New law a boon for consumers

PROTECTING vulnerable consumers who take on credit without understanding the consequences or the impact on their personal finances is a positive step, as financial literacy among Malaysians remains insufficient despite some progress.

According to the Financial Capability and Inclusion Demand Side Survey 2024 conducted by Bank Negara Malaysia in the third quarter of last year, financial literacy levels have not significantly improved since 2021. The survey covered financial knowledge, behaviour and attitudes.