Allianz Malaysia and FOMCA continue to promote financial literacy in schools
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Allianz Malaysia conducts its seventh My Finance Coach class in SK Sultan Hisammuddin Alam Shah, Kuala Lumpur, as part of its partnership with the Federation of Malaysian Consumer Associations (FOMCA) in conjunction with FOMCA’s 2016 Malaysian Consumers Day (HPM 2016) competition.
The partnership entered its fourth year when Allianz Malaysia and FOMCA signed a Memorandum of Understanding (MOU) on 20 April 2016. The MOU formalises the continued support of Allianz Malaysia for FOMCA’s HPM 2016 where Allianz Malaysia will teach My Finance Coach classes in 20 schools during FOMCA’s HPM 2016 competition. Through the support of FOMCA’s Malaysian Consumers Day competition since 2013, Allianz Malaysia managed to roll out the My Finance Coach programme to 56 schools across 13 different states.
The class was held on 23 June 2016 at SK Sultan Hisammuddin Alam Shah for 227 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 consumers’ decision-making. “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.
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.
Since the implementation of My Finance Coach in Malaysia in January 2012, it has reached over 7,800 students in 81 schools and organisations. 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.