Allianz Malaysia brings students to Bank Negara Malaysia Museum and Art Gallery in celebration of Global Money Week
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For the third year running, Allianz Malaysia is organising a series of events for children in conjunction with Global Money in March 2015. Global Money Week is celebrated worldwide, with more than 490 organisations in 118 countries across continents participating and connecting with each other in 2014 to raise awareness on financial education among children and youth.
Global Money Week is coordinated and led by Child and Youth Finance International (“CYFI”), a non-profit organisation based in Amsterdam. It is a worldwide celebration intended to empower the next generation of financial actors to be confident, responsible and skilled economic citizens. The movement has already gathered the support of some of the most prominent leaders and organisations across the world, including the Secretary-General of the UN, Ban-Ki Moon, and the Organisation for Economic Co-operation and Development (“OECD”). Past events include children ringing the opening bells of stock exchanges in different countries, visits to central banks, and financial education programmes in schools. Children also had the chance to connect with other children from across the world through web conferences.
Locally, Allianz Malaysia organised educational visits to the Bank Negara Malaysia Museum & Art Gallery (“BNM Museum”) in support of Global Money Week.
Global Money Week celebrations across countries are carried out to promote the importance of financial rights, especially for children and youth. Today, less than 1% of all children in the world have access to financial education and financial inclusion. One billion children live in poverty. Financial illiteracy results in many young people struggling with large amounts of debt, resulting in negative repercussions on their development and well-being. With financial access and financial education, children and youth can learn to save and spend money responsibly.
The theme for Global Money Week 2015 is ‘Save today. Safe tomorrow’. It is CYFI’s belief that social and financial exclusion lead to an unsafe tomorrow where there is excessive spending and no saving. Apart from teaching basic money management, the activities during the week are intended to encourage the savings habit.
“At Allianz Malaysia, financial literacy is one of our core corporate responsibility initiatives. Since 2012, we have implemented our own financial literacy programme, My Finance Coach. To date, we have reached out to over 4,600 students in 12 states across Malaysia through more than 110 classes. Being part of Global Money Week over the last two years enabled us to highlight the importance of financial education among young people through hosting fun events to address a significant issue. Thus, we decided to continue our support for this meaningful event,” 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. Classes are interactive and engaging, with students encouraged to come to their own conclusions through role play, product tests and dialogue, 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. Allianz Malaysia has also partnered with the Federation of Malaysian Consumer Associations (“FOMCA”) since 2013, enabling My Finance Coach to reach out to more schools through FOMCA’s Hari Pengguna Malaysia competitions.
“The visits to the Bank Negara Malaysia Museum and Art Gallery were held for students from SM Sains Alam Shah on 5 March 2015 and SJK (T) Kajang on 10 and 11 March 2015. The trips aimed to give the students a better understanding of money and economics, specifically its importance in Malaysia. We are grateful to the Bank Negara Malaysia Museum and Art Gallery for facilitating the visit.” Ng said.
In the first visit on 5 March 2015, 80 students and teachers from the school attended an educational talk by Bank Negara Malaysia Museum and Art Gallery’s representatives on the topic ‘How Old is the Ringgit’, which explores the history of the Malaysian currency.
On 10 March 2015, 40 students and teachers from SJK (T) Kajang attended a talk entitled ‘What is Money?’ facilitated by Bank Negara Malaysia Museum and Art Gallery’s representatives. The students learned about the history of money and the circulation of money in the economy. On 11 March 2015, Allianz employee volunteers taught 40 more students from the school a My Finance Coach lesson on the topic of ‘Introduction: History of Money and Security Features of Ringgit’, which covered similar topics. After these activities, all three groups of students went on a tour around the Bank Negara Malaysia Museum and Art Gallery.
The students enjoyed their time at the Bank Negara Malaysia Museum and Art Gallery, saying that they learned a lot about the Malaysian currency. Some students commented that they liked learning about how money changed over time, especially through seeing examples of historical currency in the numismatic museum.
Following these school visits, Allianz Malaysia will organise one more trip to the Bank Negara Malaysia Museum and Art Gallery for its employees’ children.
“Through our activities during Global Money Week, we hope to raise awareness on the importance of financial literacy. We are confident that these activities will enable the participating young people to gain new information and insights into finance and hopefully instil an awareness and interest in managing their own money.” concluded Ng.