{"id":18147,"date":"2019-11-24T19:00:00","date_gmt":"2019-11-24T11:00:00","guid":{"rendered":"https:\/\/www.comparehero.my\/blog\/uncategorized\/govt-to-create-consumer-credit-law-to-protect-borrowers.html"},"modified":"2026-03-26T16:03:06","modified_gmt":"2026-03-26T08:03:06","slug":"govt-to-create-consumer-credit-law-to-protect-borrowers","status":"publish","type":"post","link":"https:\/\/www.comparehero.my\/blog\/finance-explained\/govt-to-create-consumer-credit-law-to-protect-borrowers.html","title":{"rendered":"Highlight of Consumer Credit Law at National Strategy for Financial Literacy Launch"},"content":{"rendered":"\n

(Image credit – http:\/\/www.theedgemarkets.com<\/a>)<\/em><\/p> \n

In line with the Government’s effort to uplift the financial literacy<\/a> amongst Malaysians, Prime Minister Tun Dr. Mahathir Mohamad launched the National Strategy for Financial Literacy<\/a> 2019-2023 which sets out priorities and actionable plans to equip Malaysians with the knowledge to make informed financial decisions and to nurture healthy attitudes in financial management.<\/p> \n

He said in his speech<\/a> that financial literacy is needed within the workplace and companies can collaborate with independent financial planners<\/a> and associations such as the Financial Planning Association of Malaysia to develop various financial education programs for employees.<\/p> \n

He said it is important to have financial education for Malaysians at all stages of life, from school<\/a>, college<\/a> and at the workplace<\/a>, as financial requirements are different at various stages.<\/p> \n

The Financial Education Network (FENetwork), an inter-agency group co-chaired by Bank Negara Malaysia and the Securities Commission Malaysia had a pivotal role in crafting up this strategy. Its founding members consist of the Ministry of Education, Malaysia Deposit Insurance Corp (PIDM), Employees Provident Fund, Credit Counselling and Debt Management Agency (AKPK) and Permodalan Nasional Bhd.<\/p> \n

In a statement, FENetwork said it would be collaborating with individuals and organizations in the public and private sectors to deliver the strategy\u2019s inclusive and sustainable measures. These measures will focus on empowering individuals to manage their money wisely, to plan ahead and invest for their future, and protect themselves from financial fraud and abuse<\/a>.<\/p> \n

Meanwhile, Tun Mahathir stressed that efforts to build human capital<\/a> for financial literacy have been implemented since 2014, such as exposure provided to teachers, and he urges more such initiatives, in which the private sector collaborates with Ministry of Education to diversify these approaches.<\/p> \n

Among the activities planned under the strategy, he noted collaborative programs such as financial carnivals, \u2018Management of Personal Finance\u2019 program for civil servants (offered through the e-learning portal), and more.<\/p> \n

The National Strategy for Financial Literacy 2019-2023 has five strategic priorities:<\/p> \n

Strategic Priority 1: Nurture values from young<\/u><\/strong><\/p> \n