BNM establishes financial education network

PETALING JAYA: Bank Negara Malaysia (BNM) has set up a financial education network to improve financial literacy among Malaysians.

In a statement yesterday, the central bank said it serves as an inter-agency platform to increase the impact of financial education initiatives and identify new opportunities for improving financial literacy among the Malaysian public through greater alignment, closer collaboration and a strong focus on impact assessments.

Members of the network are BNM, Credit Counselling and Debt Management Agency, Securities Commission Malaysia, Malaysia Deposit Insurance Corp and the Employees Provident Fund.

BNM said that the financial education network will work with relevant government ministries, industry associations, consumer groups and other key stakeholders to deliver, monitor and measure financial education initiatives under a coordinated national strategy.

“The financial education network will play an important role in harnessing the resources and creative energy currently directed at financial education across different agencies to maximise their collective impact, while encouraging adequate coverage of target groups.

“This is extremely important to support the individual’s wellbeing and financial health of Malaysian households,” said BNM governor Datuk Muhammad Ibrahim.