Malaysia

GMW national coordinator: Financial Education Network Participating organisations: Central Bank of Malaysia, Securities Commission Malaysia, Credit Counselling and Debt Management Agency, Employees Provident Fund, Ministry of Education, Ministry of Higher Education, Malaysia Deposit Insurance Corporation, Permodalan Nasional Berhad, Arus Academy and FWD Takaful, RinggitPlus, Prudential Assurance Malaysia Berhad, HSBC Bank Malaysia Berhad, Alliance Bank Malaysia Berhad, Financial Industry Collective Outreach, Visa International, National Higher Education Fund Corporation, Malaysian Financial Planning Council, 42 higher learning institutions, 242 schools, World Assembly of Youth, all WAY members, national and regional youth councils; UOB Kay Hian Wealth Advisors, Smart Investor, Majalah Labur, RHB Asset Management, Maybank Asset Management, Management and Science University (MSU), Financial Planning Association of Malaysia, AKPK, UOB Kay Hian Securities S/B, University Kebangsaan Malaysia (UKM); Griffith University, Australia; Manulife Insurance Bhd, Great Eastern Takaful Bhd. Total number of participating organisations: 453 Number of children and young people reached directly: 20,969 Number of adults reached directly: 402,238 Number of people reached indirectly: 4,000,100

Throughout Global Money Week 2021, the Financial Education Network (FEN) members and partners conducted 69 initiatives mainly on digital platforms, complemented by traditional medium (i.e. TV). The total number of interactions achieved was about 3.5 million. The key projects included financial education talks, financial literacy quizzes, financial literacy video competition, edutainment videos, financial literacy lessons demo for teachers, social media postings to raise awareness on financial literacy, launch of financial literacy game and media articles. The main target segments during GMW 2021 include school children, teachers, parents, university students and adults.

Creative activities were used to raise awareness on good money management. For example, MyDuitStory Short Video Competition, a collective initiative by FEN. The Central Bank of Malaysia, Ministry of Higher Education, Credit Counselling and Debt Management Agency, National Film Development Corporation Malaysia and Financial Planning Association of Malaysia came together to raise awareness on the importance

of personal financial management and to inculcate good financial behaviour among the youth. This competition attracted 180 video entries by students from 39 universities. The inspiring stories depicted in the videos motivate many others to take control of their finances. Moreover, the Securities Commission Malaysia and its partners educated the public on the importance of savings and investing at an earlier stage of their life, via a webinar and a series of daily postings on InvestSmart® social media platforms throughout GMW 2021. The webinar attracted great interest and active participation from the attendees. Besides, Arus Academy, a social enterprise supported by FWD Takaful conducted initiatives focusing on enhancing financial literacy of children, youth, teachers and parents. The lessons demonstration via a series of videos to guide teachers to deliver financial literacy to students covered topics such as Money & Expenses, Financial Scam, Savings & Investments, Credit & Loan, and Risk, Protection & Insurance. Other initiatives include a mobile app development competition targeting secondary school students involving risk protection needs and basic financial concepts, campaign to encourage parents to share tips on raising financially-smart families; and financial literacy quizzes following 6 edutainment videos hosted by a 10-year old.

Financial sector players and partners actively raised awareness and implemented targeted programmes during GMW. Some conducted signature financial literacy programmes to educate children and youth on smart financial habits (e.g. Prudential Assurance Malaysia Berhad and Alliance Bank Malaysia Berhad). Whilst others post relevant FE content on the digital medium and social media (e.g. the Central Bank of Malaysia’s Museum and Art Gallery, HSBC Bank Malaysia Berhad and RinggitPlus).

The World Assembly of Youth helped to distribute Global Money Week news and updates through online awareness campaigns.

During the Global Money Week 2021 celebrations, UOB Kay Hian Wealth Advisors brought together various academia, industry experts, and undergraduate students to raise awareness on the importance of financial literacy of young people and to ensure that all youth have access to high-quality financial exposure and can make smart financial decisions that can improve their future financial resilience and financial wellbeing. These sessions included “Managing personal finances during COVID-19” by Financial Planning Associations of Malaysia, and UOB Kay Hian Wealth Advisors Sdn Bhd, “4 myths of protection need” by UOB Kay Hian Wealth Advisors Sdn Bhd, Manulife Insurance Berhad and Great Eastern Takaful Bhd. Other topics included “Coronavirus: impact on household savings and debt” by Household Financial Education Department AKPK and UOB Kay Hian Securities (M) Sdn Bhd, followed by session on “Economic direction and investment portfolio 2021” by Maybank Islamic Asset Management, UOB Kay Hian Wealth Advisors Sdn Bhd, RHB Islamic Int. Asset Management Berhad and Majalah Labur. Also, “COVID-19: financial planning requirements” by University Kebangsaan Malaysia, UOB Kay Hian Wealth Advisors Sdn Bhd and Majalah Labur were presented. A public lecture on “COVID-19: fiscal response - risk and repercussions” by Griffith University, Australia was presented, too.