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

of the new environment. this may involve significant changes to the governance arrangements, the empowering legislation, the skills required, the role of communications, the human capital management and development and the organisational culture. indeed, capacity building is a further robust area of collaboration in the asian region. going forward, asia ’ s participation in the global economic and financial system is set to increase exponentially. as the countries of the region connect with each other and the rest of the world, there is every reason to hope for a better future of sustained stability and enhanced growth prospects for the benefit of the regional and world economy.