PENANG Chief Minister Chow Kon Yeow has emphasised the critical role of financial literacy in helping Malaysians navigate the rising cost of living, describing a solid understanding of prudent money management as a key safeguard against economic pressures and financial risks.
Speaking at the Smart Finance Literacy Carnival at Queensbay Mall in George Town, Chow highlighted that the phenomenon of inflation, particularly in food prices, is a global trend and that a population equipped with monetary knowledge is better positioned to manage its impact.
"A strong comprehension of prudent finance through the understanding of monetary literacy is paramount in an effort to rein in living costs rise," he said, praising Bank Negara Malaysia for partnering with private financial institutions to raise public awareness on the subject. "It is relevant because it can also help shield them from adverse financial risks."
Chow stressed that financial literacy should reach all segments of society, including students, factory workers, traders, retirees and housewives.
"If society can cut losses from financial risks including scams, it would help the country muster a stronger economic growth," he said, highlighting the economic and social benefits of widespread financial knowledge.
The Chief Minister also noted the state’s close collaboration with Bank Negara in developing fintech initiatives, promoting e-banking, and supporting anti-scam campaigns.
He linked the drive for financial literacy to Penang2030, the state’s long-term vision for a cosmopolitan smart city prioritising quality living, wellness, and sustainable practices.
"Penang will continue to advocate for cashless transactions among its local authorities, agencies and departments because it is easier, safer and transparent," Chow added. "It can also guard against corruption."
Meanwhile, Bank Negara Malaysia Governor Datuk Sri Abdul Rasheed Ghaffour described the carnival, which was held across 100 locations targeting the working class, as an initiative to empower citizens with financial skills.
He acknowledged that while the national economy remains stable and competitive, many Malaysians continue to struggle with living cost challenges.
"Having financial literacy can help them address such concerns and to think long-term, as well as to make wise savings," Abdul Rasheed said. - November 16, 2025
