KUALA LUMPUR: The Securities Commission (SC) has enhanced its structure by setting up a behavioral analysis unit under its Consumer and Investor Office (CIO) to improve financial and investment literacy among the public especially the youth.
Chairman Tan Sri Ranjit Ajit Singh said this involves long-term behavioural change inspired through multifaceted and coordinated initiatives sustained over a period of time.
“TN50 (Transformasi Nasional 2050) initiatives were introduced to pave the way for Malaysia to be among the top countries in the world in economic development, societal progression and innovation. Undoubtedly critical to the success of this aspiration is the financial wellbeing of Malaysian citizens.
“As TN50’s five key themes are centred on drawing upon the aspirations of our youth for nation building, financial literacy amongst our future leaders cannot be overly emphasised,” he said at the launch of InvestSmart Fest 2017 here today.
“In the span of less than two years, it was reported that more than 500,000 Malaysians fall victim to scams. In view of this prevalence, it is critical for investors to take the necessary precautionary measures in order to prevent falling victim to these malicious schemes,” he added.
To ensure the cohesive development of Malaysia’s financial and investment literacy programs, Ranjit said the SC and Bank Negara Malaysia are co-chairing the Financial Education Network to develop the National Strategy for Financial Literacy.
“As the National Strategy is geared to address financial and investment literacy needs within all segments of society, key agencies including Permodalan Nasional Bhd, Employees’ Provident Fund, Ministry of Education and Ministry of Higher Education are also involved in the formulation of the strategic priorities and action plans,” he said.
The National Strategy for Financial Literacy is expected to be launched in the first quarter of next year, he added.
InvestSmart Fest 2017, held from today until Sunday, aims to promote financial and investment literacy in order to enhance investor empowerment.
Ranjit said the event has over 65 participating organisations including financial market institutions, associations, industry players and relevant government agencies. He expects 20,000 attendees to the event.
Since the launch of InvestSmart back in 2014, Ranjit said the SC has reached out to over one million Malaysian’s through seminars, roadshows and engagement with community leaders nationwide.
“The use of digital channels such as websites, Facebook page and mobile application has allowed SC to also reach out to tech-savvy and younger Malaysian demography,” he said.