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.