KUALA LUMPUR: Bank Negara Malaysia (BNM) plans to make its money literacy programme, called Financial Education Network (FEN) Proaktif, mandatory for the youth.
BNM deputy governor, Adnan Zaylani Mohamad Zahid, said the central bank is looking forward to working with various agencies in encouraging the youth to enrol in this programme.
"(We are planning) to make it mandatory or give them credit to undertake this FEN Proaktif financial education programme so that the youth are equipped by the time they graduate or they enter the workforce.
"This is to make sure they have sufficient financial literacy, knowledge and skills to face these financial decisions at any moment,” he said.
Adnan Zaylani said this during a panel session on the topic, "Securing Youth Financial Future: Enhancing Financial Capability”, at the Sasana Symposium 2025, hosted by BNM today.
He noted that BNM is currently awaiting responses from the respective ministries regarding its planning and added that: "We will see if the ministries will be reset before that suggestion”.
The panel session was also attended by the Minister of Youth and Sports (KBS), Hannah Yeoh, who also addressed alarming data on the number of youth involved with bankruptcy in Malaysia.
In 2024, 877 cases of youth declaring bankruptcy were recorded, compared to 727 in 2023, showing an increase of 150 cases within a year.
"If you look at the youth population, 9 million, this is a small number, but the trend is a bit scary? It is so easy to buy things and then put them on an instalment plan and then pay later, but when you start accumulating credit card debt, you pay interest, spending money that you do not have,” said Yeoh.
Thus, she said amid the growing trend, the MADANI government has amended the Bankruptcy Act, allowing bankrupt persons below 40 who have small debts to be discharged to give them a second chance. - Bernama
