FINANCIAL Industry Collective Outreach (Finco), a collaboration between all financial institutions in Malaysia with the guidance of Bank Negara Malaysia, announced a new financial literacy programme that will be launched in selected primary schools early next year.
The programme will be built on current efforts of individual financial institutions to address low levels of financial literacy, particularly among students from underprivileged communities. It will also support Malaysia’s national strategy for financial literacy.
Finco chief executive officer Clare Walker explained, “Finco sees an opportunity to build on existing financial literacy programmes and address the ‘knowing-doing gap’ by providing students with the opportunity to apply financial literacy concepts to real-life situations.
“We will bring together members of the financial industry and subject experts, draw on existing knowledge and resources and work closely with the Education Ministry to ensure we are supporting rather than duplicating efforts.”
Finco chairman Tan Sri Azman Hashim said, “Financial institutions have been supporting financial education in schools for many years because they recognise that exposure to financial concepts at a young age allows children to acquire the knowledge and skills to make financial decisions responsibly throughout their lives.
“This is especially important if parents are unable to teach their children about money or to act as good role models.”
The new programme was announced at Finco’s Financial Literacy Forum which brought together members of the financial industry, Bank Negara and the ministry to highlight national goals for financial literacy and share best practices for the implementation
of financial literacy programmes
Bank Negara assistant governor Abu Hassan Alshari Yahaya said, “Malaysia’s National Strategy for Financial Literacy, launched by the Financial Education Network in 2019, sets out clear goals for improving financial literacy to support the vision of shared prosperity.
“It is important that the financial industry is coming together to tackle this complex issue as it has been proven time and again that we cannot deliver on shared goals if we work in silos.”
Working with over 300 schools nationwide with high intakes of students from B40 communities, Finco has been delivering Finco Reads, an English proficiency programme for primary schools, and Finco Mentor, a career aspiration programme for secondary schools.
The new financial literacy programme will initially be offered to 20 of their partner primary schools.
Understanding that financial literacy is only one skills area that needs to be addressed, other skills development such as communication, critical thinking, entrepreneurialism and leadership, will be an integral part of this new initiative.
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