Better Financial Literacy Education Needed Deputy Minister

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Financial literacy efforts still need a lot of improvement, especially at the school level, said Deputy Finance Minister I Ahmad Maslan.
He said he hoped a ‘Finance and Entrepreneurship’ subject could be introduced, especially in secondary schools.
This is so that youths get the opportunity to be educated and gain exposure to finance management and entrepreneurship before completing SPM, he added.
“In a cabinet committee meeting on youth a few months ago, chaired by (Deputy Prime Minister) Ahmad Zahid Hamidi, the Finance Ministry officially recommended the proposal that entrepreneurship education should be started in secondary school so that eventually, youths who only have SPM, consisting of 60 percent of them, can have a better livelihood.
“If there is no financial knowledge and financial health, those who only have SPM will earn a low salary and end up in the B40 group,” he said today.
Ahmad was speaking at the Financial Literacy Programme ‘Kembara Bijak Wang 2023’ (KBW2023) in Kuala Lumpur.
Between 400,000 and 500,000 pass the SPM every year, he said, adding that only 40 percent will further their studies by taking STPM (Sijil Tinggi Persekolahan Malaysia), studying at vocational or technical schools, or pursuing a diploma, degree, and above.
He said if the youth have knowledge of finance and entrepreneurship, there could be a nation of entrepreneurs who would achieve financial independence.
He thus hoped the National Strategy for Financial Literacy (2019-2023) would continue to increase financial literacy among the people, especially the youth, and promote responsible financial behaviour and a positive attitude towards financial management.
The KBW2023 programme, organised for the fourth time since 2019, is a collaboration between the Credit Counselling and Debt Management Agency (AKPK) and HSBC Malaysia.
The programme is aimed at improving financial literacy by taking a digital approach and offering activities as well as fun challenges and experiences.
This year’s programme involved 3,202 students from local universities, polytechnics, community colleges, and the MySkills Foundation.
- Bernama

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