A LOCAf branch of a global non-profit organisation (NGO), Junior Achievement (JA) Brunei, plans to conduct a week-long financial literacy camp for Year 4 to 6 students in the next school term holidays to help address the poor financial literacy rate among Bruneians.
In a phone interview, Managing Director of JA Brunei Louis Tan said it was important to teach good management skills from a young age as it is the right time to instil a strong financial foundation.
“They are at the perfect age to be taught before becoming teenagers as they already understand the concept of money but have yet to learn how to manage it so when they are older they will remember to have good money sense and not spend frivolously,” he said.
“Brunei’s financial literacy issues are too big to be successfully tackled by government agencies alone so the private sector and NGOs must step up to help with this national issue,l’ he said.
In a previous report, a national study conducted by the Centre for Strategic and Policy Studies showed that Bruneians will not be able to sustain their living expenses for more than two months if they lose their source of income as they do not save enough.
Tan said while the camp, which will be free of charge, is still in its planning stage, the camp will be delivering its JA More Than Money programme, which is already being conducted at several schools in Brunei.
The programme aims to teach youths the concept of earning, spending, saving and donating money and to start financial planning from a young age.
JA Brunei recently started carrying out their programmes advocating financial literacy and entrepreneurship in schools across the country.
In a statement, Tan said the JA Brunei programmes have been conducted for over 800 students in 16 schools nationwide since 2012.
JA Brunei, which was only officially launched in January this year, plans to keep growing the number of schools that will partake in the JA programmes.
The Brunei Times