) has shown that the impact of financial education strategies depends bis central bankers ’ speeches on the ability to effectively combine broad - based and targeted strategies, and having a wellcoordinated approach that relies on multiple channels to reach different groups. financial education is also a lifelong endeavour, from encouraging children to save their pocket money to helping adults attain financial security and independence for their old age. in supporting the inclusion agenda, financial education initiatives in malaysia are designed as an important life skill, where consumers are exposed to knowledge on financial management during the different periods in their life. an increasing trend is for financial capability to be promoted from an early age through the integration of financial education into the formal school curriculum that covers basic money management, spending and savings, credit and debts, e - payments, financial risk management and consumer responsibilities. for the youth and adult segments of the population, malaysia has also adopted a life event approach to the development and delivery of financial capability programmes. this is reinforced by a dedicated focus on the vulnerable segments of the society, such as how to plan for retirement, the importance of living within one ’ s means and behaviours that can lead one into high indebtedness. these programmes are delivered to consumers in the workplace and colleges. our collaboration with employers has proven to be particularly effective in delivering financial education on responsible financial management. under this approach, strategic alliances have been forged by the credit counselling and debt management agency with more than 200 organisations in malaysia to deliver financial capability programs at the workplace. equal emphasis is given to developing the enabling infrastructure to support the effective delivery of financial capability initiatives. in malaysia, the meaningful access to financial education contents and tools, a rigorous assessment framework and an effective partnership that involves the government, educators, non - governmental organisations and the financial industry form the vital components of the enabling ecosystem to support the overall financial education strategies. in many instances, changes in consumer behaviour are needed for the intended benefits to be realised. in malaysia this is the case in the efforts to promote e - payment as a means of improving economic efficiency, productivity and competitiveness. central to this agenda has been the implementation of various financial education initiatives to encourage changes in consumer behaviour and to inspire confidence in the use of e - payments. financial education has had a critical role in equipping consumers with knowledge to utilise e - payments responsibly, and to help consumers protect themselves from risks of financial scams that exploit specific vulnerabilities associated with online payment platforms. financial

providing convenient access to meet the changing consumer preferences. it is recognised however that economic growth and development, no matter how stellar, will begin to fade when inequality sets in and when income disparities widen. balanced growth is therefore an important imperative if socio - economic progress is to be achieved and if conditions that limit opportunities for employment and which deepen inequalities of income and wealth are to be avoided. for several emerging economies, such conditions are reflective of the growing phenomenon of the urban poor, with significant implications for social stability and balanced growth. to address this, inclusive growth strategies have gained prominence in recent years among the policymakers in the region. this needs to be further reinforced by strategies targeted at preparing individuals at an early stage to be well equipped to adjust to the new economic, financial and social realities that confront them. this is where financial education has a fundamental role. a key concern in this environment is to strengthen the capability of financial consumers, in particular household and small businesses, so as to avoid being marginalised by market forces and by the disproportionate impact of the changing financial and social landscape. related to this is the need to reinforce socially responsible finance, and to address the new and growing risks of financial exclusion. sophisticated risk - profiling methods employed by financial institutions can make it more difficult for deserving individuals and businesses to bis central bankers ’ speeches qualify for financial services. among those that qualify, aggressive marketing practices and more complex financial products can also lead to poor financial decisions at a time when economic and financial reforms are also shifting greater responsibility to individuals to plan and provide for retirement and unexpected developments. marketing practices that target select groups of consumers often further deprive the broader segments of society from new products that can better meet their financial needs. the way in which financial services are delivered to consumers is also moving towards more cost - efficient channels that reduce the need for face - to - face contact. enquiries and complaints are largely handled by phone or e - mail, and usually in a highly fragmented manner by different parts of a financial institution. this can mean less effective advisory support for the vulnerable groups of financial consumers. more recently, the wider adoption of electronic channels to make and receive payments has had enormous potential for greater financial inclusion. key to this progress is the access to the relevant technology and safeguarding its security and thus gain the willingness to trust it. this will also involve the awareness of its benefits. these developments can be overwhelming to consumers and businesses who