Allianz Lanka's 'My Finance Coach' bags merit award

Allianz Lanka received a Merit award in the Best Sustainability Project category at the National Chamber of Commerce (NCC) awards for the company's corporate social responsibility (CSR) project, 'My Finance Coach' which increased the financial literacy of nearly 5,000 students in about 30 schools throughout Sri Lanka.

Financial literacy has been neglected by countries worldwide, and studies have confirmed that more youth struggle with debt in their daily lives.

This is the first time ever that a project of this nature was introduced for youth, and also the first time that the project was put forward for recognition.

'My Finance Coach' instructs youth on money management and raise awareness of the consequences of their financial decisions. The approach arms youth with the tools to be financially competent citizens and create a financially stable future for themselves.

Statistics confirm that Sri Lankans, too, are becoming increasingly more in debt to banks and financial institutions due to a lack of awareness of how to balance their needs and wants. Allianz Lanka believes that by educating teenagers on the threshold of adulthood on financial literacy this situation will be reduced to some extend in the future.

The target audience for the program were students between 15-17. The program teaches about business and finance in a way that is relevant to their everyday lives, using interactive practical examples and exercises that are easy to understand and remember. Feedback received indicates that the project is popular not only among schoolchildren, but with teachers and parents as well. Allianz Lanka has received many commendations and requests to introduce the project in more schools.