Malaysia’s central bank launched its flagship Karnival Celik Kewangan (Financial Literacy Carnival) in Tawau on Saturday, as part of a broader push to strengthen financial resilience among underbanked communities.
The event was officiated with opening remarks by Bank Negara Malaysia (BNM) Deputy Governor Adnan Zaylani Mohamad Zahid at Eastern Plaza.
In his address, Adnan underscored the urgency of financial literacy amid rising living costs, global economic uncertainties, and rapid digitalization.
He said financial knowledge is now a fundamental life skill and not merely an added advantage, stressing that even small financial decisions can have long-term implications on the stability of households and communities.
Recent findings from the Financial Capability and Inclusion Demand Side Survey (FCI 2024) showed that 71% of respondents in Sabah were unable to raise RM1,000 in an emergency, indicating weak financial buffers.
In response, BNM deployed its Skuad Celik Kewangan across nine locations in Sabah, including Lahad Datu, Kunak, and Pulau Bum Bum, to deliver on-the-ground financial education.
The carnival brought together government agencies, financial institutions, NGOs, and community leaders to deliver practical insights on budgeting, savings, takaful, investments, and retirement planning.
The program also highlighted the risks of impulsive digital spending and cyber scams associated with the growing adoption of e-wallets and online financial services.
Adnan warned of the “painless payment” phenomenon, where frictionless digital payments may lead to unchecked spending. He also noted that many consumers were unaware of basic cybersecurity practices, such as using secure PINs and recognizing fraud tactics.
The event also emphasized the lack of social protection among informal workers. Agencies including EPF and SOCSO were on-site to offer information on available retirement and insurance schemes.
FEN’s Proaktif initiative, aimed at final-year university students, was also featured as a preventive measure to help graduates avoid debt traps and build responsible financial habits early on.
Adnan closed his remarks by calling financial literacy a shared responsibility and a strategic investment in building a resilient, informed, and empowered Malaysian society.
