develop the National Strategy for Financial Literacy.
“As the National Strategy is geared to address financial and investment literacy needs within all segments of society, key agencies including Permodalan Nasional Bhd, the Employees’ Provident Fund, Education Ministry and the Higher Education Ministry were also involved in the formulation of the strategic priorities and action plans,” he said.
The National Strategy for Financial Literacy is expected to be launched in the first quarter of next year, he added.
The three-day InvestSmart Fest 2017, which will end tomorrow, aims to promote financial and investment literacy in order to enhance investor empowerment.
Ranjit said the event had over 65 participating organisations, including financial market institutions, associations, industry players and relevant government agencies.
He expects 20,000 attendees at the event.
Since the launch of InvestSmart back in 2014, Ranjit said the SC had reached out to over one million Malaysian’s through seminars, roadshows and engagement with community leaders nationwide.
“The use of digital channels such as websites, Facebook page and mobile application has allowed SC to also reach out to tech-savvy and younger Malaysian demography,” he said. Amir Hisyam Rasid