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Empowering Sarawakian Students with the Gift of Financial Knowledge

The Sarawak State Deputy Minister for Education, Innovation and Talent Development, Yang Berhormat Datuk Dr. Annuar Bin Rapaee, with representatives from PAMB, Bank Negara Malaysia, and UNIMAS at the Sarawak Graduate Financial Convention, which aimed to enhance financial acumen among graduates and positively impact their lives.

Sarawak State Deputy Minister for Education, Innovation and Talent Development, Yang Berhormat Datuk Dr. Annuar Bin Rapaee (second from left) and UNIMAS representatives visiting the PRUKasih Aman booth to learn about PAMB’s offerings.

Kuching, 23 October 2024 – The gift of financial knowledge is essential for the economic wellbeing of young adults as they embark into the working world. As such, Prudential Assurance Malaysia Berhad (PAMB) in partnership with Universiti Malaysia Sarawak (UNIMAS) hosted the Sarawak Graduate Financial Convention to enhance financial acumen among graduates that positively impacts their lives.

The convention, titled “Beyond Wealth: Empowering Success and Shaping the Future” saw 1,000 students from 15 Sarawakian higher education institutions gathered at UNIMAS, Kuching, to learn effective financial management strategies such as budget planning, investment, debt management and insurance. Sarawak State Deputy Minister for Education, Innovation, and Talent Development, Yang Berhormat Datuk Dr. Annuar Bin Rapaee, represented Sarawak State Minister for Education, Innovation, and Talent Development, Yang Berhormat Dato Sri Roland Sagah Wee Inn, in officiating the event.

As of 2023, approximately 73% of Malaysian youths are facing financial challenges[1] such as debt[2], insufficient emergency funds, and difficulties in saving money[3]. This presents a gap that needs to be addressed so young adults are empowered with the necessary knowledge and skills to manage their finances effectively and prevent debt accumulation. Experts have also emphasised that by improving financial education in schools, we can better prepare students to navigate financial challenges[4] and build a secure future.

Yang Berhormat Dato Sri Roland Sagah Wee Inn said, “For Sarawak to become a high-income state by 2030, we must address the challenges facing young adults and equip them with the knowledge and tools to succeed. This convention is a significant step towards empowering our graduates with the financial literacy they need to thrive in this rapidly changing world. I’m pleased that Prudential and UNIMAS are working together to help prepare them for their future and ensure the continued growth and prosperity of this state.”

Chief Risk Officer from PAMB, Kamarul Hisham said, “With 100 years of presence and commitment to building financial resiliency in Malaysia, we are dedicated to the financial empowerment of Sarawak’s youth, especially the untapped potential among them. Since 2018, we’ve helped almost 29,000 Sarawakian children and young adults learn how to manage money through our financial education programmes. Together with UNIMAS, we want to positively impact the lives and communities of the people in Sarawak and help graduates shape their future in line with various initiatives taken by the government.”

“Education goes beyond academic excellence; it’s about preparing our students for all aspects of life. Partnering with Prudential Assurance Malaysia Berhad (PAMB) for the Sarawak Graduate Financial Convention reflects our commitment to holistic education. By equipping graduates with essential financial skills and real-world insights, we empower them to confidently navigate the complexities of the modern economy, so they are ready to make positive contributions to the community and the broader economy.” said Prof Dr Ahmad Hata Rasit, Vice Chancellor from UNIMAS.

Students came from 15 higher education institutions in Kuching and greater Kuching, including universities, colleges, maktab, and training schools. The conference was supported by Bank Negara Malaysia (BNM) and Financial Education Network (FEN), with collaboration from Credit Counselling and Debt Management Agency (AKPK), Employees Provident Fund (EPF) and Perbadanan Insurans Deposit Malaysia (PIDM).

The event featured interactive booths on financial literacy, and the micro-insurance solution PRUKasih Aman. There was also a panel discussion on effective financial management strategies and practical skills on various financial topics. In addition, students also took part to win prizes in the Prudence Money Challenge competition.

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[1] 73% Of Malaysian Youths Are In Debt (says.com)

[2] AKPK: Over 50,000 youths in debt due to credit cards, loans worth close to RM2b in total | akpk

[3] Etiqa Discovers that Gen Z are More Financially Savvy than Most Assume! | Etiqa Insurance and Takaful

[4] https://www.thestar.com.my/news/nation/2023/04/11/need-to-plug-the-financial-literacy-gap