Budget 2023: More needed to educate people on scams, financial literacy, says Fomca

PETALING JAYA: While the setting up of the National Scam Response Centre is good, more work needs to be done to educate people on scams and financial literacy, says the Federation of Malaysian Consumer Associations (Fomca).

"There is a need to create awareness and educate people across all age groups on the various types of scam tactics," said Fomca secretary-general and chief executive officer Datuk Paul Selva Raj.

"Financial education is especially important for young people, as they are more likely to rack up high debt and spend beyond their means," he said.

Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz had announced in his Budget 2023 speech that a National Scam Response Centre would be established and start operation this month, acting on reports received by blocking the accounts and taking action against perpetrators.

He also said a platform would be created for the public to report any account or number suspected of being used by scammers.

Meanwhile, Paul said the Jualan Murah Keluarga Malaysia, a programme to sell essential goods and food supplies at cheaper prices, should be expanded to more locations including urban areas.

"It is especially important to include urban areas, where the cost of living is high and the people's income is low. If people can buy raw ingredients and cook their own food, that would help them with their finances," he said.

Paul expressed hope that the boost for the healthcare sector would make the healthcare system more accessible and efficient, as the system is currently overwhelmed.

Tengku Zafrul announced that the Health Ministry would be getting a RM36.1bil allocation next year, compared with RM32.4bil this year.