PETALING JAYA - Life insurance and family takaful company Sun Life today launched a board game called Insurelit, emphasising the key concepts of "earn, save, and protect" to improve financial literacy from a young age.
Sun Life's Chief Marketing Officer Tricia Loh said that the 'InsureLit: Earn, Save' and Protect board game was designed to encourage children aged 9 to 12 to learn about financial literacy in an engaging way.
The game incorporates terms like 'insurance' and introduces realistic scenarios, such as deciding whether to report a friend stealing, to teach children about 'risk.'
"The biggest challenge in creating this board game was translating financial literacy to kids, especially the concept of 'risk'.
"We included situational features in the game, like accidents and real-life experiences, to make these concepts relatable and teach kids the appropriate actions to take," Loh said.
She further pointed out Sun Life's commitment to educating children.
"We aim to teach kids not just about money, but about life. We conduct in-house-developed board game workshops across the state and in other countries," she added.
Loh also highlighted the importance of combining financial literacy with good character.
"Anyone can become a millionaire, but it's crucial to maintain good character. If you lose everything, your character will help you rebuild," she said.
Loh also stressed that today's financial landscape requires adaptability.
"Parents used to advise getting a stable job, but now, you can earn money in various ways.
"This is also taught in the board game, showing children how to earn money through different means," she said.
The concept of 'protect' is central to Sun Life's philosophy, promoting the idea that saved money should protect the saver, which can be achieved through insurance like Sun Life's Syariah-compliant Takaful.
"Accidents like fires or car crashes can happen, and these savings can help mitigate the risk of losing everything," Loh said.
Sun Life Chief Distribution and Marketing Officer Alvis Wee who also attended the launch event and stressed the importance of starting financial literacy and good character development at a young age.
"Instilling money management in children wasn't easy for me, but as a father, I want to ensure my kids understand the value of hard work and saving," he said.
Wee expressed concern about the lack of financial literacy among Malaysians.
"It's disheartening that over 20 per cent of Malaysians lack knowledge about insurance. We aim to educate people and promote financial security," he said.
He also noted that only 28 per cent of Malaysians feel confident about their knowledge of insurance.
"We hope this board game serves as an interactive tool to bridge that gap and help parents and educators teach children about financial literacy and empowerment," Wee added.
Wealth of Life Children’s Chief Nurturing Officer and Master Trainer Adeline Ten also attended the event, supporting the initiative to cultivate financial discipline in children from a young age.