Managing Your Money The Right Way

Prudential brings essential skills and knowledge to build financial responsibility.

  • Prudential brings unique, experiential financial education programme to secondary school students at Rumah Kanak-Kanak Rembau and Sekolah Tunas Bakti Sungai Lereh
  • Duit Right empowers students to make positive financial decisions from young.
  • Students learn how they can achieve their dreams by working hard, smart and honestly.
  • Duit Right has educated 35 communities/schools nationwide.

KUALA LUMPUR, 9 AUGUST 2016 – “Why is clean water a need if we are stranded on an island? Isn’t a mobile phone more important?” are some of the questions students from Rumah Kanak-Kanak Rembau, an institution for children, and Sekolah Tunas Bakti Sungai Lereh, a school for juvenile delinquency, asked their programme facilitators at the Duit Right programme.

Duit Right is a financial education programme developed by Prudential Assurance Malaysia Berhad (PAMB) through the Prudence Foundation and Yayasan Generasi Gemilang for secondary school students, such as those at Rumah Kanak-Kanak Rembau and Sekolah Tunas Bakti Sungai Lereh. Its aim is to empower youths to make positive financial decisions by helping them understand good money management habits. Students are put into groups of 7-10 with each group aided by a facilitator, while two trainers lead the session. Group facilitators are all volunteers from PAMB i.e. an employee or agent.

In line with its mission to provide financial freedom and peace of mind for all Malaysians, the insurer aims to build financial resilience through offering financial education for adults and children. Hence, students are introduced to four key fundamental money management concepts - Earn, Save, Spend and Donate to cultivate financial responsibility. For example, the topics of debt and debt management are introduced under the Save concept and are explained with the use of credit cards – it is not free money but borrowed money with high interest to pay back. The programme emphasises the importance of saving first and the concept of accumulating interest in the bank, before spending. To make it relatable to the students, they are encouraged to share what their dreams or aspirations are and how they can achieve them by working hard, smart and honestly.

Khoo Ai Lin, Chief Marketing Officer of PAMB explained, “All children have dreams, and they might not necessarily understand how to achieve those dreams. Duit Right gives students an insight to understand how adults make financial decisions responsibly, because the earlier they understand these realities, the sooner they can plan ahead, even in their teens, to achieve their dreams. Our focus has always been consistent in promoting financial education to children and it is imperative we extend it to secondary school students from all strata of society, so that they have the knowledge of how to take control of their lives financially and be independent in driving their dreams.”

“This programme is very beneficial to the students here as many of them still do not know the importance of saving and do not know the best way to save money or deal with unexpected financial emergencies. In our current standard of living, everything requires financial investment, so it is important to educate the students that all their ambitions and dreams would require some form of investment as well. This would help them to understand the importance of saving and making sound financial decisions now. It was great that the students got to have in depth conversations with the facilitators today to help them understand financial concepts.” commented Puan Nurul Fazlina, a teacher at Sekolah Tunas Bakti Sungai Lereh.

12 year old Siti* was enthusiastic throughout the programme and was eager to share her experience, “I was very excited to learn a lot of new information on how to spend and save money today. I learned that I should be disciplined and be confident in order to achieve my dreams. I want to be a robot scientist one day so I really want to save money to be able to attend an architecture course one day.”

To date, Duit Right has reached out to 4,803 students from 35 schools/communities in Malaysia. PAMB continues to bring its financial education programmes to different schools and communities and aims to reach out to 50,000 individuals.

*Names have been changed to protect the identity of the individuals observed.

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