The Life Insurance Association of Malaysia (LIAM) has partnered with the Credit Counselling and Debt Management Agency (AKPK) to launch its new Jelajah Bijak Wang (JBW) initiative, aimed at helping youths to improve their financial literacy. The programme – which kicks off immediately at selected universities – will run until February 2024, and will also offer the opportunity for participants to win from a total cash prize of up to RM18,900.

Guided by the tagline “Prosper Today, Thrive Tomorrow” and its mascot, Mat Awang, the programme is divided into four phases, encompassing activities such as classroom and online sessions, games, and a grand finale treasure hunt event. Some topics that will be covered during these activities include cash flow and wealth management, financial protection, and the basics of borrowing.

President of LIAM, Raymond Lew said that the launch of the JBW initiative is an effort that is in line with many of the government’s ongoing policies and frameworks, including the Financial Sector Blueprint (2022 – 2026). “LIAM believes that continuous financial literacy programmes for the youth are the way forward. JBW targets to reach 50 higher learning institutions nationwide, to equip students with financial management skills before they enter the workforce,” he said.

Lew also emphasised the importance of introducing young individuals to such skills, given recent statistics that highlighted the consequences of poor financial management. He cited data from the Malaysian Department of Insolvency (MDi), where it was reported that over 280,000 young Malaysians had been declared bankrupt as of March 2022. The RinggitPlus Malaysia Financial Literacy Survey (RMFLS) 2022 also found that 70% of young Malaysians polled were only able to save less than RM500 per month (or not at all).

As such, Lew said that LIAM is committed to continue working with various key stakeholders – such as Bank Negara Malaysia (BNM), the Financial Education Network (FEN), and the Malaysian Financial Planning Council (MFPC) – to continue educating the public.

Meanwhile, chief executive officer of LIAM, Mark O’Dell said that the JBW initiative’s focus is on empowering Malaysian youths with the knowledge, skills, and tools to navigate the complex financial world. “We want JBW to inspire and motivate the young people to participate enthusiastically while enjoying the process of learning about financial planning and making informed financial decisions,” he commented, urging university representatives to encourage their students to participate in the initiative.

Chief executive officer of AKPK, Azaddin Ngah Tasir also echoed the sentiment, adding that developing strong financial literacy from young will help set the stage and pave the way towards a financially savvy society in the country.

• TAGS:
• AKPK
• Azaddin Ngah Tasir
• Bank Negara Malaysia
• BNM
• Credit Counselling and Debt Management Agency
• FEN
• Financial Education Network
• Financial Literacy
• Financial Literacy Education
• Financial Sector Blueprint (2022-2026)
• Financial Sector Blueprint 2022-2026
• Jelajah Bijak Wang (JBW)
• LIAM
• Life Insurance Association of Malaysia
• Malaysian Department Of Insolvency
• Malaysian Financial Planning Council
• Malaysian Financial Planning Council (MFPC)
• Mark O’Dell
• Raymond Lew
• RinggitPlus Malaysian Financial Literacy Survey
• Youth Bankruptcy