PETALING JAYA: While Malaysians have become more financially aware since the implementation of the National Strategy for Financial Literacy 2019 to 2023 (NS1.0) as rising living costs, uncertain incomes and rapid digitalisation pose new challenges.
The Financial Capability and Inclusion Demand Side (FCI) Survey by Bank Negara found that financial literacy has remained mostly unchanged since 2021, with the Malaysia Financial Literacy and Capability (MYFLIC) Index at 59.1 (2021: 59.0).
“Nonetheless, there have been improvements observed in financial knowledge (plus 2.7), but declines were seen in the scores for financial behaviour (minus 2) and attitude (minus 0.3),” said Bank Negara.
The FCI Survey assesses the level of financial capability of Malaysians based on measures of financial knowledge, behaviour and attitude to arrive at a combined score known as the MYFLIC Index.
Bank Negara noted that the FCI Survey was conducted in the third quarter of 2024 and its scope was expanded to include assessments of financial well-being and digital financial literacy.
“This is given that issues such as rising cost of living and rapid growth of digitalisation have had a more prominent impact on financial behaviour during the survey period.
“It also assesses the financial capability of Malaysians following the implementation of the NS1.0, revealing new challenges and opportunities in building financial resilience moving forward,” the central bank said.
The rapid growth of digital financial services in Malaysia presents both opportunities and challenges.
