Allianz Malaysia celebrates Global Money Week with children

Allianz Malaysia has organised a 'My Finance Coach' class for the children of non-profit organization Yayasan Chow Kit (YCK), in celebration of Global Money Week 2016.

This is the fourth year that Allianz Malaysia is working with children for Global Money Week, which is celebrated worldwide by more than 960 organisations in 124 countries across continents to raise awareness on financial education among children and youth.

My Finance Coach is a non-profit initiative founded in Germany 2010 by partner companies Allianz, Grey and McKinsey. The financial literacy programme is aimed at improving money management skills of young people.

Employee volunteers are trained as Finance Coaches to conduct classes in schools and non-profit organisations, using real-life examples to help the young relate to economics and money management topics better.

Ng Siew Gek, head of Allianz4Good of Allianz Malaysia, said, "At Allianz Malaysia, financial literacy is one of our core corporate responsibility initiatives. Since 2012, we have implemented our own financial literacy programme, My Finance Coach. To date, we have reached out to over 6,900 students in 13 states across Malaysia."

The event was held on 18 March 2016, at Kuala Lumpur Krash Pad for 21 Yayasan Chow Kit children aged 10 to 12 years old. The topic of the My Finance Coach lesson was "Shopping: Basic", which included differentiating between needs and wants, recognising tools used in advertisements, and learning about the different buying criteria that influence decision-making as consumers.

Yayasan Chow Kit is a non-profit organisation that serves as a 24-hour crisis and drop-in centre that provides meals, activities, therapy, case management and educational programmes for at-risk children of Chow Kit.

"Through our activities during Global Money Week, we hope to raise awareness on the importance of financial literacy. We are confident that these activities will enable the participating children to gain new information and insights into finance and hopefully instill an awareness of and interest in managing their own money," said Ng.

Global Money Week is coordinated and led by Child and Youth Finance International (CYFI), a non-profit organisation based in Amsterdam, intended to empower the next generation of financial actors to be confident, responsible and skilled economic citizens.