Money matters, even if you’re not earning yet


Starting young: It is important for parents to teach their children to save. - Photo: 123rf

TODAY marks the end of a week-long campaign to enhance the financial literacy of Malaysian youths.

The Global Money Week, which began on March 22, saw a host of activities including a mobile app development class to empower students with the knowledge of providing financial literacy solutions to their community, a video series on money concepts for teens followed by a quiz competition, and a dialogue between teens in Malaysia, Singapore, Brunei and Indonesia on the topic of money. Motivational talks to expose underprivileged teens to careers in finance were also organised.

Parents and teachers were involved as well, with a contest held to encourage them to share their tips on raising financially-literate families. Daily webinars conducted guided teachers on how to integrate financial literacy into the classroom in line with the Education Ministry’s guidelines.

These initiatives, hosted by social enterprise Arus Academy and insurance company FWD Takaful through their Fun(d) for Life programme, as well as cash prizes and devices to help participants with online learning and teaching, were made possible through collaborations with Bank Negara Malaysia (BNM), the Credit Counselling and Debt Management Agency (AKPK), and the Securities Commission.

Arus Academy co-founder Alina Amir said getting the younger generation to see the importance of financial literacy from a young age requires exploring innovative ways to make it engaging for them.“We believe we have a shot at this by starting financial education from as young as seven-years-old and teaming up with two of the biggest influences in a child’s life: parents and teachers, ” she said in a press release.

FWD Takaful chief strategy and digital distribution officer Wan Ahmad Najib said the Fun(d) for Life programme was initiated in 2019 to make financial literacy more accessible to the younger generation.

“We’re delighted to introduce Fun(d) For Life beyond Malaysia via the Global Money Week 2021 as part of our commitment to expanding and enhancing financial literacy for our future generations, ” he said.

The Global Money Week is an annual financial awareness campaign organised by the OECD International Network on Financial Education, and is celebrated in 175 countries by 63,000 organisations worldwide to inspire children and youth to learn about financial literacy.

The Fun(d) for Life programme is in support of the Financial Education Network (FEN) – of which BNM is co-chair – and is in line with Malaysia’s National Strategy for Financial Literacy 2019-2023 to improve the financial well-being of Malaysians.

Face-to-face and virtual camps have been held for selected participants, and an online portal has been set up with dedicated sections and content for students, parents and teachers in Bahasa Malaysia and English.

The portal offers interactive games, videos, infographics, comics and activity tips, and covers a wide range of financial topics including savings, budgeting, foreign currency, long-term planning, online scams and frauds.

For details on the activities conducted throughout Global Money Week, visit fundfor.life/GlobalMoneyWeek.

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