KUALA LUMPUR – In regards to confronting the post-COVID-19 challenges, the lack of financial literacy cannot be ignored as one of the roots of continued poverty. In order to help resolve this critical issue, Malaysia Literacy in Financial Education Association (MyLIFE), Max Capital Management, Money Compass Media, uLearnMONEY, and Celik Wang organised one of the most anticipated forums within the financial thought leaders and researchers in the ASEAN region, the MyLIFE ASEAN Financial Literacy Forum 2021 on October 28 via Zoom.
With the theme of ‘Financial Literacy in the Time of Pandemic, What Lessons Have We Learnt’, the forum aimed to encourage a discussion among the thought leaders and researchers on the issue of financial literacy in order to attain the sustainability goals of UNESCO. The target audience is inclusive of education institutions, financial institutions, regulators, social entrepreneurs, researchers, university lecturers, and students who are strongly concerned with the subject.
“Social changes can only happen through better understanding, raised knowledge and ethical practice. Admittedly, this is no simple task but the rewards are gratifying as it stands to elevate ASEAN’s approach towards a better understanding when it comes to financial literacy, particularly amongst the younger generation,” said Dato’ Sri Ramachandran, Senior Eminent Advisor of MyLIFE.
“As the Senior Eminent Advisor of the Malaysian Literacy in Financial Education Association (or better known as MyLIFE), I believe today’s forum will create a positive impact towards nation building as well as being a good platform to find solutions on how to empower ASEAN citizens by elevating their financial knowledge,” he added.
The honorable speakers of the forum included Professor Ts Dr. Saravanan Muthaiyah, Professor attached to Multimedia University Malaysia, Dr. Shaista Wasiuzzaman, Assistant Professor at the School of Business of Universiti Teknologi Brunei, Dr. Nguyen Thi Phuong Lan, senior lecturer at the Faculty of Management of Multimedia University, Cyberjaya campus, Dr. Wan Rasyidah Wan Nawang, senior lecturer at the Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia (USIM), Dr. Nur Shuhada Kamarudin, lecturer at the Faculty of Economics and Muamalat and an Associate Member with the Financial Planning Association of Malaysia (FPAM), Dr. Budi Santoso, Rector of Indonesia International Institute Of Life Sciences, Mr. Loh Siew Meng, professional coach at Manipal International University, Mr. Subramaniam Munusamy, Program coordinator of Foundation in Business Studies at Manipal International University, Adj. Prof. Ts. Max Shangkar, CEO of Max Capital Management, and Ms. Amy Seok, Founding Chairman of MyLIFE.
The topics of the forum were based on the impact and challenges to ASEAN countries (Malaysia, Myanmar, Vietnam, Indonesia, Brunei, Singapore) in various scenarios, e.g., retrenchment, unemployment, and business closure. The speakers emphasised what action the countries and communities have taken and should take in respect to elevating financial literacy and sustainability of financial well-being amidst the ongoing economic inflation and depression.
The moderators of the forum initiated discussions on the impact related to various aspects of communities and highlight why the public requires financial literacy education as a survival skill. They also touched on the suggested implementation of 5W1H actions on the unemployed and retrenched groups, fresh graduates, the youth, affected businesses, B40 (low-income) group, M40 (middle-income) group, and people living in rural and urban areas.