Early financial education key to creating financially savvy society

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A visitor being consulted at the TBK booth during the AMBD Financial Showcase in conjunction with National Savings Day at the Mall, Gadong. Image: Ridhwan Kamarulzaman

Azrina Zin
BANDAR SERI BEGAWAN

Providing early financial education to Bruneians is crucial in promoting the savings culture and teaching the public how to invest, industry players said today.

Financial institutions have in recent times observed that Bruneians are beginning to show better understanding on financial management but are still lacking fundamental investing knowledge.

Hjh Nurul Akmar Hj Md Jaafar, Head of Retail Banking of BIBD said even though there is an increase in financial literacy among young professionals, “there are still young people who do not have adequate financial capabilities.”

A visitor being consulted by BIBD’s Head of Retail Banking Hjh Nurul Akmar on the BIBD Aspirasi Certificate of Deposit at the BIBD booth during the AMBD Financial Showcase in conjunction with National Savings Day at the Mall, Gadong. Image: Ridhwan Kamarulzaman

“One of the reasons why people don’t save enough for retirement is that they are not taught about saving at an early age”, she told The Bruneian.

“By educating our children at a young age about the importance of financial literacy, we may be able to start addressing that issue,” she added.

Rayyand Rosland, Relationship Manager at Standard Chartered Brunei, said while most people know the importance of saving and managing money, “not everyone understands investment”.

“Standard Chartered not only encourages people to save but also to grow their money,” he added.

Visitors trying the financial game at the Standard Chartered Bank booth during the AMBD Financial Showcase in conjunction with National Savings Day at the Mall, Gadong. Image: Ridhwan Kamarulzaman

He suggested that investing for retirement at an early age will pay large amount of dividends and rewards in the long run.

“Starting at a grassroot is impactful and important, especially given the time value of money” said Siti Aminah Haji Abdul Rahman, Assistant Manager Wealth Management & Bancassurance of Baiduri Bank.

She also emphasised the importance of financial healthcheck and investment.

The ongoing Financial Showcase will help educate Bruneians on investing and improve their overall financial management skills, industry players said yesterday.

Visitors being consulted at the AMBD booth during the AMBD Financial Showcase in conjunction with National Savings Day at the Mall, Gadong. Image: Ridhwan Kamarulzaman

The Autoriti Monetari Brunei Darussalam (AMBD) is intensifying efforts to promote financial literacy among Bruneians by organising a Financial Roadshow.

The two-day financial showcase, held at The Mall in Gadong, is organised for the second time in conjunction with National Savings Day.

The central bank believes that the event can provide a platform to educate Bruneians on financial planning and management that ultimately leads to the creation a financially literate generation.

Visitors being consulted at the TAP booth during the AMBD Financial Showcase in conjunction with National Savings Day at the Mall, Gadong. Image: Ridhwan Kamarulzaman

The event introduces visitors to a wide range of games and activities that are targeted towards children to help them better understand the concept of saving.

The showcase, which ends today, also provides an opportunity for consumers to compare financial products and to conduct financial health checks.

The Bruneian