enhancing market discipline and promoting financial stability. financially literate consumers can collectively influence the behaviour of financial institutions to operate in a responsible, transparent and efficient manner. financial institutions would be more competitive and motivated – to provide proper advice and offer suitable products, including that can support long - term financial planning. c. successful channelling of savings into productive investment opportunities – will also promote better economic growth. greater use of financial products ; as well as prudent use 1 / 3 bis central bankers'speeches of credit among households – would promote wealth creation. a nation with a more literate population – can achieve greater financial inclusion through the access and appropriate use of financial products and services. such households would facilitate in achieving the intended outcomes of macroeconomic policies. let me focus on three areas that are relevant towards shaping a better future in the context of financial literacy : 1. first – long - term financial planning begins at young age and relevant at each key life stages. 2. second – on the individual responsibility to take charge of its own financial decisions and well - being ; and 3. third – building financial capability and enhancing literacy – is a shared responsibility. i will share the on - going collaborative efforts undertaken to raise financial literacy among malaysians. talking about long - term financial planning based on bank negara malaysia ’ s observation – there is a continuing concern – on the lack of attention to long - term financial planning among a majority of malaysians. only 40 % of malaysians are financially ready for retirement. a recent focus group discussion with retirees – shows that they would still rely on their children or purchase using credit in the event of emergency or for higher value items. this could be a result of lack of financial planning when they were younger. generally, the younger population aged between 20 – 35 years old – perceive long - term financial planning apply to a time horizon of only the next 10 to 20 years. therefore, financial education introduced from an early age and throughout life events is certainly essential. with sufficient basic financial knowledge and relevant skills – ingrained into the younger individuals ’ behaviour and attitude – they will be more prepared and empowered to lead a healthier financial lifestyle as they move into adulthood. financial education from young – serves as a firm foundation to influence behaviour for a more sustainable life - long financial planning. towards this end, bank negara malaysia, in collaboration with the ministry of education – has successfully integrated basic financial education elements into the school curriculums beginning 2014, which will be expanded to all primary

– is needed to increase the impact of financial education initiatives for the malaysian public. this motivates the establishment of the inter - agency financial education network – which was set up in november 2016. apart from bank negara malaysia, akpk and kwsp, the financial education network – also comprises representatives from the securities commission, ministry of education, ministry of higher education, perbadanan insurans deposit malaysia and permodalan nasional berhad. i believe all members of the fe network are here today to lend support to this important initiative, and potentially to further boost its impact for the benefit of malaysians. the fe network has the objective of co - ordinating and driving the national strategy for financial education in malaysia. the national strategy – will identify key target groups ; define priorities ; set measureable and realistic goals ; and conduct regular assessment on financial education initiatives. long - term financial and retirement planning would be one of the key priorities under the proposed national strategy. the collaboration between akpk and kwsp – to establish the retirement planning module is indeed timely and in line with the fe network ’ s objective. today – we have a total of 80 trainers from all over malaysia, who have completed the train - the - trainers programme by akpk and will graduate as facilitators for this module. i would like to congratulate you and wish to emphasise that you now have an important role – as change agents in creating awareness and promoting behavioural change in the long - term financial and retirement planning, among malaysians. we also have representatives from the various government and private sector agencies here today. with such a comprehensive module in place, i would like to urge all of us to implement this module as internal training packages at our organisations for the benefit of our employees, including the younger employees during on - boarding programmes. in conclusion, it is our aspiration to see a brighter future, with all malaysians being knowledgeable ; forward looking and achieve financial well - being throughout their entire life stages. hence – it is important for us to shape the future and make a difference, starting from now! on this note, i hereby officially launch the “ financial management for retirement module ”. 3 / 3 bis central bankers'speeches