LIAM and AKPK Launch "Jelajah Bijak Wang" To Promote Financial Literacy Among Malaysian Youths

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LIAM and AKPK Launch “Jelajah Bijak Wang” To Promote Financial Literacy Among Malaysian Youths

KUALA LUMPUR, 26 October 2023 – The Life Insurance Association of Malaysia (LIAM) and Agensi Kaunseling dan Pengurusan Kredit (AKPK) have announced their collaboration on the “Jelajah Bijak Wang (JBW)” initiative, aimed at equipping young individuals in Malaysia with essential financial skills.

The memorandum of understanding (MOU) signed between LIAM and AKPK underscores their joint commitment to enhancing financial literacy among the youth and the Malaysian population at large.

Highlighting the necessity of such an initiative, LIAM President Raymond Lew emphasized the importance of cultivating financial management skills among the youth, particularly in light of alarming statistics from the Malaysian Department of Insolvency (MDI) and the RinggitPlus Malaysia Financial Literacy Survey 2022 (RMFLS).

These statistics reveal the financial challenges faced by Malaysians, emphasizing the need for improved financial education and preparedness among the younger population.

The JBW initiative is set to target 50 higher learning institutions across the country, with the goal of providing students with comprehensive financial management skills before they enter the workforce.

The program is expected to encompass various dimensions of wellness, including financial protection, emotional well-being, spirituality, career and intellectual growth, social awareness, environmental responsibility, and physical health.

With the support of various key stakeholders, including Bank Negara Malaysia, the Malaysian Financial Planning Council, and the Malaysian Insurance Institute, the initiative aims to promote a greater understanding of life insurance and elevate financial literacy in Malaysia.

Through a combination of classroom sessions, gamification, and online learning, JBW seeks to impart the necessary knowledge, skills, and tools to navigate the increasingly complex financial landscape.

Scheduled to commence from October 2023 and run until February 2024, JBW will culminate in an exciting Treasure Hunt in 2024, offering participating students the opportunity to win cash prizes of over RM18,000. The program endeavors to inspire and motivate young people to engage actively in the process of learning about financial planning and making informed financial decisions.