Ranjit: Knowledge needed to manage financial resources

PETALING JAYA: Malaysians need to possess the necessary skills and knowledge to effectively manage their financial resources in order to achieve financial well-being, said Securities Commission (SC) chairman Tan Sri Ranjit Ajit Singh.

This, he said, includes the ability to make sound investment decisions, build and manage wealth, and adequately prepare for retirement.

Speaking at the opening of the InvestSmart Fest 2017, Ranjit also stressed on the importance of financial literacy among the youths, as the country’s future leaders.

“In this regard, SC’s investor education initiatives for developing financial and investment literacy among school children, college and university students is aligned with the government’s vision in developing our next generation of investors.

“Improving financial and investment literacy involves long term behavioural change – change that is inspired through multi-faceted and coordinated initiatives sustained over a period of time,” he said. Therefore, he said, the SC had enhanced its structure by setting up a behavioural analysis unit under its Consumer and Investor Office. In order to widen its reach, he said the SC also leveraged the use of its digital channels and social media influence such as the InvestSmart® website, Facebook page and mobile app. “The use of these social media tools has been well received and has garnered encouraging response from Malaysian youth - a significant demographic which remains a key focus of SC’s investor education priorities,” he said.

Ranjit added that the SC and Bank Negara were also co-chairing the Financial Education Network to develop Malaysia’s National Strategy for Financial Literacy to ensure the cohesive development of the country’s financial and investment literacy programs.

The three-day InvestSmart Fest, which ends tomorrow is an annual event aimed at promoting financial and investment literacy in order to enhance investor empowerment.