Nurturing financial consumers
MULTIMEDIA University (MMU) and Money Compass have launched an e-learning platform for youth called “uLearnMoney”.
MMU president Prof Datuk Dr Ahmad Rafi Mohamed Eshaq and Money Compass Media (M) Sdn Bhd CEO Amy Seok signed the agreement.
Prof Ahmad Rafi said the platform is essential to increase the financial literacy among the youth today.
“As an educator, I am deeply concerned for our youths.
“I have been made to understand that, at the moment, young Malaysians are lacking in financial knowledge.
“MMU is proud to contribute its expertise to address this issue by digitalising financial education through this new e-learning platform,” he added.
Seok said that financial education has gone digital.
“The Money Compass uLearnMoney team has curated 100 online videos on the subject matter relating to financial knowledge, awareness, skills, ability, attitudes and behaviours necessary to make prudent decisions to improve financial health.
“I strongly believe that financial literacy is a fundamental skill for daily life.
“Everyone needs to understand how money works, how to manage their income and expenses, how and where to invest, manage financial risks effectively and, most importantly, avoid financial distress,” she added.
From the findings of the Organisation for Economic Co-operation and Development’s International Survey of Adult Financial Literacy Competencies in 2016 as well as Bank Negara Malaysia’s Financial Capability and Inclusion (FCI) Survey and Standard & Poor’s Ratings Services Global Financial Literacy Survey in 2015, it is clear that over 70% of Malaysians display low levels of financial knowledge.
With the content developed and channel determined, the next move was for the e-learning platform to impact lives. The signing of the agreement between Money Compass and MMU is the first step to test out the efficacy of the uLearnMoney series with MMU students.
“Financial education begins with financial literacy.
“Once a person is literate, they understand better the consequences of their actions,” she said.
In conjunction with the launch of uLearn- Money, PitchIN CEO Sam Shafie gave a presentation on the uLearnMoney Reward crowd funding campaign to nurture a new generation of financial consumers.
The event will be rolled out to universities and colleges nationwide from next year onwards with the aim of reaching out to over one million students in Malaysia.