He cited the example of the BNM-organised Financial Literacy Month in October to increase the financial literacy of people from all walks of life, saying that it allows the community to get financial planning consultation from licensed financial planners for free. According to Tengku Zafrul, the government is putting an emphasis on the financial well-being of youth, especially in Budget 2022 tabled on Oct 29. Among the factors that would determine their success is financial literacy, apart from financial socialisation, self-control and financial technology (fintech), he said. He said the strongest emphasis should be given on positive financial behaviour, which is the most critical determinant of financial well-being. “Therefore, financial literacy will help them in making the right decisions to ensure their financial well-being,” he added.

Source: The Edge Markets November 13, 2021 11:28 UTC