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Let’s start with Financial Literacy

by Reedz on January 20, 2010

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After the big hooha over raising credit card minimum payments and curbing of credit card issuance by the banks, and the subsequent suggestions to set up a credit bureau, this is a fresh approach by BIBD which I’m in full favour of. Bak kata pepatah, “Meluntur buluh biar dari rebungnya.”

Have you ever asked yourself…

Why didn’t anyone teach me about saving and investing when I was young?

Why don’t I understand the financial page of the paper?

Why is it some people have money and others don’t? What am I missing?

BIBD has gotten off to a good start, but what would be even more awesome would be FINANCIAL LITERACY programs for kids such as the ones run by Moneytree or Creative Wealth International. Now these would definitely go a very long way to ensuring we will have a new generation of money savvy Bruneians who will know how to manage their finances well!

Congratulations to BIBD on the good start, but lets take it up a notch!

Bank Islam Brunei Darussalam Berhad (BIBD) today held a workshop on Financial Planning for the students at Sultan Sharif Ali Secondary School in Kg Salambigar.

Some 220 students from Year 7 (Form 1) attended the workshop presented by Chartered Financial Consultant, Dayang Nurul Jafriah binti Abdullah.

The purpose of the workshop was to instill the culture of savings while teaching the students the importance of it. It was also to encourage students to begin saving as early as possible.

Nurul Jafriah during her presentation talked to the students on how to differentiate between a needs and wants. She also did a demonstration on how to accumulate savings.

According to Nurul Jafriah, an early introduction to financial planning would help these students to associate the term “financial planning’ as they develop in life. She hopes the students will be able to increase their awareness on the importance of planning for their future, begin saving as soon as possible and spend wisely.

To make the presentation interesting, activities relating to financial planning were carried out. This was to ensure that the presentation is relevant to their level of understanding.

Pics courtesy of Ak Herman Pg Duraman

bibd fp 4 kids

bibd fp 4 kids 1

{ 2 comments… read them below or add one }

anonymous January 20, 2010 at 11:36 am

TAP have actually done several financial planning roadshows targeting not just schools but also the public & private sector for about 2 years now. For the schools, they have also worked with, if I'm not mistaken, Sekolah Sarjana Muda, in doing a small drama act relating on the importance of savings. In addition, I believe they have also done a lot of fun activities relating to financial planning with other schools since last year.

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anakbrunei January 20, 2010 at 11:48 am

Thank you for the information anonymous, I am sure all the other financial institutions are doing their part as well in promoting financial planning. What we need however, is a concerted, national effort to promote financial LITERACY. There is a difference, small as it may be seem, between financial planning and literacy.

From Wikipedia: Financial literacy is the ability to understand finance. More specifically, it refers to an individual’s ability to make informed judgements and effective decisions about the use and management of their money. Raising interest in personal finance is now a focus of state-run programs in countries including Australia, Japan, the United States and the UK.

The Organization for Economic Co-operation and Development (OECD) started an inter-governmental project in 2003 with the objective of providing ways to improve financial education and literacy standards through the development of common financial literacy principles.

In March 2008, the OECD launched the International Gateway for Financial Education, which serves as a clearinghouse for financial education programs, information and research worldwide. In the UK, the alternative term “financial capability” is normally used: the Financial Services Authority (FSA) in the UK started a national strategy on financial capability in 2003. The US Government also established its Financial Literacy and Education Commission in 2003.

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