Allianz Malaysia and FOMCA continue to promote financial literacy in schools
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Malacca, 16 June 2016- Allianz Malaysia conducts its sixth My Finance Coach class in SK Bachang, Malacca, 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. Through the support of FOMCA’s competition since 2013, Allianz Malaysia managed to roll out the My Finance Coach programme to 55 schools across 13 different states.
The class was held on 15 June 2016 at SK Bachang for 120 of its Standard 4 and 5 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.
This was followed by an activity on the PINTAR Mobile Learning Unit 2 (PMLU2), a bus converted into a fun learning space aimed to invoke action and thought among school students. Allianz Malaysia sponsored two activities on the bus. One of the activities features a mock shopping aisle completed with barcodes and a scanner. This activity encourages students to plan and spend within budget and differentiate between needs and wants, using the familiar scenario of grocery shopping.
Another activity is the Savings Planner which allows students to choose from a variety of saving goal options, each with its own set of pricing for reference and the amount they can afford to set aside each week. The activity is intended to get students to realise that their saving goals are achievable and manageable with proper planning in place.
“Through the interactive programmes, we hope to get young people more interested in the topic of financial literacy as well as to help them understand the importance of good money management habits and to be responsible with their finances,” said Francis Tan Chin Foo, Allianz General Insurance Company (Malaysia) Berhad, Malacca Branch Manager.
My Finance Coach (MFC) 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 MFC programme, employee volunteers trained as Finance Coaches pair up to conduct classes in schools and non-profit organisations. Since the implementation of MFC in Malaysia in January 2012, it has reached over 7,400 students in 79 schools and organisations. Allianz Malaysia continues to explore different initiatives to help improve the financial literacy of students and young people in Malaysia through interactive programmes such as MFC and the PMLU2.