The Muamalat Newsletter Vol. 2 2024

FEM eNewsletter | December 2024 87 budgeting games or saving challenges, can foster a deeper understanding of financial principles. By making financial education interactive and applicable to their lives, students are more likely to grasp complex concepts and appreciate their significance. Moreover, involving parents in these educational initiatives can create a supportive environment at home, reinforcing the lessons learned in school. Workshops that engage parents and equip them with tools to discuss financial matters with their children can further enhance the impact of financial literacy programs. Addressing the challenges of financial literacy among young Malaysians cannot be accomplished in isolation; it truly takes a village to raise a child. This collaborative effort is vital, as each stakeholder plays a unique and essential role in shaping a child’s understanding of financial principles. Schools and teachers serve as frontline educators, providing foundational knowledge and practical skills that children can apply in their daily lives. However, their efforts must be complemented by active involvement from parents, who reinforce these lessons at home and model positive financial behaviours. Furthermore, the government plays a crucial role as the policy maker, responsible for developing curricula that reflect real-world financial scenarios and needs. It is imperative that educational programs are not overly theoretical, as the aim is not to create financial experts overnight, but rather to equip young individuals with the practical skills necessary for informed decision- making. By working together, these stakeholders can create a holistic educational ecosystem that empowers the next generation to navigate their financial futures confidently, ultimately leading to a more financially savvy and resilient society. Conclusion Enhancing financial literacy among young Malaysians is crucial for their financial well-being and future stability. Given the current landscape of low financial literacy rates and the challenges posed by rising education costs and consumerism, a comprehensive approach that includes revamping educational syllabuses is imperative. By prioritizing financial education from a young age and incorporating hands-on learning experiences, all stakeholders can empower the next generation to navigate their financial futures with confidence and competence. This proactive approach not only addresses immediate financial challenges but also cultivates a culture of financial awareness and responsibility that can benefit Malaysian society as a whole. References Agensi Kaunseling Dan Pengurusan Kredit. (2024, April 24). AKPK: Over 50,000 youths in debt due to credit cards, loans worth close to RM2b in total. https://www.akpk.org.my/akpk-over-50000-youths-debt-due-credit-cards-loans-worth-clo se-rm2b-total?fbclid=IwZXh0bgNhZW0CMTEAAR0kw5zHIhQZJMET11TVkharzd6bnrkpBg778-GStCNNTou-Erj8ftp2LYM_ aem_C6xCCJKkKBD42Tz5eqdRfQ&sfnsn=wa Baderol Sham, A. S. (2024, 1 September). Literasi kewangan masyarakat Malaysia membimbangkan. https://dewanekonomi. jendeladbp.my/2024/09/01/8718/ Federation of Investment Managers Malaysia. (2021). FIMM 2021 investors’ financial literacy survey on UTS, PRS and retire- ment planning. https://www.fimm.com.my/wp-content/uploads/2023/10/FIMM-Investors-Financial-Literacy-Sur- vey-2021-v2.pdf Financial Industry Collective Outreach. (2023). https://www.finco.my/finco-survey-highlights-students-lack-of-finan- cial-preparedness-for-transition-to-adulthood/ Khairi, M. L. (2024, September 21). PTPTN to take action against 430,000 defaulters [WATCH]. New Straits Times. https://www. nst.com.my/news/nation/2024/09/1108779/ptptn-take-action-against-430000-defaulters-watch Khazanah Research Institute. (March 2024). The financialization of our lives: Values and trade-offs. https://www.krinstitute. org/assets/contentMS/img/template/editor/KRI%20Report_The%20Financialization%20of%20our%20Lives.pdf RinggitPlus. (2023). Ringgit Plus Malaysian financial literacy survey 2023. https://ringgitplus.com/en/blog/wp-content/up- loads/2023/10/RMFLS-2023-Survey-Report-FINAL.pdf Securities Commission Malaysia. (2022). Youth capital market survey a Malaysian perspective. https://www.sc.com.my/api/ documentms/download.ashx?id=9f1ac661-f250-4b0d-8706-c45cbac9906e Varatharaja, M. (2024, 1 October). BNPL prevalence among young adults, low level of financial literacy worrying - Amir Hamzah. https://theedgemalaysia.com/node/728605