Sixth edition of the award-winning financial literacy programme aims to reach over 1,000 schools this year, targets to receive 50,000 submissions.
Kuala Lumpur, 18 February 2021 – Alliance Bank Malaysia Berhad (“Alliance Bank” or the “Bank”) kicked off Season 6 of the AEIOU Challenge today to provide children a head start on good savings habits in a safer, smarter and savvier manner through digitised financial education materials.
This year’s AEIOU Challenge carries the theme, “Saving for A Rainy Day: Preparation During A Crisis”, to help children explore different ways to begin and continue their savings journey. Being financially literate is an important life skill to have as it enables one to weather difficult challenges such as the pandemic.
The award-winning annual financial literacy initiative comprises three components: financial literacy education, Comic Challenge and e-Game Challenge to teach schoolchildren aged 9 to 12 years on the importance of saving, making smart financial decisions and being prudent in spending.
Given the ongoing COVID-19 pandemic, the Bank will conduct the entire AEIOU programme digitally to safeguard young schoolchildren, teachers, and parents’ safety and well-being. All of the AEIOU learning materials are digitised, and the Bank will conduct its financial literacy roadshows virtually to ensure that the AEIOU outreach continues despite the pandemic.
The online sessions, carried out by trained educators, help instil positive values about money in children and enable them to distinguish between needs and wants, saving, planning and spending wisely. They can also learn more about good money habits by watching educational videos or reading the comic series at www.alliancebank.com.my/aeiou.
To test their knowledge of smart money habits, schoolchildren can either participate in the Comic Challenge by submitting their creative comic strip artwork or compete in the e-Game Challenge. The Bank aims to increase the total submissions received this year to 50,000, an improvement of over 50% from the previous season.
A prize pool of over RM16,000 in cash and prizes await winning students of AEIOU Challenge. The school with the highest number of participants also stand to win a cash prize of RM3,000 for their school development fund. At the same time, outstanding teachers who champion this programme in their respective schools will also be rewarded up to RM6,000.
“The Bank has been a strong advocate of children’s financial literacy for over a decade. We have been steadfast in our commitment to teaching this crucial life skill especially during this time of pandemic as we believe it establishes positive lifelong behaviour,” said Mr. Joel Kornreich, Group Chief Executive Officer of Alliance Bank.
“This year, the AEIOU Challenge aims to create a more significant impact on schoolchildren. We will double our reach to 1,000 schools compared to last season’s 415 schools. This is by expanding our school roadshows and comprehensive half-day Train-the-Trainer (TTT) sessions for teachers nationwide. To achieve this, we have digitised all learning materials and tools and made it available online. By doing so, we believe that more children will have access to the curriculum regardless of their location,” added Mr. Kornreich.
In addition, Alliance Bank hopes to encourage more children to start saving through the collaboration with SmartStudy from Korea to bring children’s all-time favourite character, Pinkfong, to Malaysia. AEIOU Challenge participants will receive a limited-edition Pinkfong Food Jar when they open a Junior account such as Alliance BuddyTM account or Alliance Junior Smart Saver-I with only RM50. They must present their AEIOU e-Game certificate at an Alliance Bank branch to redeem the gift.
Launched in 2015, the AEIOU Challenge has reached almost 700,000 children nationwide. In total, the Bank has conducted close to 800 physical roadshows, including school briefings, and trained more than 620 teachers in several states to empower them to teach financial literacy workshops at their respective schools. Both the Comic Challenge and e-Game Challenge have collectively received over 67,000 submissions.
Alliance Bank’s AEIOU Challenge supports the nation’s aspiration to have financially-wise citizens by enhancing Malaysians’ knowledge on smart money management. Being financially literate is especially crucial in navigating modern economic challenges and uncertainties. This empowers individuals to build long-term financial goals to improve their quality of life and fulfil personal aspirations.
Faber-Castell, the world's leading manufacturer of high-quality products for writing, drawing, colouring, and creative design, has been a strategic partner of the AEIOU Challenge since its inception. Together, the Bank and Faber-Castell have helped hone Malaysian children’s creative potential in the illustration of their financial comics. Joining the programme is a new partner, Limkokwing University of Creative Technology, a renowned and established international university with campuses in 10 countries that enables technology transfer in creative and innovative education.
AEIOU Challenge also has strong backing from Bank Negara Malaysia (BNM). This initiative is affiliated with BNM’s Financial Education Network (FEN) and is a part of the global OECD Global Money Week that will run from 22-28 March 2021. This global awareness-raising campaign aims to educate young people to be financially aware and acquire the knowledge and skills to achieve good financial well-being and resilience.
The AEIOU Challenge was awarded two regional awards for Best Financial Literacy Programme for Primary Schools in 2017 by BNM. The Ministry of Education Malaysia, which endorsed the programme since its inception, continues to support the programme this year. This programme is a model of a successful public-private partnership to mobile initiatives that contribute positively to communities.
The closing dates for the Comic Challenge and e-Game Challenge submission is on 2 July 2021. Alliance Bank invites all schoolchildren nationwide aged between 9 and 12 to participate in the AEIOU Challenge. Visit www.alliancebank.com.my/aeiou for more information.
Alliance Bank Malaysia Berhad and its subsidiaries, Alliance Investment Bank Berhad and Alliance Islamic Bank Berhad, is a dynamic, integrated financial services group offering banking and financial solutions through its consumer banking, SME banking, corporate and commercial banking, Islamic banking, investment banking, and stockbroking business. The Bank provides easy access to its broad base of customers throughout the country via multi-pronged delivery channels that include retail branches, Privilege Banking Centres, Business Centres, and Investment Bank branches, as well as mobile and Internet banking.
