Revolutionizing Social Security Education: A Micro-Credentialing Approach for Financial Literacy in Malaysia

M. Z. A. Chek, I. L. Ismail, H. Hasim and Z. H. Zulkifli
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M. Z. A. Chek: Actuarial Science Department, UiTM Perak Branch
I. L. Ismail: Department of Statistics and Decision Science, UiTM Perak Branch
H. Hasim: School of Mathematical & Computer Sciences Heriot-Watt University, UK
Z. H. Zulkifli: Actuarial Partners Consulting, Malaysia

International Journal of Research and Innovation in Social Science, 2025, vol. 9, issue 3, 836-845

Abstract: In an era of increasing financial uncertainty and economic volatility, social security programs serve as a fundamental pillar in safeguarding the financial well-being of individuals and families. Despite their significance, a significant proportion of Malaysians remain unaware of the full extent of available social security programs and their benefits. This lack of knowledge leads to suboptimal financial planning, reduced preparedness for retirement, and inefficient utilization of social security resources. This study introduces Micro-Credentials (MCs) as an innovative and scalable educational tool aimed at enhancing financial literacy and accessibility to social security information. The research focuses on Malaysia’s key social security programs, including Government Pension, Employees’ Provident Fund (EPF), Social Security Organisation (SOCSO), and Private Retirement Scheme (PRS). By leveraging the MC-based uFuture platform of UiTM (https://ufuture.uitm.edu.my/courses/overview/UMC381), this initiative promotes self-directed, competency-based learning in an engaging, flexible, and modular format. The methodology involves the structuring of social security concepts into bite-sized learning modules, integrated with interactive assessments, real-world case studies, and digital certification. The study evaluates the effectiveness of these MCs through a pilot program, where participants’ knowledge retention, engagement levels, and ability to make informed financial decisions were measured. Findings indicate that 87% of learners found the content engaging and accessible, while 88% reported increased confidence in managing their social security benefits. These results underscore the potential of MCs in bridging the knowledge gap, fostering financial resilience, and contributing to the broader goal of improving social security literacy. This paper provides a comprehensive analysis of the impact of MCs on social security education, detailing its practical implementation, effectiveness, and future scalability. As financial landscapes evolve, MCs offer a sustainable solution to empowering individuals with lifelong learning opportunities, ensuring greater retirement preparedness and economic stability.

Date: 2025
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