1 / 5

Providing High Quality Financial Education in School,

Providing High Quality Financial Education in School, Innovative Practices and Effective Approaches - Malaysia’s Experience Ooi See Eim Consumer and Market Conduct Department Central Bank of Malaysia 21 April 2016.

overton
Download Presentation

Providing High Quality Financial Education in School,

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Providing High Quality Financial Education in School, Innovative Practices and Effective Approaches - Malaysia’s Experience Ooi See Eim Consumer and Market Conduct Department Central Bank of Malaysia 21 April 2016

  2. Financial education (FE) in Malaysia targets key life events throughout life stages Unexpected Life Events – e.g. losing job/money, untimely demise, divorce and receiving a windfall

  3. FE in school evolved from co-curriculum activities to learning in classroom to ensure sustainability and effectiveness • Phased-in roll out of FE elements into new school curriculum • FE in schools via co-curriculum activities 2016 and beyond 2004 2014/15 1999 Integration of FE elements in school curriculum • Financial education website • 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 • 2017 • Integrate FE in curriculum for secondary schools • 2021 • Full integration of FE elements in all school levels 1998 School financial club • 1997 • 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 Pocket money book School adoption programme • 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 • 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 • 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 • 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

  4. Financial literacy elements to empower children to build, manage and protect personal wealth • 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 • 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 • Identify needs and wants • Set financial goals • Create and record financial plan • Alternatives and consequences of financial decisions • Definition and types of credit instruments • Responsiblecredit 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/takafulprotection • Types of non-insurance protection Complexityincreasedprogressivelyaccording to school levels

  5. Factors contributing to successful implementation of FE in schools • 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 • Perseverance in pursuing • FE in school • Commitment- technical advice & financial support • Develop FE standards • Trainings/workshops • Resource person in capacity building • TOT for teachers • Support development of teaching aids • Teachers’ guides • Text books • Exposure to school heads • School adoption programme • FIs as technical experts for teachers’ reference point • FE in co-curriculum • Pocket money book to inculcate habits to keep financial records • www.duitsaku.com an interactive online financial education tool • BNM Money Museum and Art Gallery

More Related