EDITION
  • English
  • 中文
  • Bahasa
  • eCommerce
Monday, March 27, 2023
uLearnMoney Subscription Events
No Result
View All Result
Money Compass

EDITIONS:

Media and partner organizations:

cmc bmc ulearnmoney mylife mcm asncommerce mcm
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE
Subscription Newsletter
Money Compass
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE
No Result
View All Result
中文 Bahasa eCommerce
Money Compass

LIAM Targets 15 million youths Via #NoFOMO Challenge

by moneycompass
February 20, 2023
in Corporate News, Special Report
NoFOMOChallenge
Share on FacebookShare on WhatsApp

Kuala Lumpur, 8 February 2023 – The Life Insurance Association of Malaysia (LIAM) and its 16 member companies today unveiled a new fun challenge targeting the young generation through a short video competition on social media called #NoFOMO Social Wellness Challenge (#NoFOMOChallenge).

The #NoFOMOChallenge was launched today by the Director of Financial Inclusion Department of Bank Negara Malaysia, Encik Nor Rafidz Nazri together with LIAM President, Ms Loh Guat Lan, LIAM CEO, Mr Mark O’Dell and APU Vice Chancellor, Professor Dr. Ho Chin Kuan, at the Asia Pacific University of Technology & Innovation (APU) in Bukit Jalil, Kuala Lumpur.

 Riding on a tagline, Live Well, No Fear of Missing Out, the #NoFOMOChallenge invites youth to create a short video content using humour, memes, tragedy, or drama based on the three key elements of wellness namely physical, emotional, and financial wellness.

The campaign aims to inculcate wellness habits among the young generation, inspire and nurture them to be creative and innovative, raise insurance awareness against unforeseen risks and promote the importance of financial planning using social media platforms like TikTok, Instagram and YouTube.

Speaking at the launch, Nor Rafidz Nazri who also represented the Financial Education Network (FEN), an inter-agency platform that are committed to raising the level of financial literacy in Malaysia, commended LIAM and its 16 member companies for their effort and commitment in providing the #NoFOMOChallenge platform for the young generation to showcase their talents and creativity.

“I believe, LIAM being FEN’s official partner could further elevate personal financial risk management agenda within the mainstream financial education initiatives. The NoFOMOChallenge will not only instil good habits through the physical and emotional challenge, but also teaches them on financial planning and reinforce the knowledge on protection,” Rafidz added.

One of FEN’s key achievements is the National Strategy for Financial Literacy 2019 – 2023, which outlines strategic priorities to elevate financial literacy and promote responsible financial behaviour of consumers across all life stages. The aims of the National Strategy are to empower Malaysians to save, manage and protect their money; plan ahead to secure a sustainable future; and protect against fraud and financial scams.

“Financial well-being is the ability to lead a meaningful, and content life – free from financial worries, and able to withstand income shocks or changes in life circumstances. In fact, long-term financial stress has been recognized across society for its impact on productivity. For example, research showed that employees who worry about personal finances experienced a negative impact on their performance at work. Hence, the ability to build financial capability and resilience are important elements of a person’s well-being,” said Rafidz.

The financial attitude that favours present over the future has been translated into behavioural traits which could be observed clearly through the findings of FCI Survey 2021. 

The three related trends observed include:

*30% of Malaysians feel that their debts are burdensome, and this seems to be a long-term problem among salaried workers in Malaysia;

*Personal financial risk management is not a norm among Malaysians;

*27% of Malaysians are very worried about the ability to meet their old-age expenses.

Rafidz explained that FEN and the broader financial education community will need to develop effective responses to meet these gaps.

Meanwhile, LIAM President, Loh Guat Lan said that LIAM has been engaging proactively with the young generation for many years. As the young generation is a key target segment in the industry’s consumer education agenda, LIAM believes that it is crucial for the young people to be well equipped with financial knowledge and exposed to personal financial planning so that they can make better informed decisions and become financially responsible adults.

“The ongoing consumer education is seen as a strategy to combat misconceptions on insurance, to educate on key issues and to guide them to become educated consumers. Through the #NoFOMOChallenge, we inculcate social wellness habits among the youth, to inspire and nurture them to be creative and innovative as well as to promote the importance of financial planning. It is a crucial part of the overall well-being and a key to achieving your life goals” she added.

 

Tags: LIAMNoFOMOChallengeThe Life Insurance Association of Malaysia
ShareSendShareSendTweetShare
Previous Post

Sftimo Exchange Sets up Branch in Singapore to Continue Global Expansion

Next Post

“Jangan Kata Kami Tak Payung” – BSN Leverages QR Technology to Make Insurance More Accessible

Related Posts

Corporate News

Custommedia capitalises on IBM’s ELM platform to offer ‘best of breed’ application lifecycle management value proposition

24 Mar 2023
Corporate News

SAP Malaysia continues to champion diversity, equality and inclusion

16 Mar 2023
Corporate News

SAP Datasphere introduced to address disparate systems, locations

10 Mar 2023

Discussion about this post

MOST POPULAR

  • 10 Ways to Curb Overspending

    10 Ways to Curb Overspending

    1 shares
    Share 0 Tweet 0
  • Top 100 SMEs Defy Economic Headwinds to Post Triple-Digit Growth

    0 shares
    Share 0 Tweet 0
  • Shark Beauty™ Launches the Shark FlexStyle™ Air Styling & Drying System and Celebrates Hair Diversity in For All Hairkind™ Campaign

    0 shares
    Share 0 Tweet 0
  • ESG practices towards transformative change for a more sustainable world

    0 shares
    Share 0 Tweet 0
  • How to Save Money: Strategies for Saving Money Each Month

    5 shares
    Share 5 Tweet 0

MEMBERSHIP SUBSCRIPTION

Subscribe Now

Sign Up for Our Free Newsletters

Stay up-to-date with the latest personal wealth-related articles, breaking financial market news, and more.

Follow us on Social Media

News
Special Feature
Compass
Money Tube
Smart Lifestyle
Corporate Profile
Advertise
Subscriptions
Career
Contact Us
eLearning
Events
Privacy Policy
Terms of Use
Strategic Partners

Copyright © . Money Compass. All Rights Reserved.

Design and Development by Ant Internet Sdn Bhd

No Result
View All Result
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE

© 2020 Money Compass

Career

SUBSCRIBE FREE NEWSLETTER