PIDM uses social media to raise financial literacy

KUALA LUMPUR: Perbadanan Insurans Deposit Malaysia (PIDM) is leveraging on social media, including YouTube, to educate consumers and help them make smart financial decisions.

It has come out with  a short film Alkisah 3 dalam 1 (A story of 3-in-1) which is posted on YouTube.

PIDM, also known as the Malaysia Deposit Insurance Corporation, was formed in 2005 to protect depositors and owners of takaful certificates and insurance policies as well as  provide incentives for sound risk management in the financial system.

Its chief executive officer, JP Sabourin says the 10 minute film uses an every day human story that everyone can relate to, with simple and clear messages about being aware of the importance of financial education in order to make smart financial decisions.

He explains Alkisah 3 dalam 1 is part of PIDM's most recent public awareness initiative - the PIDM MoneySmart 123 campaign.

"This is a significant project for us as it is the first time we have used social media as a platform for our communications initiatives. We are always looking at new and effective ways of engaging with the public.

"Social media is a significant evolution in the media landscape, as the reach of social media today is wide and cuts across all population segments. We hope to leverage on this and that we are sending effective and useful messages to the public through this channel," he adds.

The film, he points out, is an extension of PIDM's efforts to educate the public about PIDM, empower financial consumers and help shape a more financially literate society.

Through this campaign, PIDM emphasises on financial education to raise the public' awareness and they can how to avoid losing their life savings to scams and other get-rich-quick schemes.

Sabourin says the thrust of the film Alkisah 3 dalam 1 sets out three easy steps to become an informed financial consumer -- through understanding of financial products, the associated risks and the consumer protection available to them via PIDM. 

The film has scenes from daily Malaysian life and uses multi-lingual content and cultural elements, all packaged together in a fun and memorable way.

"What better way to spread these important messages than to leverage on our rich multi-racial heritage and celebrate the spirit of unity among all Malaysians," he points out.

Sabourin says the idea behind the story of the short film was internally-generated by PIDM employees while he encouraged the use of social media.

Long's Creative Sdn Bhd was the advertising agency which worked with PIDM on the production.

Elaborating on the PIDM MoneySmart 123, he points out it provides basic easy-to-follow tips for financial consumers before placing their funds in any financial product:

* Know Your Financial Products - understand what type of financial product you are being offered and ask for detailed information about the product. Find out if the financial product is being offered by a financial institution or financial adviser/planner licensed by the appropriate regulatory authority.  It is advisable to only place your funds with licensed or authorised entities and individuals.

* Know Your Financial Risks - assess your own financial goals and risk tolerance, and understand the product's own risks.  A thorough assessment will help in choosing the right product most suited for you.

* Know Your Financial Rights - being aware of your rights and responsibilities when dealing with financial products and financial entities, as well as the protection available through PIDM, may help avoid some common problems before they arise. If you have a concern, take immediate action to find out your rights and options available.

Go to www.youtube.com/pidmweb to view the film Alkisah 3 dalam 1