Many Malaysians have a lackadaisical attitude in managing their financial risks, including to face unforeseen situations, he said.

“Nearly half of Malaysians have difficulty setting aside RM1,000 for the purpose of emergencies.

“One in three Malaysians is not interested in learning about insurance and takaful,” he lamented in his speech at the Johor Financial Literacy Carnival (KCK Johor) in Kulaijaya today.

Rasheed said it was worrying that Malaysians’ financial knowledge was not growing in line with their financial management attitude and behaviour.

According to Credit Counselling and Debt Management Agency (AKPK) data, many Malaysians have to go into debt when in need of money during emergencies.

Meanwhile, one in three Malaysians is burdened with debt although most of them have a reasonable level of income, he said.

“Research has found that 37% of Malaysians share their passwords and personal identification numbers with families and friends,” he disclosed.

Rasheed said everyone must have knowledge about various financial products and their suitability — including how to manage debt.

They must also be able to assess risks and returns on investments and take steps to safeguard against becoming victims of financial fraud or scams.

“A financially literate society will be able to not only increase living standards but also contribute to national economic growth,” he added.

BNM, in collaboration with members and partners of the Financial Education Network as well as the financial industry, is organising KCK Johor from Oct 27-29 at AEON Mall Kulaijaya, Johor.

KCK Johor marks the finale of the Financial Literacy Month 2023 held throughout this month, aimed at raising awareness of the importance of financial literacy.