KUALA LUMPUR: Life Insurance Association of Malaysia (LIAM) and Credit Counselling and Debt Management Agency (AKPK) have joined forces to empower youth with essential knowledge, skills, and resources to navigate today’s challenging financial landscape through its Jelajah Bijak Wang (JBW) 2023 programme.
LIAM president Raymond Lew Yung Chow said according to the Malaysian Department of Insolvency (MDI), as of March 2022, over 280,000 young individuals had been declared bankrupt for mismanaging their loan debts.
He said on top of that, based on the RinggitPlus Malaysian Financial Literacy Survey 2022, Malaysians from various walks of life are grappling with financial challenges, leaving them vulnerable to financial shocks.
“Out of the 3,144 Malaysians aged 18 and above surveyed, 70 per cent were saving less than RM500 per month or not saving at all, while 55 per cent were spending more than what they earned each month.
“This is an important reminder that our young individuals should be equipped with basic skills and knowledge on financial management to avoid such hardships,” he said in his special remarks during the launching of JBW 2023 here yesterday.
Elaborating, Lew said JBW 2023 with its tagline ‘Prosper today, Thrive tomorrow’ targets to reach 50 higher learning institutions nationwide as LIAM believes continuous financial literacy programmes are important to equip students with financial management skills before they join the workforce.
JBW 2023 which is organised in conjunction with October’s Financial Literacy Month, is a youth outreach programme supported by Universiti Putra Malaysia (UPM) and is scheduled to run from this month until February 2024.
Meanwhile, LIAM chief executive officer Mark O’Dell said the programme offers students an enriching mix of classroom sessions, gamification, and online learning and culminates in an exciting Treasure Hunt aiming to educate the youth with adequate financial planning and making informed financial decisions.
“Adding a futuristic touch, our students will be guided by Mat Awang, a robot from the future, imparting the values we wish to see in our youth.
“The programme will cover seven dimensions of wellness, including financial protection, emotional well-being, spirituality, career and intellectual growth, social awareness, environmental responsibility, and physical health,” he said.
JBW 2023 participants are also encouraged to form a group of five to go through the gamification adventure with Mat Awang and complete challenges encompassing the seven dimensions of wellness.
With a total of RM18,900 cash prizes up for grabs, the 50 best groups will be selected to join the final challenge of a Treasure Hunt to take place in UPM in February 2024.
The event also saw the signing of a Memorandum of Understanding between LIAM and AKPK, underscoring their unwavering commitment to enhancing financial literacy among youths and all Malaysians witnessed by Deputy Finance Minister II Steven Sim Chee Keong. — BERNAMA
