The inaugural National Financial Literacy Summit by Fun(d) for Life was held from 28th - 30th October 2022, which saw the convention of students and educators across the country to elevate and showcase their financial literacy and entrepreneurial skills.
Held in conjunction with Malaysia’s Financial Literacy Month, each state and Federal Territory in Malaysia were represented by 87 students who came to prove their financial and entrepreneurial skills through the National Financial Literacy Competition. The Competition is divided into two categories: Personal Finance & Entrepreneurship. For the Personal Finance category, the first prize winner for the primary school category, Alif Emran, 12 years old from SK Guar Jentik Perlis and Muhammad Hakim, 16 years old from Sekolah Sultan Alam Shah in Putrajaya both won RM2,000 in cash respectively. The first place winners for the Entrepreneurship category, made up of a team of three 16 year old students from Sabah who pitched their business plan for Burger Kima, a local delicacy from Semporna, bagged RM4,500 in cash prizes.
The Summit was also a platform for 42 teachers across Malaysia to improve their skills in incorporating financial literacy into their classrooms through the Innovative FinLit Educators Competition and the Innovation Lab on Financial Literacy, both held concurrently. The Summit is a part of a financial literacy initiative by Fun(d) for Life brought by FWD Takaful and Arus Academy for free from 2019.
According to Wan Ahmad Najib Wan Ahmad Lotfi, the Chief Strategy & Digital Distribution Officer of FWD Takaful, “In line with the theme of this year’s Financial Literacy Month being ‘Financial Well-Being: Go Digital Confidently’, we believe financial well-being can be achieved when an individual masters the pyramid of personal finance management which begins with protection, savings and finally, investment. We also capitalized on FWD Takaful’s expertise and interest in digital technology to ensure more people are able to master these three aspects of financial literacy as early as possible, which also includes working with educators and parents, as we did through this Summit.”
“The Competition proves that age should not hinder young ones from mastering financial and entrepreneurial skills. Participants as young as 10 years old proved that they are able to prepare a short-term financial plan, which is one of the foundations towards financial well-being. If we all work together as a community to provide this strong foundation to the young ones as seen through this Summit, we believe that we will soon be able to see a financially-smart generation,” added Alina Amir, Programme Lead of the Fun(d) for Life initiative.
The National Financial Literacy Competition has been running for a few months now with more than 4,000 participation from 10 - 17 year olds from each state in Malaysia and is endorsed by the Ministry of Education.
For more information on various other financial literacy initiatives for students, teachers and parents by Fun(d) for Life, visit www.fundfor.life.
National Financial Literacy Competition by Fun(d) for Life 2022: Winners List
Category 1: Personal Finance (10 - 12 years old) - Primary School
Category 1: Personal Finance (13 - 17 years old) - Secondary School
Category 2: Entrepreneurship (13-17 years old)
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