Today, I would like to share with you – our vision to realise financial well-being for Malaysians through financial literacy and financial education. Let me begin by sharing four observations on the state of financial literacy in Malaysia. First, Malaysians tend to have low financial resilience and are vulnerable to financial shocks. Among others, based on Bank Negara Malaysia’s Financial Capability and Inclusion (FCI) Survey conducted in 2015- more than 75% of Malaysians find it difficult to raise even RM1,000 of immediate cash money for emergencies. 32% of Malaysians – can only cover a week’s worth of expenses, at most, should they lose their source of income. In cases of emergencies, Malaysians resort to cutting down on spending; or borrow from external sources, such as friends and family members; or even depend on credit lines, such as credit cards and instalment plans. An ideal situation is to have a financial buffer that is sufficient to cover living expenses of at least three to six months in the event of loss of income. Second, the same survey also revealed that a significant number of Malaysians like to “live for the moment” and display short-sighted tendencies – focusing on “instant gratification”. This observation tends to be true, particularly among the millennial generation. Millennials are more passionate in keeping pace with the latest digital lifestyle.
We already fund up to 70% of course fees for training programmes. MAS funding support for manpower and leadership development has increased steadily over the last three years, with about $ million set aside for 2014 alone. I would like to urge the industry to tap on these programmes actively. Conclusion To conclude, I would like to commend the IBF Council and staff, past and present, for your commitment over this past 4 decades. Going forward, the responsibility on IBF will be greater, as it delivers the IBF Standards and the various initiatives that will help our practitioners develop the capabilities of tomorrow. I look forward to an even stronger collaboration between IBF and the industry. Let us work together to ensure that the financial sector is one that continues to enable meaningful and rewarding careers for Singaporeans. I wish you all a happy 40th Anniversary and a great evening ahead. 2  The Finance Scholarship Programme (FSP) builds expertise in specialist finance areas such as financial economics and actuarial science while the Finance Associate Management Scheme (FAMS) provides young talent with exposure to other business lines and overseas operations, through a structured fast-track programme. MAS aims to groom at least 200 young Singaporeans every year under FAMS to take on leadership positions in the future. 3  The International Posting Programme (iPOST) supports the posting of high potential Singaporeans for overseas secondments, through which we hope that they return with managerial skills, a deep understanding of global best practices and strong business networks.