AMBD to promote financial literacy during Global Money Week

National 1 minute, 41 seconds

BANDAR SERI BEGAWAN

THE Autoriti Monetari Brunei Darussalam (AMBD) will be organising several activities for students to mark the Global Money Week 2016 from March 14-19.

The Global Money Week is an annual week-long event that aims to increase financial awareness among children and students.

In a press statement, AMBD said the event also aims to introduce students to financial education as a way to prepare them for their future before venturing into entrepreneurship, and to encourage youth to get involved in entrepreneurship as a way to earn a living.

It also gives students the opportunity to connect with other students around the globe who are involved with the Global Money Week through online video to share their experiences about financially related topics.

Brunei has participated in the Global Money Week event since 2014, with the Ministry of Education and the Employees Trust Fund previously leading the activities.

During the week, students from primary up to post-secondary level will take part in several financially themed activities such as a poster competition, a sketch contest, visits to financial institutions, financial planning and entrepreneurship talks and a life-sized board game that focuses on increasing financial awareness among participants.

Enhancing financial literacy is an important agenda to AMBD in achieving its objective of maintaining the financial stability of the country.

In January 2015, AMBD commissioned the Centre for Strategic and Policy Studies to conduct a study to measure the financial literacy levels in Brunei and create a national strategy to improve the nation’s financial literacy.

The study found that 49 per cent of Bruneians do not actively save and that 34 per cent of households do not have a budget.

In response to these findings, AMBD said it has been raising financial literacy and awareness, especially in building a savings culture, recognising the importance of learning about financial literacy from an early age in schools.

The Global Money Week was initiated globally in 2012 by the Child & Youth Finance International, an international organisation that aims to enhance the financial capabilities of young people.

The Brunei Times