Money management for kids
ALLIANZ Malaysia held a My Finance Coach (MFC) class for 106 pupils from SK Taman Sea in Petaling Jaya recently.
The class was rolled out with the aim of improving financial literacy levels among children; and as part of Allianz Malaysia’s partnership with the Federation of Malaysian Consumer Associations (Fomca).
The lesson included differentiating between needs and wants, recognising tools used in advertisements and learning about the different buying criteria that influence consumers’ decisionmaking.
“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 and prudent with their finances,” said Allianz Malaysia Allianz4Good head Ng Siew Gek.
Through its partnership with Fomca since 2013, Allianz Malaysia has managed to roll out the MFC programme to 105 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 10,900 pupils in 111 schools and organisations throughout the country.
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.