In conjunction with the Financial Literacy Month, the Malaysian Financial Planning Council (MFPC) has announced the launch of their new financial literacy initiative; the My Money website which is a financial education website for Malaysians. My Money is an engaging financial education website that helps Malaysians to learn basic financial skills online at any time. Self-paced lessons were developed to help Malaysians establish sound foundations in money management and an appreciation for saving. Traditionally, financial education lessons were taught in school classrooms albeit rarely but now the Council has taken a step forward in redesigning to deliver an accommodating experience for a virtual learning environment.
My Money financial literacy website also promote several features that helps to elevate financial literacy such as Live Financial Programmes, Self-Paced Learning Programmes and a feature for users to find Licensed Financial Experts and Providers. The new website also offers articles under 4 main components of wealth management such as asset protection, asset accumulation, asset management and asset distribution. These aspects of personal finance which are presented under a plethora of articles is intended to provide a fast, concise and engaging approach to help Malaysians apply their financial knowledge in their daily lives.
This initiative also was a move to heighten the financial literacy level among Malaysians. Based on the OECD International Network on Financial Education (INFE) 2020 International Survey of Adult Financial Literacy, Malaysia needs to target knowledge to ensure that their populations understand the principles and become more active money managers, and help individuals fully understand the decisions they are making. Furthermore, the Council latest longitudinal study report with the Capital Market Development Fund (CMDF); Financial Capability and Utilisation of Financial Advisory Services in Malaysia in 2020 stressed on the importance of financial education for it can improve the level of literacy which subsequently shape better financial behaviour among individuals.
Vincent Kwo, President of Malaysian Financial Planning Council (MFPC) highlighted that the Council is excited to share this latest initiative to Malaysians. He added, “We managed to create a seamless and immersive educational website that is in the e-Learning space. The website itself, combined with compact and reliable financial insights is hope to be an engaging and beneficial financial education tool for Malaysians.”
Throughout October 2021, the Financial Education Network (FEN) has launched the Financial Literacy Month (FLM) 2021 to provide a variety of financial literacy initiatives and programmes for Malaysians. The introduction of these programmes, which are part of the initiative to raise the level of financial literacy among Malaysians, is timely as many Malaysians are now facing considerable financial challenges following the onset of the Covid-19 pandemic. MFPC also will be joining in the ongoing effort with the Securities Commission with their public complimentary counselling sessions in personal financial management; #FinPlan4U and providing online financial masterclass and other financial programmes fit for all which can be found here: https://mymoney.mfpc.org.my/