MMU and Money Compass launch uLearnMONEY
By Digital News Asia December 27, 2018
- Objective is to alleviate financial stress due to high cost of living
- Curated 100 online videos related to financial knowledge and awareness
MULTIMEDIA University (MMU), a private university in Malaysia together with Money Compass, a Malaysian media company focussed on financial education, investment and money management, launched an e-learning platform for youth called uLearnMoney, recently.
The agreement was inked by MMU president Professor Ts Dr Ahmad Rafi Mohamed Eshaq and Money Compass Media (M) Sdn Bhd chief executive officer Amy Seok.
Commenting on the collaboration, Prof Rafi said the platform is very essential to increase the financial literacy among youths today.
“As an educator, I am deeply concerned for our youths. I have been made to understand, that at the moment, young Malaysians are still lacking in financial knowledge. As a pioneer private university in information communication technology (ICT) education, MMU is very proud to contribute its expertise to address this issue by digitalising financial education through this new e-learning platform.”
Meanwhile, Seok explained that, “It’s financial education gone digital. The Money Compass uLearnMoney team has curated 100 online videos on the subject matter relating to financial knowledge, awareness, skills, ability, attitudes and behaviours necessary to make prudent and reliable financial decisions to improve financial health.
“I strongly believe that financial literacy is a fundamental skill for daily life. Everyone needs to understand how money works, how to manage their income and expenses, how and where to invest, manage financial risks effectively and most importantly avoid financial distress,” she added.
The launch of uLearnMoney aims to address the financial pain points of insufficient emergency funds, low retirement savings, high bankruptcy rates, falling victims to scams and the most recent news of graduates have defaulted in repaying their PTPTN loans, which amounted to a staggering RM39 billion of debt to the nation.
Its objective is to alleviate financial stress faced by youths due to high cost of living and increase their financial knowledge through a credible online platform filled with up-to-date financial information and advice.
With the content developed and channel determined, the next move was for it to impact lives. Hence the signing of the MoU between Money Compass and the MMU is the first step to test out the efficacy of the uLearnMONEY series with MMU students.
“Financial education begins with financial literacy. Once a person is literate, they understand better the consequences of their actions, and this we call awareness. Once awareness is attained, the right and proposer decisions can and will be made, and that is how our youth can become financially savvy to manage their money and their own financial future,” concluded Seok.
In conjunction with the launch of uLearnMONEY, PitchIN chief executive officer Sam Shafie, gave a presentation on the U-Learn Money Reward Crowdfunding Campaign, to encourage supporters, pledges and CSR sponsors who wish to nurture a new generation of financial consumers.
The campaign will be rolled out to universities and colleges nationwide from 2019 onwards with the aim of reaching out to over one million students in Malaysia.