Charity and Zul made their presence felt among teachers and students at SK Seri Bintang Selatan, Kuala Lumpur, recently.
The two mascots may have appeared as mere props for the launch of Prudence Foundation and Prudential Assurance Malaysia Berhad’s (PAMB) ‘Cha-Ching On the Go’ programme on Aug 27. However, Charity, Zul and their four animated bandmates – Pepper, Bobby, Prudence and Justin – from the game Cha Ching: Money Adventures symbolise something greater – the importance of financial literacy.
Financial literacy in Malaysia is not a new subject. Over the years, various parties have attempted to instil a savings culture among Malaysians. These efforts were documented by Twentytwo13.
In 2023, then deputy finance minister Datuk Seri Ahmad Maslan urged that financial literacy programmes be introduced in schools to prevent students from falling for scams. Bank Negara Malaysia, in its discussion paper on the 2nd National Strategy for Financial Literacy, noted that in the digital era, consumers face new challenges in managing finances, such as online fraud, artificial intelligence (AI) complexities, and deepfake technology.
“Vulnerable segments in particular may struggle to keep up with the digital skills required to navigate these risks. While technology can make financial transactions more seamless, it is crucial that consumers remain vigilant and have sufficient knowledge to secure their transactions.”
The concern is real. Beyond financial scams, many Malaysians are taking their future for granted. The Employees Provident Fund (EPF) has repeatedly highlighted that only a small number of Malaysians have sufficient savings to retire comfortably, as Malaysia edges towards becoming an ageing nation.
Life Insurance Association of Malaysia (LIAM) chief executive officer Mark O’Dell was quoted in April 2024 as saying, “If you count Takaful and look at the number of people who are insured, only about 45 per cent of Malaysians are insured.”
Recognising this challenge, Prudence Foundation and PAMB launched the ‘Cha-Ching On the Go’ programme last month for primary school students. The first phase will reach 17,400 children across Kuala Lumpur and Putrajaya.
The Cha-Ching game itself is educational and suitable for all ages. It is not new – launched in 2011, and is available in multiple languages, including Bahasa Melayu, French, Thai, Tagalog and Mandarin.
The Twentytwo13 team tried the game. It follows a six-member band whose video has gone viral and who are preparing for a massive gig for their fans. To achieve their goal, the band members must earn, save, spend and donate along the way.
From the first mission – to buy a bus costing $275 – players learn not only how to raise money but also about their wellbeing, including what they like and dislike about different jobs. They are also tested on their ability to save – balancing personal spending, helping others and saving for their big day.
It is not a game that can be completed in 10 minutes. It is engaging, interactive and a creative way to encourage financial literacy in schools.
Alongside the game, the newly launched ‘Cha-Ching On the Go’ programme includes a roadshow, featuring its truck as well as the Bank Negara Malaysia Jelajah Ilmu truck and Mobile Lab bus. In its first year, the programme will be rolled out across 30 government primary schools and 12 People’s Housing Programme communities in Kuala Lumpur and Putrajaya. Over the next year, PAMB plans to expand the initiative nationwide, ensuring children from all backgrounds gain essential money management skills early on.
According to Prudential, the Cha Ching curriculum has trained 3,851 teachers and reached 283,250 students nationwide. Across Asia and Africa, it has been implemented in 16 markets, trained nearly 90,000 teachers and reached over 3.2 million students.
While the numbers are impressive, more must be done to strengthen Cha Ching and other financial literacy movements, particularly among the younger generation. By introducing money management concepts in a fun, engaging and interactive manner, Malaysia can nurture a generation of financially savvy and responsible individuals.
