Allianz Lanka was recognised at the prestigious 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 youth in about 30 schools throughout Sri Lanka. The area of financial literacy has been neglected by countries worldwide, and studies have confirmed that more and more youth struggle with debt in their daily lives.
For this initiative, NCC recognised Allianz Lanka with a Merit award in the Best Sustainability Project category. This is the first time ever that a project of this nature was introduced to Sri Lankan youth, and also the first time that the project was put forward for recognition.
My Finance Coach’s aims to instruct youth on smart money management and raise their awareness of the consequences of their financial decisions. The approach arms youth with the tools needed 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 mitigated to some extend in the future.
The target audience for the program is students aged between 15 and 17 years. The program teaches them 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 proves that the project is very popular not only among schoolchildren, but with teachers and parents as well. Allianz Lanka has received many commendations and requests to introduce the project to more schools.
‘My Finance Coach’ was first introduced in Germany by Allianz Lanka’s parent company Allian SE, and was brought to Sri Lankan shores in November 2013. The insurer is now working with the Ministry of Education to take this project forward, and aims to have the project included in the syllabus of schools in the future.
Allianz Lanka has a robust CSR policy that has introduced many sustainable development initiatives that have improved the quality of life of communities, and protected the environment in which it operates. Another popular initiative for youth introduced by the company is the sponsorship of young football enthusiasts to attend the annual international football camp in Germany and train alongside the prestigious FC Bayern football team.