Financial Literacy Key To Youth Empowerment – Aaron Sum

KUALA LUMPUR, Financial literacy is essential in fostering responsible financial habits and decision-making among young people, with benefits that can positively impact their lives long-term, Alliance Bank Group Chief Strategy, Marketing and Business Development Officer Dr Aaron Sum Wei Wern said.

He said that In an increasingly digital world where online financial transactions dominate, it is crucial that children understand the basics of saving, budgeting and spending.

‘This knowledge helps them navigate the complexities of the financial landscape, avoid pitfalls such as scams and develop a sense of responsibility and confidence when managing their money,’ he told Bernama.

In response to these challenges, Alliance Bank has launched the seventh edition of its award-winning financial education initiative, the AEIOU Challenge, themed ‘Spot the Scams: Be a Financial Superhero!’.

The theme underscores the crucial need for financial knowledge in today’s digital landscape and empowers young individuals with th
e skills to identify and steer clear of financial scams.

Aaron further elaborated that the AEIOU Challenge is designed to educate schoolchildren aged 9 to 12 years, aiming to impart essential money management skills in an engaging and interactive way.

He said the campaign provides essential financial education through two main components, namely the AEIOU Comic Challenge and the AEIOU Financial e-Game Challenge, structured into three modules – Save, Plan, Spend.

This year, the AEIOU Challenge is expected to reach 25,000 schoolchildren nationwide, aligning with the Ministry of Education’s (MOE) 2027 School Curriculum framework, which emphasises lifelong financial education.

Since its inception in 2015, the AEIOU Challenge has engaged over 140,000 children nationwide, received more than 130,000 submissions, and trained over 1,200 teachers in financial literacy workshops.

‘We encourage all schoolchildren to participate in this year’s AEIOU Challenge by submitting their entries for the Comic Challenge and e-
Game Challenge. The e-Game Challenge is available on the AEIOU Mobile App, with further details available on the AEIOU Financial Literacy website,” Aaron said.

Key dates include the submission deadline on Oct 13, 2024 followed by judging sessions in mid-October, where 20 finalists will be selected. The final challenge and awards ceremony will take place in mid-November in Kuala Lumpur.

Source: BERNAMA News Agency