is an intricate and long term journey. through continuous and effective financial education, consumers would be able to improve their understanding of financial products and services, and develop skills and confidence to make informed financial decisions in their daily life. financial education would encourage consumers to better manage their finances, plan for the future and manage risks associated to financial matters. while we agree that financial education plays an important role in elevating financial literacy, engaging in financial education alone is insufficient. it is equally important that the acquired knowledge and skills are put into practice and lead to a positive change in behaviour towards a healthy financial lifestyle. to this effect, initiatives to improve financial literacy must be implemented holistically. the ultimate aim is to promote sustainable behavioural changes at all life stages. announcing the development of a national strategy for financial literacy as reflected in the theme of this conference — “ towards an effective financial education strategy in malaysia ”, i would like to share with you that work is currently underway to formulate a 5 - year national strategy to elevate financial literacy. the national strategy rests on three main thrusts – the three “ cs ” – clarity, collaboration and commitment : clarity : in terms of having a clear vision to realise financial well - being of malaysians. collaboration : financial literacy is a shared responsibility and, therefore, requires strong collaboration of all stakeholders. commitment : is towards having an outcome - oriented approach to implementation. let me elaborate on each of these thrusts. the first is “ clarity ”. we have a clear vision — to realise financial well - being of malaysians by advancing and elevating financial literacy. our vision aims to shape the society characterised by – responsible financial behaviour ; the ability to manage finances well ; and to achieve financial security. a population with a high - sense of financial well - being has the financial freedom of choice to enjoy life. financial well - being is a pre - condition for a more productive, resilient and inclusive economy. indeed, the journey to attain individual financial well - being is a journey worth taking and it will be a long journey too. thus, over the longer run, the implementation of the national strategy will be aligned to the longer term government aspiration under the finance cluster initiative of the transformasi nasional 2050 — or the tn50. i therefore welcome further views and ideas from the audience during this conference on your aspirations to achieve financial well - being of our future malaysia. 2 / 4 bis central bankers'speeches financial well - being is not about

affairs division, dealing in particular with global financial stability issues relating to the international monetary fund. some of you have already met him, and i am certain that he will be a worthy successor to thomas notheis. one final thought i would like to leave you with : our decision to have a permanent representative here in mumbai shows that the bundesbank acknowledges the importance of the indian economy and the role of its financial market in asia and the rest of the world. i strongly believe that our presence here in mumbai will deepen friendship and cooperation, not only between alexander sattler and his peers but also between the bundesbank and the reserve bank of india, and eventually between germany and india. thank you! bis central bankers ’ speeches