KUALA LUMPUR (Oct 3): Minister of Finance II Datuk Seri Amir Hamzah Azizan has called on financial institutions from the private sector to work with government agencies on promoting awareness and basic knowledge of finance to the public.

Improving financial literacy among the public will have profound long-term economic implications, including a more resilient workforce, a more financially secure population, and ultimately, stronger contributions to the national GDP, Amir Hamzah said.

“Financial literacy is not just about knowing how to save or invest; it is about understanding the intricacies of managing finances to build long-term security. By equipping individuals with this essential knowledge, we provide them with a foundation for economic stability and growth,” he said at the launch of FWD Insurance Bhd’s financial literacy initiatives.

“Let us build a Malaysia where financial literacy is not merely an aspiration but a reality for every citizen. By doing so, we will secure a brighter, more financially inclusive future for Malaysians,” Amir Hamzah added.

Citing data from Bank Negara Malaysia, Amir noted that 54% of the Malaysian population has less than three months’ worth of savings if faced with a loss of income.

This alarming statistic highlights a significant gap in financial preparedness. The solution, he said, lies in raising awareness and providing financial education to all Malaysians. 

As such, the minister reiterated that public-private partnerships are pivotal in expanding the reach and impact of financial literacy initiatives.

“As a member of the Financial Education Network and Financial Industry Collective Outreach (Finco), FWD can play an active role in creating awareness in financial literacy especially among the school children and youths,” Amir said. 

“Through such collaborations, we are not only ensuring equitable access to financial knowledge but also fostering an environment where individuals and businesses alike can thrive,” he added.

Earlier, FWD announced a slew of initiatives — partnering with local organisations — as part of its strengthened commitment to improve financial literacy in Malaysia.

The insurance provider is collaborating with Bank Simpanan Nasional (BSN), together with education group Little Tauke, for the ‘Know Your Money’ programme, expected to benefit 5,000 students by 2026 by organising workshops across 100 primary schools nationwide to educate students on basic financial knowledge.

FWD, together with Arus Academy, will also launch the ‘Fun(d) for Uni Life’ initiative starting with five universities, which is aimed to benefit a total of 10,000 people in Malaysia by 2026. Participants of the programme will join a bootcamp targeted for financial coaching. Upon completion of the initiative, the participants will continue to receive mentorship support over six months, FWD said.

The Hong Kong-headquartered insurance provider also expanded the group’s financial literacy programme ‘JA SparktheDream’ to Malaysia. The programme aims to promote economic and social inclusion among lower secondary school students and nurture financial awareness locally.

With this addition, the programme is now available across eight markets: Malaysia, Hong Kong, Indonesia, Japan, Philippines, Singapore, Thailand and Vietnam.

“Each initiative is designed with measurable goals to assess impact and adapt through continuous feedback. Although these programs focus on younger demographics, there is an indirect benefit to older generations through family learning,” FWD chief executive officer Aman Chowla told reporters after the launch.

“FWD remains committed to supporting financial literacy growth and will continue to explore new partnerships and opportunities,” he added