By Dr. Mohamad Fazli Sabri
NILAI - Two researchers from Universiti Putra Malaysia (UPM) have developed a teaching kit to raise awareness among parents and educators about the best practices of financial management for children.
Researchers from Faculty of Human Ecology, Dr. Mohamad Fazli Sabri and Mrs. Nurhayatul Nira Ramli have invented ‘Kit Bijak Wang: Anak Bijak Cerdik Duit‘, The Smart Money Kit, comprising 16 interactive teaching materials which are arranged as games based on age compatibility for 6 to 12 years old children.
Dr. Mohamad Fazli said the kit contains 6 units of basic financial management elements; Get to Know Your Money, Financial Goals, Needs vs Wants, Savings, Expense and Budget and Basic Concepts of Islamic Banking.
"A study found that children who are exposed to the knowledge and skills in financial management since in the early age would stimulate a positive impact on their financial management practices when they reach adulthood.
"This kit helps parents and teachers to provide a preliminary understanding to children with regards to the basic concepts of money and financial management by providing a model of financial education activities which are compatible to their respective age as well as their development stages," he said.
Fazli said The Smart Money Kit is able to hone children's ability to be prudent financial managers and raise integrity.
The product won the bronze medal in the Social Science open category at the Islamic Innovation Expo, better known as i-Inova on 25 to 27 October 2013.
i-Inova is a competition that spurs product innovation in order to accommodate the needs of respective institutions, organizations and industry in Malaysia and this year, it had attracted participants from 16 Higher Education Institutions (HEIs) and Research Institutes (RIs) locally as well as internationally with a total of 140 products competed.
A total of seven International HEIs and RIs also participated in the i-Inova'13, among others were from Indonesia, Brunei, Palestine, Egypt and Sudan.
The event was held on 26 to 28 October 2013 at Nilai Indoor Stadium, Negeri Sembilan and it was officiated by the Chancellor of USIM, Tunku Ampuan Besar Negeri Sembilan, Tuanku Aishah Rohani.
