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First Meeting Of The National Financial Literacy Council
His Royal Highness Prince Haji Al-Muhtadee Billah ibni His Majesty Sultan Haji Hassanal Bolkiah Mu'izzaddin Waddaulah, the Crown Prince and Senior Minister at the Prime Minister's Office arrives at the first National Financial Literacy Council.
November 15th, 2017 | 09:10 AM | 1106 views
BANDAR SERI BEGAWAN
His Royal Highness Prince Haji Al-Muhtadee Billah ibni His Majesty Sultan Haji Hassanal Bolkiah Mu'izzaddin Waddaulah, the Deputy Sultan, in a sabda stressed for the National Financial Literacy Council to give due attention on behaviour and psychology in arranging the strategy and implementation of the financial literacy awareness programme targeted towards different groups. By doing so, His Royal highness said in his sabda, it will enhance the efficacy of such an initiative and steer the society in making choices that will benefit as well as strengthen their financial resources. His Royal highness, as the patron of the National Financial Literacy Council made the sabda at the First Meeting of the Brunei Darussalam National Financial Literacy Council, this morning. The meeting took place at the Prime Minister's Office Building at Jalan Perdana Menteri.
Upon arrival, His Royal Highness was greeted by Yang Berhormat Pehin Orang Kaya Indera Pahlawan Dato Seri Setia Awang Haji Suyoi bin Haji Osman, the Minister of Education as the Chairman of the National Financial Literacy Council; and Dato Seri Paduka Awang Haji Mohd Roselan bin Haji Mohd Daud, the Deputy Minister of Education as the Deputy Chairman of the National Financial Literacy Council.
The function began with a recitation of doa selamat by Dato Seri Setia Awang Haji Abdul Aziz bin Orang Kaya Maharaja Lela Haji Yussof, the Permanent Secretary at the Ministry of Religious Affairs as a member of the National Financial Literacy Council.
The Minister of Education in his welcoming speech among other matters said that the establishment of the National Financial Literacy Council is another national commitment to raise the level of financial literacy in Brunei Darussalam.
His Royal Highness in his sabda, noted on the improvement of non-performing loans ratio for households, which is one point nine percent in the second quarter of 2017 compared to 3 point 3 percent in 2010. However, His Royal Highness added, a society with a strong foundation in financial knowledge is still needed to complement these supply-side improvements.
His Royal Highness in his sabda said, that although financial education serves as a viable solution, knowledge in itself does not necessarily translate into positive behaviour. This is evident based on the AMBD-CSPS study that found Bruneians score highly in financial attitudes but was not commensurate with their financial behaviour.
The National Financial Literacy Council was established with the main objective of ensuring the people of Brunei Darussalam to reach the highest level of financial well-being through access to quality and trusted products, information and advisory services. It is also in line with the Wawasan Brunei 20-35 objective to have citizens who are highly knowledgeable and skilled, enhancing the people's quality of living as well as a more sustainable economic growth.
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