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Providing High Quality Financial Education in School,Innovative Practices and Effective Approaches
- Malaysia’s Experience
Ooi See Eim Consumer and Market Conduct DepartmentCentral Bank of Malaysia 21 April 2016
Common Elements: Essential financial skills and knowledgeBudgeting Saving Spending Managing
debtInvesting Managing
riskRights &
ResponsibilitiesProducts &
services
Unexpected Life Events – e.g. losing job/money, untimely demise, divorce and receiving a windfall
Financial education (FE) in Malaysia targets key life events throughout life stages
LifeStage
School Tertiary Education
Entering Workforce
Starting a family
Raising a family
Retirement
Example of Key Life
Events
• Open and operate bank account / pocket money mgmt.
• Online purchases
• Obtain study loan
• Getting a part-time job
• Use credit card
• Buy a car/house
• Pursue hobby
• Provide guarantee
• Pursue investments
• Plan for marriage/ honeymoon
• Have a baby
• Childcare
• Purchase insurance
• Children’s education
• Family recreation
• Change job
• Healthcare
• Support immediate & extended family
• Planning for Retirement
• Managing retirement fund
• Support dependents
• Pursue hobbies/ part-time job
• Estate planning
2
1997
1998
20041999
2014/15
Pocket money book
School financial
club
Financial education website
FE in school evolved from co-curriculum activities to learning in classroom to ensure sustainability and effectiveness
School adoption
programme
Integration of FE elements in
school curriculum
2016 and beyond
• Schools adopted by financial institutions (Fis)
• Activities carried out by Fis to enhance knowledge on banking and basic financial matters
• Participated by about 10,000 government-aided schools
• Buku Wang Saku (pocket money book), a tool to educate and assist school children to manage their pocket money and to take control of their finances
• 14 million copies distributed
• Integrate FE in curriculum for primary schools, starting from year 4
• Core subjects (e.g. English Language, Malay Language, Mathematics)
• Engage school heads, equip teachers with financial management knowledge and skills
• Develop FE modules, lesson plans, textbooks
• A platform for FIs to educate school children on personal money management
• Children engaged in money and finance related activities through workshops, visits to FIs and knowledge-sharing sessions
• www.duitsaku.com an interactive online financial education tool aimed to enhance financial literacy among school children
• Comprise of interactive financial games, quizzes, financial calculations, online pocket money book
• Total membership of about 113,000
2016• Elevate FIs’ roles as technical experts for reference by teachers
• Develop FE portal with dedicated sections for school children and teachers
• Assess on implementation of FE in curriculum
2017Integrate FE in curriculum for secondary schools
2021Full integration of FE elements in all school levels
Phased-in roll out of FE elements into new school curriculumFE in schools via co-curriculum
activities
3
Financial literacy elements to empower children to build, manage and protect personal wealth
FL2: Financial
Responsibi-lity and Decision Making
FL1:Money, Source of
income and Career Choice
FL3:Money Manage-ment and Planning
FE ElementsFL4:Savings
and investment
FL6: Risk Manage-
ment, Wealth
Protection and
Insurance
FL5: Credit and Debt
Management
• Definition of money, sources of income
• Factors affecting income eg demographic background, taxation, etc
• Types of payment instruments• Income vs spending decision
• Make personal financial decisions• Usage of financial information• Consumer protection law• Definition of contracts
• Identify needs and wants • Set financial goals• Create and record
financial plan • Alternatives and
consequences of financial decisions
• Benefits of savings/investments including build wealth, achieve financial goals, financial well-being
• Definition and types Investments
• Risk and return concept• Depositors and investors
protection
• Definition and types of credit instruments
• Responsible credit management• Rights and responsibilities as
borrowers • Avoiding debt trap and address
credit problem.
• Protection of identity• Common types of risks and basic risk
management• Purpose and importance of
insurance/takaful protection• Types of non-insurance protection
Complexity increased progressively according to school levels
4
5
Factors contributing to successful implementation of FE in schools
Collective efforts
are importan
t
Ministry of Education as implementor
Establish and grow enabling infrastructure
Central Bank plays leadership role
• Perseverance in pursuingFE in school
• Commitment- technical advice & financial support
o Develop FE standards o Trainings/workshops
• Resource person in capacity building
o TOT for teachers
• Support development of teaching aids
o Teachers’ guideso Text books
• Exposure to school heads
• Buy-in and understand importance of FE from young
• Leverage on revision of curriculum
• Support development and use of teaching aids
• Implement training of teachers
• School adoption programme
• FIs as technical experts for teachers’ reference point
• FE in co-curriculum o Pocket money book to inculcate
habits to keep financial recordso www.duitsaku.com an
interactive online financial education tool
• BNM Money Museum and Art Gallery
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