KUALA LUMPUR: Teachers – the very people educating our children – are increasingly being financially exploited by scammers, and are struggling with rising personal debt.
It’s a worrying trend, highlighted by 2022 data from the Johor Police Contingent Headquarters showing that educators accounted for a staggering 30.2% of online scam cases in the state.
Personal debt is an even wider issue: recent bankruptcy rates among public servants – many of whom work in education – have climbed from 10% to 14%, largely driven by personal loans.
To combat this vulnerability, 173 government school teachers and lecturers, including Rafiuddin Ahmad Samawe from SK LKTP Nitar 2, Mersing, recently participated in the “Train-the-Trainer (TTT): Personal Financial Management for Teachers” programme.
“I learnt how to identify if an investment opportunity is a scam and how to check if my bank account is being used as a mule account,” said Rafiuddin.
Spearheaded by the Financial Education Network (FEN) and managed by the Financial Industry Collective Outreach (Finco), these newly confident participants are now equipped to deliver crucial financial management training to their peers nationwide.
The TTT initiative aims to not only enhance teachers’ knowledge of personal financial management to overcome vulnerabilities and strengthen financial resilience, but also to position them as positive financial role models for their students and communities and increase their confidence and capacity to deliver financial education effectively in schools.
Post-training endline data showed a significant increase in teachers’ confidence in sharing financial knowledge with others, rising from 41% to 89%.
Participants also indicated an enhanced ability to understand and apply fundamental financial knowledge, skills and values when making financial decisions, increasing from 71% to 88%.
“Many students demonstrate weak levels of financial knowledge, with little real-life exposure to money management.
“Although teachers are well-positioned to influence financial behaviours, many lack structured training and practical resources.
“When teachers are empowered with the knowledge and tools to manage their finances, they will not only improve their own financial well-being but also be better equipped to confidently deliver financial education and pass practical skills to students,” said Clare Walker, chief executive officer of Finco, Bernama reported.
Training one teacher from every district across Malaysia ensures that, once appointed as a lead trainer, there will be a network of on-the-ground trainers nationwide with content that can be adapted to the needs of different demographics.
Funded by AmBank Group, Bank Muamalat Malaysia, Bank Simpanan Nasional (BSN), CIMB Foundation, Hong Leong Bank, Public Bank, RHB Bank and Sea Ltd, the training gave participants a comprehensive introduction to six key financial topics: savings and cash flow management, debt management, personal financial risk management, investment and scam awareness, digital financial literacy and retirement planning.
The content for these topics was developed and delivered by Bank Negara Malaysia, the Credit Counselling and Debt Management Agency (AKPK), Employees’ Provident Fund (EPF), Securities Commission, and Finco.
In addition to input from financial industry experts, each training session also held a TTT Marketplace, where teachers could explore financial education resources available for students and speak directly to AKPK and EPF, as well as banks and insurance companies, to further enhance their understanding of financial services and products.
Commenting on the financial industry’s support for TTT, Finco chairman Tan Sri Azman Hashim said, “This collective commitment highlights the industry’s dedication to safeguarding financial well-being and investing in education and community development.
“The ripple effects of this initiative will extend well beyond the classroom, empowering not only teachers but also young people and their families, who will be equipped with the knowledge and resilience to navigate real-world financial challenges.
“This collaboration is an example of how industry leadership can spark change that benefits the nation,” said Azman.
The training saw 147 government school teachers and 26 IPGM lecturers attend the sessions, which took place in Sarawak, Klang Valley, Kedah, Terengganu and Sabah.
The sessions were also supported by 36 Education Ministry officers and volunteers from AmBank Group, BSN, CIMB Bank, Hong Leong Bank, Manulife Malaysia, Prudential Assurance Bhd, and Standard Chartered Bank Malaysia Bhd.
Teachers at the district level will receive the training beginning in October.
Finco, its training partners, and volunteers from the financial industry will continue to support trainers.
