Allianz Malaysia and FOMCA team up again to promote financial literacy in schools
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Allianz Malaysia conducted its first My Finance Coach (MFC) class for the year for 100 Standard 5 and 6 students of SK Gong Tok Nasek, Terengganu yesterday.
The class is part of Allianz Malaysia’s partnership with the Federation of Malaysian Consumer Associations (FOMCA) and was organised in conjunction with FOMCA’s 2017 Malaysian Consumers Day (HPM 2017) competition.
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 MFC 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 Loh Pei Szu, Allianz General Insurance Company (Malaysia) Berhad, Kuala Terengganu Branch Manager.
This year, Allianz Malaysia and FOMCA entered its fifth year of partnership, where Allianz Malaysia will continue to organise MFC classes in 20 schools in conjunction with FOMCA's HPM 2017 competition. Through its partnership with FOMCA since 2013, Allianz Malaysia has managed to roll out the MFC programme to 70 schools across 13 different states.
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 9,500 students in 97 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.