Brunei launches financial literacy body for saving-oriented culture

Source: Xinhua| 2017-11-15 00:21:58|Editor: Mu Xuequan
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BANDAR SERI BEGAWAN, Nov. 14 (Xinhua) -- Brunei set up the National Financial Literacy Council on Tuesday, with the paramount focus on inculcating a prudent and saving-oriented culture within its society.

A study conducted by Brunei's central bank, Autoriti Monetari Brunei Darussalam (AMBD) in 2015 revealed that in Brunei 34 percent of the household respondents do not have a household budget, and for individual respondents, 49 percent do not actively save while 24 percent need credit to finance their everyday needs.

The National Financial Literacy Council was established with the aim of ensuring that all Bruneians are able to achieve the highest financial well-being through access to well-suited financial products, independent and credible information and advice.

"Indeed, the establishment of this council is timely in paving the development of viable and meaningful strategies geared towards realising one of our goals of raising the quality of life of the people, specifically in terms of financial well-being," Crown Prince Haji Al-Muhtadee Billah said.