{"id":18096,"date":"2022-02-28T19:00:00","date_gmt":"2022-02-28T11:00:00","guid":{"rendered":"https:\/\/www.comparehero.my\/blog\/uncategorized\/national-strategy-financial-literacy.html"},"modified":"2026-03-26T16:00:17","modified_gmt":"2026-03-26T08:00:17","slug":"national-strategy-financial-literacy","status":"publish","type":"post","link":"https:\/\/www.comparehero.my\/blog\/finance-explained\/national-strategy-financial-literacy.html","title":{"rendered":"Financial Literacy Web Game Mind Your Ringgit Aims To Educate Young Malaysians"},"content":{"rendered":"\n

In life, every Ringgit counts. That\u2019s the message behind \u201cMind Your Ringgit,\u201d a new financial literacy-themed web game developed by Visa, the world’s leader in digital payments.<\/p> \n

A demo version of the web game was recently launched to a group of Malaysians who were selected for a closed group pilot testing. The game will be made available to the public early next year.<\/p> \n

The goal of the game is simple: to educate young Malaysians on how to make informed financial decisions. This one-year simulation-based game will involve scenarios depicting real-life events where players are required to make financial decisions every month.<\/p> \n

The game aims to challenge and educate young Malaysians on how to better manage finances, understand financial concepts, as well as help, shed light on the consequences of the decisions they make – efforts that are in line with the strategic priorities under the National Strategy for Financial Literacy 2019-2023.<\/p> \n

The game incorporates financial themes such as digital payments, financial scams, insurance, investments, loans, and savings. The name of the game is derived from the acronym MYR, which is the international code for the Malaysian Ringgit, reminding players that every Ringgit counts.<\/p> \n

The initiative, launched as part of Malaysia\u2019s Financial Literacy Month 2020 (FLM 2020), is also in support of the financial literacy efforts driven by the Financial Education Network (FEN), co-chaired by Bank Negara Malaysia and Securities Commission Malaysia.<\/p> \n

\u201cAt Visa, we have been focused on promoting the importance of financial literacy for many years now, including partnerships with Agensi Kaunseling dan Pengurusan Kredit (AKPK), who is also a member of the Financial Education Network. We continue to be committed to creating new and relevant financial education programs that ensure Malaysians are equipped with the knowledge to manage their finances,\u201d said Ng Kong Boon, Visa Country Manager for Malaysia.<\/p> \n

\u201cMind Your Ringgit is a creative way that adopts a digital approach towards helping young Malaysians learn how to balance their money, health, and happiness based on real-life scenarios,\u201d he added.<\/p> \n

Azaddin Ngah Tasir, Chief Executive Officer for AKPK added, “It has always been our aspiration to create a financially-savvy society, especially among the young adults. Visa\u2019s Mind Your Ringgit, a financial web game, targeted to enhance the financial literacy level among the youth, is deemed aptly and timely,\u201d he said.<\/p> \n

\u201cThe situation has now become even more challenging due to the unprecedented pandemic COVID-19 that warrants behavioural changes and new ways of doing things in adapting to the new norm. Our heartfelt gratitude and appreciation to Visa for another successful year of strategic and successful collaboration and also for supporting our Financial Literacy Month 2020 initiated by Financial Education Network (FEN),\u201d Azaddin added.<\/p> \n

What is financial literacy and why is it important?<\/h2> \n

Though we hear the term being frequently used online, especially on educational portals like ours, do we actually understand what makes up the different components of financial literacy?<\/p> \n

Generally, financial literacy is defined as the ability to understand and effectively use various financial skills, whether it is personal financial management, budgeting, or investing.<\/p> \n

Simple things like living within our means and practicing moderation are essential values that, when carried out consistently, could lead to a healthy, productive and fulfilling life.<\/p> \n

Yet, recent surveys<\/a> conducted by the Organisation for Economic Co-operation and Development and Bank Negara Malaysia indicate that Malaysians have low financial knowledge and practice a \u201cmyopic live for today” attitude when it comes to personal financial management.<\/p> \n

The current state of financial literacy in Malaysia according to National Strategy for Financial Literacy 2019-2023<\/strong><\/h3> \n