The National Financial Literacy Symposium 2024 emphasized the importance of inclusive financial education for vulnerable communities, with a focus on empowering low-income groups, women, and gig workers. The event featured 42 research submissions, with discussions highlighting the role of financial literacy in improving economic stability and reducing poverty.
7 October 2024 – The National Financial Literacy Symposium 2024 (NFLS 2024), held from 2 to 3 October at Sasana Kijang, Kuala Lumpur, brought together key stakeholders to address inclusive financial well-being. Organized by the Financial Education Network (FEN) in collaboration with the Malaysian Economic Association (MEA), this year’s symposium centered on enhancing financial literacy, particularly for vulnerable communities, and emphasized bridging academic research with practical solutions.
In his keynote address, Bank Negara Malaysia’s Assistant Governor Suhaimi Ali highlighted the transformative impact of financial education on low-income households and persons with disabilities. He stressed the need for financial education to be paired with consumer protection to achieve meaningful financial inclusion. “Empowering vulnerable groups through financial literacy is critical, but it must go hand in hand with fair treatment to truly make a difference,” Suhaimi said.
Mohamad Hafiz Kassim, Chief Financial Officer of the Employees Provident Fund (EPF), echoed the sentiment, underscoring the collective responsibility of society in promoting financial well-being. “Financial literacy is not only about knowledge; it must be inclusive and actionable, especially for marginalized groups such as rural populations, women, gig economy workers, youth, and retirees,” Hafiz remarked.
Agensi Kaunseling dan Pengurusan Kredit (AKPK) CEO, Azaddin Ngah Tasir, emphasized the importance of financial literacy for the sustainability of microenterprises, noting that financially literate entrepreneurs are better equipped to make informed decisions and explore viable alternatives for growth.
The two-day symposium featured plenary sessions and research paper presentations, with local and international experts contributing to discussions on financial consumer behavior, over-indebtedness, and the role of digitalization in financial education. Of the 42 research papers submitted, eight were shortlisted, and awards were presented to the top three. The winning papers included topics on retirement well-being, over-indebtedness, and financial wellness among young adults.
An engagement session was also held with Yayasan MySDG and over 50 representatives from NGOs and social enterprises, aimed at fostering collaboration and addressing financial inclusion gaps within vulnerable communities.
The NFLS 2024, co-hosted by Bank Negara Malaysia, EPF, and AKPK, is part of FEN’s Financial Literacy Month 2024 and brought together policymakers, researchers, practitioners, and NGOs to explore innovative strategies for promoting financial literacy across Malaysia.
