Initiative teaches young children how to manage their money

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SOME 400 kindergarten children will benefit from the “My First Ringgit” programme launched by Citibank and Era Consumer.

The pilot programme, targeted at children aged between four and six, is aimed at introducing basic money management lessons and will be taught in English and Bahasa Malaysia.

“Financial literacy is an important aspect of a child’s education, especially during their formative years. Most children start receiving allowances from their parents when they start primary school at age seven onwards.

Having fun: Paul (second left) and Citibank Berhad head of corporate affairs Sreejaya Menon (third left) with the children at Tadika Inspirasi Cemerlang/ Kinderland in Putra Heights.

“Learning how to save, when to spend and other matters related to managing money help prepare children to better manage their finances as adults.

“We want to open the minds of young children and help them understand how obtaining a good education and practising good financial behaviour can help them in achieving their life goals in the future,” said Citibank Berhad head of corporate affairs Jaya Menon.

Twenty workshops of two hours each will be conducted over the next two months where kindergarten teachers will be taught to facilitate these sessions via the Game Kit, developed by Era Consumer in collaboration with early childhood experts.

The Game Kit will essentially cover topics on differentiating coins and bills, counting coins and bills, sources of money, uses of money, differentiating between wants and needs, understanding savings and spending, and the value of sharing.

The Game Kit is also available on the Era Consumer website to enable more children to have access to this module.

“Young consumers seem especially vulnerable to unhealthy financial decisions.

“This is supported by reports and trends that show that people who are declared bankrupt are getting younger.

“Financial problems among young workers are rising due to several factors, including obtaining an income for the first time and enjoying the financial freedom to spend on items that fulfill their dreams, without the knowledge and skills to manage their money efficiently,” said Era Consumer vice-president Datuk Paul Selva Raj.