| Danial Norjidi |
THE Autoriti Monetari Brunei Darussalam (AMBD) officially commissioned the Centre for Strategic and Policy Studies (CSPS) yesterday to conduct a National Financial Literacy Study.
Signing the service agreement on behalf of AMBD was Managing Director Awg Yusuf bin Hj Abdul Rahman, while the signatory for CSPS was its Acting Executive Director, Dr Hj Abdul Manaf bin Hj Metussin.
One of the consultants for the eight-month national study is CSPS researcher Dr Diana Cheong, who also delivered remarks yesterday during the signing ceremony at the AMBD office.
“Financial literacy is indeed an important agenda for the country, as it clearly contributes to individuals’ welfare,” she said, while also high-lighting that the study has two main objectives – the first of which is to measure levels of financial literacy and financial capability.
“This would provide a baseline for the country… address the relationship between the demo-graphic characteristics and the level of financial knowledge and attitudes. The analysis will evaluate the links between financial literacy and behaviour.”
As its second objective, the study will also provide policy recommendations, best practices and a national strategy for promoting financial literacy. “It would address the needs of the Bruneian population, with special attention to… groups identified during the analysis.”
“We hereby assure you that CSPS is committed to carrying out this study and will ensure that it is delivered in a timely and professional manner,” she said, adding that they will be working closely with AMBD throughout the entire project.
Other consultants for the project include CSPS researchers Dr Guiseppe Rizzo, Yuzilawati Abdullah and Liew Chee Hau.
As highlighted by CSPS in a statement, financial literacy, at an aggregate level, will have a positive effect on GDP growth through improvements in decision-making in the workforce and improved productivity; the reduction of capital wastage with improved decisions on starting new businesses; an increase in the funds available for more profitable businesses; a reduction in the need for public welfare; increased economic opportunities; and an increase in national savings.