Shape Your Future #FitFinances a crucial platform for enhancing youth financial literacy
by Jude Toyat · Borneo Post OnlineLUNDU (Nov 16): The Shape Your Future #FitFinances programme, organised by the Malaysian Takaful Association (MTA) in collaboration with the National Credit Counseling and Management Agency (AKPK), serves as a crucial platform for enhancing financial literacy among Malaysian youths, said Anielia Siam.
The Deputy Permanent Secretary of the Ministry of Education, Innovation, and Talent Development shared insights from a study conducted by the Institute for Youth Research Malaysia (IYRES) using the Malaysian Youth Index (IBM) in 2022.
The study revealed that financial literacy among Malaysian youths aged 15 to 30 was moderately satisfactory, with a national score of 62.7 per cent.
However, by 2023, the Financial Literacy Indicator had risen to 77.2 per cent, reflecting an impressive 20 per cent improvement.
“Programmes like this are indeed crucial in accelerating and nurturing financial literacy skills among our younger generation.
“The Economic Domain achievements for Malaysian youth in 2023 also involved improvements in financial security, debt freedom, and employability, with each reaching nearly 40 per cent, 25 per cent, and 50 per cent, respectively.
“The youth unemployment rate has also decreased by more than 120 per cent,” she said.
Anielia, who was representing Minister of Education, Innovation and Talent Development Dato Sri Roland Sagah Wee Inn, was speaking at the closing ceremony of the Shape Your Future #FitFinances 3.0 programme at the Pusat Latihan Kenegaraan Sampadi here today.
Sarawak was selected to host the closing event after the programme had previously been held in Terengganu, Kelantan, and Pahang.
A total of 150 students from six vocational colleges across the state, including Kolej Vokasional Bintulu, Kolej Vokasional Kuching, Kolej Vokasional Matang, Kolej Vokasional Miri, Kolej Vokasional Sibu, and Kolej Vokasional Betong, participated in this year’s programme.
Now in its third year since its inception in 2022, the programme aims to provide students with valuable exposure to financial management education and highlight the importance of Takaful protection.
Anielia further stressed the importance of exposing students from the Technical and Vocational Education Training (TVET) stream to financial management knowledge.
She reflected on how the TVET sector, once seen as a provider of secondary job opportunities, now competes alongside academic sectors in generating employment.
“Now, TVET is on the rise, especially in Sarawak, where we are pushing towards a green economy. This means there is a demand for mechanics who can repair electric vehicles (EVs), and more people are buying EVs, among others. TVET offers many bright career paths.
“It is essential to manage financial resources well, just like a family would manage its finances to ensure sustainability. Without financial discipline, we wouldn’t be able to offer opportunities like free tertiary education in 2026,” she said.
“Financial literacy is a fundamental skill for everyone, regardless of the career path they choose. Without good financial management, one could end up trapped in a cycle of debt, which takes away financial freedom.
“Embrace financial literacy as a basic life skill, practise it from an early age, whether through saving or managing personal finances. This discipline will help you avoid unnecessary debt and build a stable financial future,” she added.