BERNAMA – Malaysia’s Economy Remains Stable, Resilient

GEORGE TOWN, Nov 15 (Bernama) — Malaysia’s economy remains stable and resilient despite various global challenges, according to Bank Negara Malaysia (BNM) Governor Datuk Seri Abdul Rasheed Ghaffour.

He said just like many other countries, Malaysia is also grappling with the rising cost of living, the ever-changing job landscape and rapid technological developments that outpace people’s ability to adapt.

Therefore, he stressed that financial literacy is a fundamental skill that helps individuals to make sound financial decisions and strengthen household resilience.

“Financial knowledge helps us to evaluate our true needs, avoid excessive debts and always be prepared for emergencies.

“The Financial Education Network (FEN) is updating the National Financial Literacy Strategy 2026–2030 with the aim of not merely teaching people to keep track of their money, but also helping them to manage their finances to improve their quality of life,” he said.

Abdul Rasheed said this in his speech at the Penang Financial Literacy Carnival (KCK) in Bayan Lepas today, which was officiated by Chief Minister Chow Kon Yeow.

Regarding digital developments, he said that nine out of 10 Malaysians are currently using digital financial services, from paying their bills to purchasing insurance coverage.

However, threats such as voice phishing and deepfake facial scams, enabled by artificial intelligence, are also on the rise.

Thus, he said BNM, together with the financial industry and enforcement agencies, will continue to strengthen cybersecurity. 

At the same time, he also stressed the importance of awareness and vigilance among users, highlighting that studies show that 31 per cent of consumers spend impulsively when shopping online, which can affect their savings, leading to financial stress.

“As a preliminary measure, BNM together with Bank Rakyat, Bank Simpanan Nasional and Agrobank will implement the Just-In-Time Financial Education, especially for personal financing applicants so that their loans will be utilised wisely,” he said.

Meanwhile, Abdul Rasheed said the FEN now provides a Health Insurance and Takaful Guide on its website to help the public choose suitable protection, believing that even small steps can provide crucial support in times of need.

“In line with this effort, BNM and its strategic partners are implementing key reforms under the RESET programme to address rising medical costs and ensure Malaysia’s healthcare system remains sustainable,” he said.

Commenting on the KCK, the BNM Governor said the Financial Literacy Squad, comprising FEN members and partners, has travelled to more than 100 locations nationwide to meet with students, petty traders, homemakers, and senior citizens, conveying the message that wise financial management is a foundation of overall well-being.

The three-day carnival, which kicked off yesterday, brings financial education directly to communities through interactive exhibitions, service counters, educational talks, workshops and family-friendly activities, attracting some 20,000 visitors.

The Penang KCK marks the culmination of Financial Literacy Month 2025 (FLM2025), launched by Prime Minister Datuk Seri Anwar Ibrahim last month.

— BERNAMA

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