Allianz Malaysia promotes financial literacy through its Finance Challenge
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Allianz Malaysia awards the winners of its inaugural Allianz Finance Challenge. Held from 15 February 2016 to 30 April 2016, the Allianz Finance Challenge 2016 was open to all students pursuing secondary education in Malaysia and divided into two categories; Category A: Lower Secondary students(Peralihan to Form 3, ages 13-15), and Category B: Upper Secondary students (Form 4-5, ages 16-17). Each participating team must consist of four students and supervised by a teacher.
Participants in Category A were required to plan a three-days-two-nights educational trip to Penang, Malaysia, whereas those in Category B, a four-days-three-nights educational trip to Singapore, within their planned budget. Each team were required to submit a proposal and video presentation containing their thorough research on cost comparison, logistics, types of excursions, and costing for their trip.
"This year marked the fifth year that My Finance Coach was introduced in Malaysia, and we are always looking into innovative ways to make financial literacy fun and relevant for young people.The Allianz Finance Challenge was launched with the objective to seek more engagement with young people and at same time to allow them to demonstrate their financial knowledge," said Joseph Gross, CEO of Allianz Life Insurance Malaysia Berhad.
The Allianz Finance Challenge was launched in conjunction with Federation of Malaysian Consumers Association (FOMCA)'s Hari Pengguna Malaysia 2016 competition. Allianz Malaysia and FOMCA entered into a partnership since 2013 in a joint effort to improve the financial literacy of students and young people.
This competition serves as a platform for secondary school students to apply their financial knowledge while exercising their innovative and critical thinking skills as well as other social skills such as team work and communication skills during the course of drawing up their proposal.
"Under Category A, we had entries from 18 schools, and 26 schools under Category B. With the attractive prizes offered under the Allianz Finance Challenge, these students really went all out with their entries and I must say that we are impressed with the quality of entries that we have received," said Gross.