ACCORDING to a study by the University of Cambridge, children form money habits starting as 7 years old, and most of what they learn comes from observing their parents ‘ spending habits.

And while not actively taking down notes on how their parents spend their money and typing through receipts, children pick up on how parents prioritize certain items. This ranges from how they choose to spend their money – from buying big expensive electrical items to small everyday grocery purchases.

Thanks to the convenience of technology through mobile phone and Internet, children and young people have easy access to a variety of games and applications. This likens the scenario of a child in a candy store, and they can very quickly rack up bills through online shopping.

Children can learn improving financial literacy early, on how to manage their benefits and discover the importance of making informed decisions with their money. Eventually, as teenagers or young adults, they may learn to set financial goals, such as how to save for their own money, maybe even Fund their own education through savings and scholarships or part-time work.

Later in life, these skills are crucial when it comes to buying a home, a car or when planning their retirement.

Raising children’s financial literacy was an initiative championed by Alliance Bank through its AEIOU Challenge, which was launched back in 2015. The program is in good agreement with The national financial literacy strategy for 2019-2023 and aims to address its strategic priority – the education of youth values and inculcation of positive financial behavior.

Created for students aged 9 to 12, these financial literacy sessions introduce easy – to-learn concepts on money management and techniques on savings, planning and spending.

The Bank’s notable goal was to empower the nation to be financially wise, through awareness and education of young Malaysians on good money management.

This year’s AEIOU Challenge is in its fifth season, and promises to be even better, bigger and bolder than before.

This year’s novelty is the Game Challenge, where participants can fill out interactive trivia questions online after watching videos and comics in financial lessons. It’s very similar if they play online games.

Eligible school students can also join the Comic Challenge where they get to Express how they understand what they have learned from financial literacy sessions and apply them by producing a drawing in comic format.

At the end of the challenge, a cool sum of RM20, 000 in cash prizes await the winning students of both Comic Challenge and Game Challenge. This includes rewarding the school with the highest number of participants with cash that will go to the school’s development Fund.

Committed teachers championing financial literacy in education will also be encouraged for their efforts and dedication.

Since its inception, Alliance Bank AEIOU Challenge has received unwavering support from Bank Negara Malaysia and the Ministry of education.

The Bank plans to double the total number of submissions this year to 30,000, surpassing the total combined over the past four seasons.

Alliance Bank Group chief Executive Joel Kornreich said: “this year we are expanding the program to 420 schools from 50 previously schools and improving a program that will be inclusive, regardless of children’s drawing skills, with the introduction of the game challenge.”

Similarly, as part of the Bank’s Train-coaches initiative, it provides school teachers with training and education tools to protect against financial literacy education in their respective schools. Alliance Bank plans to attract 420 teachers, working together with them to reach established milestones.

Train-trainers are a critical component in view of the fact that they are sustainable. This allows teachers to continue to provide financial lessons to their students in the long term, even after completing the AEIOU Challenge.

In addition, both teachers and students will in turn be able to internalize and practice smart money habits in their daily lives.

Afterwards, the hope is that they become the epitome of what it means to be financially savvy and gradually educate the people they know, such as their colleagues, friends and families.

The closing date for the Comic Challenge is October 27, and for the challenge game is October 20.

More information about the Alliance Bank’s aEIOU Challenge can be obtained at www.alliancebank.com.my/aeiou

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