In Malaysia, the adoption of digital financial services has increased over the past year, but in order for the sector to reach its full potential, there’s a need to raise financial literacy levels.

Financial literacy in Malaysia is still low despite living in the new era. According to a survey conducted by Financial Capability and Inclusion Demand, 52% don’t have sufficient emergency funds set aside to cope with unexpected events, and almost half of Malaysians are not confident of having an adequate stream of income for retirement.

As financial institutions introducing new ways for the consumer to reach out to their products and services in a more convenient way such as online financial services, improving financial literacy is more important than ever due to the financial distress caused by the recent pandemic.

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