MFPC employs game play to improve financial literacy

KUALA LUMPUR, March 23 (Bernama) -- The Malaysian Financial Planning Council (MFPC) has implemented its digital transformation, which resulted in the application of game playing during its one-day financial literacy workshop for the public in Port Dickson today.

As part of the MFPC-organised seminar, The Praxis Company, one of Southeast Asia’s leading providers of financial literacy gameplay, conducted an interactive session to further help the public gain better understanding of the importance of financial literacy, the council said in a statement.

“The gameplay is a unique, fun and unforgettable experience developed to simulate real-life financial challenges and inspire people from all backgrounds to master money and understand the values of financial literacy.

“It teaches individuals about the basics of personal finance such as budgeting and savings, as well as other more complicated items such as investing in stocks and financial protection planning through different economic cycles,” it said.

MFPC said the gamification application had been a permanent feature in its literacy programmes.

The core objective of today's workshop, happening in the auditorium of the Port Dickson district and land office, is to help Malaysians make better financial decisions, as data have indicated that Malaysians lack successful money management knowledge.

According to the statement, S&P Global Literacy Financial 2014 report indicated that financial literacy in Malaysia was low at 36 per cent compared with 59 per cent in developed countries.

“Malaysians must be made aware that each ringgit should be divided into categories for them to be financially successful. Money does not make one wealthy. It is the application of principles and the proper planning that make up financial intelligence,” MFPC president Michael Kok Fook On said.

This, he added, would significantly contribute to the populace's capability to lead sustainable lifestyle and indirectly contribute towards the country’s long-term development.

-- BERNAMA