BNM governor Abdul Rasheed Ghaffour says the problem stems from the 'painless payment' culture, where online purchases can be done easily.
BNM governor Abdul Rasheed Ghaffour said a study has also shown that the problem stems from the “painless payment” culture, where online purchases can be done easily.
He said the central bank has roped in Bank Rakyat, Bank Simpanan Nasional, and Agrobank to provide the proposed programme, aimed at loan applicants to utilise their money wisely.
“This figure (online purchases) might seem small, but if it repeats every month, it would affect (consumers’) savings and create financial pressures,” he said during the launch of a three-day Karnival Celik Kewangan Pulau Pinang at Queensbay Mall today.
Rasheed said financial literacy is a fundamental skill that can help Malaysians think before spending, make wise financial decisions, and build household durability.
“Financial knowledge will help us assess real needs, avoid excessive debts, and prepare ourselves during times of emergencies,” he said.
At the event, he also introduced the Medical and Health Insurance/Takaful (MHIT) Guide, which is available on the Financial Education Network’s website, fenetwork.my.
This guide is designed to help Malaysians understand medical and health insurance/takaful products and make informed choices to protect their well-being and that of their families.
It also aims to increase public knowledge of MHIT offerings and support better financial decision-making.
Chief minister Chow Kon Yeow, who launched the carnival earlier, said Penang’s progress in the physical and technological realms alone is not enough, as people’s financial management capability is also important for the state’s long-term prosperity.
“A society that is financially literate not only protects its members from financial risks, but also builds the foundation for a stronger state economy,” Chow said. - FMT
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