zeti akhtar aziz : financial education initiatives in malaysia speech by dr zeti akhtar aziz, governor of the central bank of malaysia ( bank negara malaysia ), at the launch of financial lateracy in conjunction with opening of special exhibition on financial literacy, kuala lumpur, 28 september 2015. * * * ladies and gentlemen financial education has never been more important than in today ’ s environment. participating effectively in the financial system can improve the economic well being of individuals and businesses. financial education is therefore key so that members of our society will benefit from the financial system and from the new technologies that are transforming our financial landscape. it will help consumers to better understand the risks involved in managing their finances and will facilitate better financial decision making. building a generation with financial competence therefore needs to start from an early age. this has been the motivation of bank negara malaysia in the development of the pocket money book or buku wang saku for schools that was first launched in 1999. we are very honoured to have progressed this project in collaboration with datuk lat whose illustrations have made the complex subject of fundamental issues in finance appealing to school children. the universal appeal of datuk lat ’ s distinctive caricatures which are featured in the pocket money book or buku wang saku, have attracted students, teachers and parents to use it as a tool to nurture good savings habits and to encourage responsible money management among school children. his works have over the years touched on many aspects of money management as seen from the context of ordinary malaysians, leaving us with memorable and lasting impressions not only on prudent financial behaviour, but on malaysian life and society. important lessons about savings, conserving and avoiding wastage are powerfully conveyed through the remarkably creative and entertaining visuals that we have all come to know and love. true to form, datuk lat ’ s creations are unparalleled in their ability to capture the hearts of malaysians and through them, we are both educated and entertained. it is our honour to commemorate his works for such an important cause. since 1999, 15 million copies of buku wang saku have been circulated to more than 10, 000 schools nationwide to be used in promoting good financial management habits which can make a profound difference in their future financial well - being. indeed, being equipped with the knowledge, skills and tools to make sound financial decisions has never been more important in a generation where our young people have more money to spend, are presented

jessica chew cheng lian : financial advisers the future – rise of the new wave keynote address by ms jessica chew cheng lian, assistant governor of the central bank of malaysia, at the 2nd annual conference of the association of financial advisers “ financial advisers the future – rise of the new wave ”, kuala lumpur, 31 october 2013. * * * it is my great pleasure to be here this morning at the 2nd annual conference of the association of financial advisers ( afa ). this year would be the eighth year that financial advisers have been a part of the financial landscape in malaysia. as the industry looks to the future, i think it is useful to also look back to the motivations for developing financial advisers in malaysia. fundamentally, the objective was to improve the quality of advice on insurance solutions that was being provided to consumers. before financial advisers, such advice was mainly only available in this country from tied agents and this system had certain limitations in terms of incentive structures and the breadth of products that the agent could draw on to advise consumers. a second objective, and perhaps one that has not been emphasized enough, is the expectation that financial advisers would be able to help individuals and households with a broader financial outlook. this means helping individuals and households understand how insurance fits within their broader financial management strategies to grow their savings, manage risk and meet specific financial goals. growth potential and opportunities over the last three years, the financial advisory industry saw total premiums transacted increase by an average annual growth of 21 %. while this is from a low base, the industry is on a sustained growth trajectory, which suggests that financial advisers are adding value and successfully distinguishing themselves from alternative channels for the distribution of insurance offerings. we are pleased to see a further three new financial advisers added to the industry this year. the industry has only begun to scrape the surface in harnessing the potential that exists for financial advisers to make a substantial contribution in helping malaysian households improve their financial management and prepare for income shocks. this potential is striking. every year, more than two million life and family takaful policies are sold, 69 % of this by tied agents. more than 40 % of the malaysian population still do not have any form of insurance, and a large proportion of those who do are likely to be significantly under - insured. this is supported by a recent study commissioned by bank negara malaysia which found that 79 % of more than 1, 000 respondents surveyed did not have enough financial buffers to sustain living expenses beyond 3