Financial education to be introduced in school soon

The Star

By LOH FOON FONG
foonfong@thestar.com.my

KUALA LUMPUR: Financial education will be incorporated into the school curriculum in stages from next year.

Bank Negara assistant governor Abu Hassan Alshari Yahaya said the central bank, in a collaboration with the Education Ministry, would introduce it to Year 3 students next year and secondary school students from 2017.

“Part of the financial education elements have been introduced this year in Bahasa Malaysia and Maths subjects, ahead of the targeted date,” he said during the launch of the Financial Literacy Month yesterday.

Abu Hassan said financial education needed to be inculcated continuously from a young age to adulthood to help instill discipline and increase their financial management skills.

He said the curriculum would cover money management, planning, savings and investments, credit and debt management and insurance.

Abu Hassan said that parents should not rely only on the school curriculum for their children to be prudent with their finances as they should share the responsibility.

Between January and August, the number of consumers going to Bank Negara for financial advice and information went up from 264,306 to 290,696, a 10% increase, compared to the same period last year, he said.

Total complaints reduced from 5,824 cases to 5,661, he added.

“This means that consumers are now taking positive steps to know and understand their rights and responsibilities on financial products and services,” he said.

Since 2008, Bank Negara had received 1.4 million enquiries and complaints from individuals and entrepreneurs at an average of 1,700 a day.

Asked to comment on the Auditor-General’s Report 2013, Abu Hassan said the Government must continue to play its role and instil discipline among its staff in spending.

“What is important here is enforcement,” he said.

Meanwhile, Fomca’s research arm Consumer Research and Resource Centre found in a survey that many young Malaysians were living beyond their means.

Their personal debts were too hight and they had too little savings, Fomca president Datuk Dr N. Marimuthu said.