As I sat down with Rafiz Azuan Abdullah, the CEO of PIDM or Perbadanan Insurans Deposit Malaysia and asked my questions, it occurred to me that this man is truly at peace with doing a thankless job.
If you’re unfamiliar with what PIDM does, they are basically a government authority that provides protection for your deposits, as well as takaful and insurance benefits in the unlikely event a PIDM member institution fails.
For example, let’s say Bank X somehow goes bankrupt and you have RM10k saved there. As Bank X is a PIDM member bank, PIDM will make sure you get your RM10k back immediately.
Something exciting happened recently. On 23 July 2019, Tun M launched the National Strategy for Financial Literacy (2019-2023).
Korang. A national strategy. For financial literacy. Isn’t this amazing? I’m all for it. This is great, we needed this.
So I was browsing through the document (thanks Vincent for sending to me!) and thought, hey! There are so many financial education initiatives, many of which I didn’t know about! I should share this on RoR!
So here you go. Every single financial education initiatives under members of Financial Education Network (FEN), as of writing time.
#1 – Ministry of Education
Initiative: Integrating financial education elements in the curriculum
What it is: Teach financial education component in schools
Official description: The integration of financial education element is carried out in several subjects directly or indirectly.
Among the subjects that apply this knowledge of financial education at Standards-Based Curriculum for Primary Schools (KSSR) and KSSR levels (Revised 2017) are Mathematics, Bahasa Melayu, English and Moral Education.
While the examples of subjects at the Standards-Based Curriculum for Secondary Schools (KSSM) level are Economics, Business, Accounting Principles, Mathematics, Bahasa Melayu, English, Home Science, Agriculture and other subjects.
The integration of this elements implemented through the subject curriculum in accordance with the suitability of the theme and areas of learning
#2 – Bank Negara Malaysia (BNM)
There are 3 initiatives under BNM, of which 1 is for the public, and 2 is for government agencies and civil servants:
What it is: Fun weekend activity for the public, with financial education twist
Official description: Karnival Kewangan is a one-stop edutainment centre to elevate public’s awareness on financial matters, enhance financial literacy among Malaysian and serve the needs of financial consumers.
Karnival Kewangan is a collaborative Public-Private Partnership initiative aimed at widening outreach of financial education nationwide
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Initiative #2: Train-the-Trainers (TTT) programme for Government agencies
What it is: Improving financial literacy in government agencies
Official description: Train-the-Trainers (TTT) programme is an initiative to train and enhance the capability of the counsellors at the government agencies to conduct self-directed financial education sessions within their agency.
The programme also provides intervention measures to achieve prudent financial management behaviour among the government officers.
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Initiative #3: Personal Financial Education module at E-Pembelajaran Sektor Awam (EPSA®) on-line learning platform
What it is: Improving financial literacy among civil servants (online)
Official description: Personal Financial Education module (or Modul Pendidikan Kewangan Peribadi) is a newly launched on-line learning module offered to all civil servants in Malaysia.
This initiative is in line with the Government’s initiative to promote the use of online learning to civil servants for their continuous and lifelong
learning.
What it is: Public education events for Malaysian investors
Official description: The InvestSmart® brand is SC’s investor education initiative to create more informed investors who are self-reliant and are able to make investment decisions that are right for them.
Since its launch in 2014, InvestSmart® has actively carried our various initiatives to reach out to a wide spectrum of the public throughout the nation, educating them on a range of investment related topics.
InvestSmart® initiatives includes the annual flagship investor education event InvestSmart® Fest, Bersama InvestSmart® @ Borneo, SC-in-the-Community, seminars, InvestSmart® website, mobile application, online educational game Jump2Invest and social media platforms including Facebook, Instagram and Twitter.
#4 – Employees Provident Fund (EPF)
There are 2 initiatives under EPF:
Image credit: RinggitPlus
Initiative #1: Belanjawanku
What it is: A rough guide to show how much money we need to live
Official description: An expenditure guide, providing estimated minimum monthly expenses on various types of goods and services for different households in Malaysia. It is a useful tool for Malaysians to plan for their personal and family budgeting to achieve a reasonable standard of living
What it is: Advices Malaysians on retirement planning. Try the retirement calculator in their website
Official description: RAS offers personalized financial advice particularly on retirement planning to members of the public. It aims to raise financial literacy and guide Malaysians to plan for their retirement as well as understand available options that can help increase their retirement savings.
#5 – Perbadanan Insurans Deposit Malaysia (PIDM)
There are 2 initiatives under PIDM:
Initiative #1: PIDM Public Engagement Programme
What it is: Tell people what PIDM do. I’ve done a few collaborations with PIDM under this initiative – see:
Official description: An outreach programme to bring financial education and PIDM awareness to the public in various locations.
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Initiative #2: PIDM briefings
What it is: Like #1, but more targeted?
Official description: A series of briefing sessions to different target segments e.g. youth, retirees and working adults to promote awareness on PIDM’s financial consumer protection systems.
#6 – Agensi Kaunseling dan Pengurusan Kredit (AKPK)
There are 5 initiatives under AKPK, of which 3 is for the public, 1 is for employees and 1 for students:
Initiative #1: Financial Education Public Programmes
What it is: Fun weekend activity for the public, with financial education twist
Official description: AKPK provides a range of public programmes throughout the year targeting various target segments like youth, women, entrepreneurs and other related groups.
The programmes are held to provide a set of skills and knowledge that allows an individual to make informed and effective decisions with regards to their financial resources.
What it is: Free financial courses! There is one course so far, a house-buying module. Available in English and Malay
Official description: AKPK’s learn.akpk.org.my portal is developed to provide financial education programmes online. The portal provides a peer to peer learning platform that is socially engaging (participants can participate in modular discussion forums), making the learning fun, empowering, engaging and trendy.
What it is: A programme to help employees facing financial issues (which companies, I don’t know)
Official description: A customised financial solution programme is designed based on the assessment conducted amongst employees of some organisations to identify their financial issues that need to be addressed in order to promote productivity of employees at workplace.
The issues are addressed by providing financial education, counselling and debt management programmes.
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Initiative #4: AKPK Financial Literacy Symposium
What it is: A big financial education-themed conference slash event
Official description: This symposium is one of AKPK’s efforts to promote financial literacy among Malaysians. The highlight will be the reporting of findings from AKPK’s recent survey among Malaysians followed by forums and other related research presentations. It is held biennially.
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Initiative #5: Social Enterprise Literacy for Youth (SELFY)
What it is: Improving financial literacy among college and university students
Official description: The SELFY programme is conducted yearly amongst students of higher learning institutions, focused on providing educational experience that leaves them with positive associations with money and social change.
Students are given financial education and then provided a seed money to start an enterprise. The concept of SELFY is to earn, manage, save and give.
#7 – Permodalan Nasional Berhad (PNB)
There are 5 initiatives under PNB, of which 3 is for the public, and 2 is for schools:
Initiative #1: Minggu Saham Amanah Malaysia (MSAM)
What it is: A big financial education-themed conference slash event
Official description: MSAM held annually since 2000 with the objective of educating the public on investment in unit trust, risk and return and financial planning. In addition, it is to educate the investors on where their money is invested by PNB.
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Initiative #2: Seminar Pelaburan 360
What it is: Investment seminars
Official description: Daily seminars conducted by ASNB qualified financial planners at different locations to all segments of society on financial planning concepts.
PNB also has a whole video series in their Youtube. Sharing here Segment 1 Module 1:
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Initiative #3: Kelab Pelaburan Bijak
What it is: Investing clubs in schools!
Official description: Aim to uplift the level of financial literacy among secondary school children. Currently, 155 schools have been selected to join the club.
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Initiative #4: Kuiz Pelaburan PNB
What it is: An investment-themed quiz competition. The cash prize is quite lucrative!
Image credit: Harian Metro
Official description: Quiz competition involving different categories on key concepts relating to investment, financial planning, unit trust and risk and return
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Initiative #5: Fiesta Labur PNB
What it is: Fun weekend activity for the public, with financial education twist
Official description: An annual event organized by ASNB. It is an edutainment based investment programme. Through Fiesta Labur, the public will be able to gain knowledge on investment and financial planning through interactive and fun way of learning.
This event provides various activities and entertainment for the whole family in educating and creating awareness on the importance of financial planning in their daily lives.
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That’s quite a lot of financial education initiatives, isn’t it? But you know, these are just activities and resources by government and government-linked agencies. There are even MORE financial seminars and websites and media from the private sector.
For example, most, if not all the insurance companies do their own financial literacy initiatives. So does the banks. And the companies providing investment services, across all sectors, from properties to P2P lending to ETF to gold.
Then I also know the financial planning associations and the financial comparison platforms do financial education too. I’m sure I’m missing a few more here but I made my point, yes?
No matter how much we may want to deny it, there *are* bad people in this world. People who don’t think twice about taking your money from you through illegal and unethical means. They do it easily, without guilt or remorse.
This article is a compilation of anecdotes by real people, who were scammed or almost got scammed. Thank you to all who contributed.
According to the Department of Statistics Malaysia, the T20 in this country received 46.2% of overall income share in 2016, while the M40 and B40 received 37.4% and 16.4% respectively.
Looking at the statistics, you can’t deny that rich Malaysians must know something that the rest of us don’t. I mean, the top 20% can’t have gotten almost half of all the income in Malaysia by accident.
I am greatly fascinated by the money mindset that the rich have. Not their lifestyle, mind you – looking rich is not the same as being rich – but their mindset: what they learned from their parents (if they were born rich) or from life experiences (if they worked hard to get there).
Here are some things that I’ve learned about rich Malaysians.
When Perbadanan Insurans Deposit Malaysia – PIDM for short – contacted me about doing a paid collaboration, I was confused. Unlike other sponsored post inquiries I get, PIDM has no products or services to sell. If anything, their services are (1) free and (2) automatic.
Then they told me their reasons. They’re to:
Promote awareness on PIDM’s protection services so that people are assured that their deposits, takaful and insurance benefits are safe;
Inform which financial products are protected to prevent scams by unscrupulous parties, and;
Let people know what they should do IN CASE their banks, takaful and insurance companies go bankrupt (stay calm, see #3).
So apparently – and I didn’t know about this before – there are people out there who scam your family and friends because they don’t know about PIDM?? That is horrible! And this is why PIDM wants to tell the public who they are and what they do!
So I said yes, and together we created this plain-English article about what PIDM does.
Image credit: RinggitPlus
Image credit: Harian Metro
