19 Malaysian financial education initiatives
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.
What it is: To teach financial education components in schools.
Official description: The integration of the financial education element is carried out in several subjects directly or indirectly. Among the subjects that apply this knowledge of financial education at 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)
There are three initiatives under BNM, of which one is for the public, and two are for government agencies and civil servants:
Initiative 1: Karnival Kewangan. What it is: Fun weekend activity for the public with financial education.
Official description: Karnival Kewangan is 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. Karnival Kewangan 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
What it is: Improving financial literacy in government agencies
Official description: Train-the-Trainers (TTT) 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
What it is: Improving financial literacy among civil servants.
Official description: personal financial education module is a newly launched on-line learning module offered to all civil servants in Malaysia. This initiative is to promote the use of online learning to civil servants for their continuous and lifelong learning.
3. Securities Commission Malaysia
What it is: Public education events for Malaysian investors
Official description: The InvestSmart® brand is SC’s investor education initiative to create more informed investors who are self-reliant and are able to make investment decisions that are right for them. 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)
There are two initiatives under EPF:
A monthly expenditure guide.
Initiative 1: Belanjawanku
What it is: A guide to show how much money you need to live
Official description: 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)
What it is: Advice on retirement planning. Try the retirement calculator on their website
Official description: 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)
There are two initiatives under PIDM:
Initiative 1: PIDM public engagement programme
What it is: Tells you what PIDM does.
Official description: An outreach programme to bring financial education and PIDM awareness to the public.
Initiative 2: PIDM briefings
What it is: Like #1, but more targeted.
Official description: 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)
There are five initiatives under AKPK, of which three are for the public, one is for employees and one for students:
Initiative 1: Financial education public programmes
What it is: Fun weekend activity for the public, with financial education.
Official description: 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
What it is: Free financial courses. There is one course so far, a house-buying module. Available in English and Malay
Official description: AKPK’s portal provides financial education programmes online. The portal provides a peer to peer learning platform that is socially engaging.Participate in modular discussion forums, making learning fun, empowering, engaging and trendy.
Initiative 3: Customised financial solution programme
What it is: A programme to help employees facing financial issues.
Official description: 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
What it is: A big financial education-themed conference slash event
Official description: 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)
What it is: Improving financial literacy among college and university students
Official description: 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.