Allianz Malaysia and FOMCA continue to promote financial literacy in schools
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On 23 October 2015, Allianz Malaysia conducted a My Finance Coach class in SK Seafield in Subang Jaya, Selangor, as part of its partnership with the Federation of Malaysian Consumer Associations (“FOMCA”) in conjunction with FOMCA’s 2015 Malaysian Consumers Day (“HPM 2015”) competition.
The partnership entered its third year when Allianz Malaysia and FOMCA signed a Memorandum of Understanding (“MOU”) on 27 February 2015. The MOU formalises the continued support of Allianz Malaysia for FOMCA’s HPM 2015. As part of this support, Allianz Malaysia will teach My Finance Coach classes in 20 schools during FOMCA’s outreach programmes held in conjunction with its HPM 2015 competition from February to July 2015. Through the support of FOMCA’s Malaysian Consumers Day competition over the last two years, Allianz Malaysia managed to roll out the My Finance Coach programme to 29 schools across 11 different states.
The class was held on 23 October 2015 at SK Seafield for 112 of its Standard 5 and 6 students. The lesson included differentiating between needs and wants, recognising tools used in advertisements, and learning about the different buying criteria that influence our decision-making as consumers. The lesson also highlighted the importance of buying quality products, using motorcycle helmets as an example to explain the potential consequences of poor quality products. “Through the My Finance Coach Programme, we are hoping to cultivate good money management habits among the students from a young age in hopes that they become more responsible with their finances,” said Ng Siew Gek, Head of Allianz4Good of Allianz Malaysia. Other classes will follow suit in other schools until November 2015.
My Finance Coach is a non-profit initiative founded in Germany in 2010 by partner companies Allianz, Grey and McKinsey. It is a financial literacy programme aimed at improving the money management skills of young people. Under the My Finance Coach programme, employee volunteers trained as Finance Coaches pair up to conduct classes in schools and non-profit organisations. Classes are interactive and engaging, with students encouraged to come to their own conclusions through role play, product tests and debates, among others. By using real life examples, economics and money management is taught in a way that young people can relate to. All Finance Coaches are required to abide to the code of conduct of My Finance Coach which expressly prohibits any form of selling activities.
Since the implementation of My Finance Coach in Malaysia in January 2012, it has reached over 6,100 students in 60 schools and organisations. In Malaysia, the programme has been well-received by students, with feedback forms indicating that they find the classes fun and educational and that the materials are varied and interesting. The Finance Coaches, who are currently all Allianz Malaysia employees, also find it beneficial to be able to experience a different environment through this programme. Dealing with teachers and students is a great change from their usual day-to-day interactions in the corporate world. The programme continues to expand, and its partnership with FOMCA is just one way in which Allianz Malaysia is helping to improve the financial literacy of students and young people.