19 Malaysian financial education initiatives

Financial education in money management is important. (Image credit: rawpixel.com)

There are so many financial education initiatives for Malaysians, many of which you probably were not aware of.

So here you go. Part one of every single financial education initiative under the Financial Education Network (FEN).

1. Ministry of Education

Initiative: Integrating financial education elements in the curriculum

This objective is to teach financial education components in schools through several subjects directly or indirectly.

Among the subjects are Standards-Based Curriculum for Primary Schools (KSSR) and KSSR levels (Revised 2017) are Mathematics, Bahasa Melayu, English and Moral Education.

The subjects at the Standards-Based Curriculum for Secondary Schools (KSSM) level are Economics, Business, Accounting Principles, Mathematics, Bahasa Melayu, English, Home Science and Agriculture.

The integration of these elements are implemented through the subject curriculum in accordance with the suitability of the theme and areas of learning.

2. Bank Negara Malaysia (BNM)

Initiative 1: Karnival Kewangan 

This is a fun weekend activity for the public with financial education. It is essentially a one-stop edutainment centre to elevate the public’s awareness on financial matters, enhance financial literacy among Malaysians and serve the needs of financial consumers.

It is a collaborative public-private partnership initiative aimed at widening outreach of financial education nationwide.

Initiative 2: Train-the-Trainers (TTT) programme for government agencies 

This programme is an initiative to train and enhance the capability of counsellors at government agencies to conduct self-directed financial education sessions within their agency.

The programme also provides intervention measures to achieve prudent financial management behaviour among government officers.

Initiative 3: Personal financial education module at e-pembelajaran sektor awam (EPSA®) on-line learning platform

This personal financial education module is a newly launched on-line learning module offered to all civil servants in Malaysia to improve their financial literacy. This initiative is to promote the use of online learning to civil servants for their continuous and lifelong learning.

3. Securities Commission Malaysia

Initiative: InvestSmart®

The InvestSmart® brand is SC’s investor education initiative to create more informed investors who are self-reliant and are able to make the right investment decisions.

Since its launch in 2014, InvestSmart® has actively carried our various initiatives to reach out to a wide spectrum of the public, on a range of investment related topics.

InvestSmart® initiatives includes the annual flagship investor education event InvestSmart® Fest, Bersama InvestSmart® @ Borneo, SC-in-the-Community, seminars, InvestSmart® website, mobile application, online educational game Jump2Invest and social media platforms including Facebook, Instagram and Twitter.

4. Employees Provident Fund (EPF)

A monthly expenditure guide.

Initiative 1: Belanjawanku

This is an expenditure guide, providing estimated minimum monthly expenses on various types of goods and services for different households in Malaysia. It is a useful tool for Malaysians to plan for their personal and family budgeting to achieve a reasonable standard of living

Initiative 2: Retirement Advisory Services (RAS)

RAS offers personalised financial advice particularly on retirement planning. It aims to raise financial literacy and guide Malaysians to plan for their retirement as well as understand available options that can help increase their retirement savings.

5. Perbadanan Insurans Deposit Malaysia (PIDM)

Initiative 1: PIDM public engagement programme

This is an outreach programme to bring financial education and PIDM awareness to the public.

Initiative 2: PIDM briefings

This includes briefing sessions for different target segments eg youth, retirees and working adults to promote awareness of PIDM’s financial consumer protection systems.

6. Agensi Kaunseling dan Pengurusan Kredit (AKPK)

Initiative 1: Financial education public programmes

This is a fun weekend activity for the public, with financial education. AKPK provides a range of public programmes throughout the year targeting various target segments like youth, women, entrepreneurs and other related groups.

The programmes provide a set of skills and knowledge that allows an individual to make informed and effective decisions with regards to their financial resources.

Initiative 2: AKPK’s online learning portal

These are free financial courses. There is one course so far, a house-buying module. The portal provides a peer to peer learning platform that is socially engaging. You can participate in modular discussion forums, make learning fun, empowering, engaging and trendy.

Initiative 3: Customised financial solution programme

This programme helps employees who are facing financial issues. A customised financial solution is designed based on the assessment conducted amongst employees of organisations to identify financial issues that need to be addressed to promote productivity in the workplace.

The issues are addressed by providing financial education, counselling and debt management programmes.

Initiative 4: AKPK financial literacy symposium

This is a symposium to promote financial literacy among Malaysians. The highlight will be the findings from AKPK’s recent survey followed by forums and research presentations. It is held biennially.

Initiative 5: Social Enterprise Literacy for Youth (SELFY)

SELFY is conducted yearly for students of higher learning institutions, focused on providing educational experience on money and social change.

Students are given financial education and provided seed money to start an enterprise. The concept of SELFY is to earn, manage, save and give.

7. Permodalan Nasional Berhad (PNB)

Initiative 1: Minggu Saham Amanah Malaysia (MSAM)

This is a financial education-themed conference/event held annually with the objective of educating the public about unit trust investments, risks and returns, and financial planning. Also educates investors on where PNB is investing their money.

Initiative 2: Seminar Pelaburan 360

These are daily seminars conducted by ASNB-qualified financial planners at different locations to all segments of society on financial planning concepts.

Initiative 3: Kelab Pelaburan Bijak

This initiative aims to uplift the level of financial literacy among secondary school children. Currently, 155 schools have been selected to join the club.

Initiative 4: Kuiz Pelaburan PNB

An investment-themed quiz competition, the cash prize is quite lucrative. The quiz competition involves different categories on key concepts relating to investment, financial planning, unit trusts and risks and returns.

Initiative 5: Fiesta Labur PNB

An annual event organised by ASNB, it is an edutainment based investment programme. Through Fiesta Labur, the public is able to gain knowledge on investment and financial planning through an interactive and fun way of learning.

This event provides various activities and entertainment for the whole family in educating and creating awareness on the importance of financial planning in their daily lives.

This article can be found at 19 Financial Education Initiatives in Malaysia You Should Know.

Suraya is a corporate writer-for-hire and the blogger behind personal finance website Ringgit Oh Ringgit. She is more of a minimalist, less of a consumerist, a konon DIY enthusiast, a let’s-support-small-businesses-over-big-corporations kinda girl. Prior to her current role, she worked in various capacities within the non-profit industry.