| James Kon |
AS A local bank, Baiduri Bank remains committed to promote financial literacy among the public, in line with Brunei National Savings Day’s aspiration to increase the level of financial literacy in Brunei Darussalam.
Under the Junior Achievement (JA) programme, Baiduri Bank, with the support of the Ministry of Education, is actively going to schools to disseminate financial information to students. This year, Baiduri Bank is targeting to hold financial literacy activities for sixth form centres.
The bank has also participated in the financial literacy roadshow organised by Autoriti Monetari Brunei Darussalam (AMBD) in schools to commemorate the National Savings Day and will also participate in a Financial Fun Fair for the second time on April 30 at the Jerudong Park Playground.
Pierre Imhof, the CEO of Baiduri Bank, in an interview yesterday said, “We fully agree with the AMBD to educate the public on financial literacy and to promote the ability for the public to save. The first step is for the public to under-stand financial matters which means educating the public and transmitting the right information on financial matters on spending and saving through proper financial planning for the future.”
Pengiran Azaleen bin Pengiran Dato Haji Mustapha, Head of Retail Banking and Branch Network of Baiduri Bank, added, “When we talk about literacy, we talk about education. The role of the bank as a financial expert is to transmit the concept of financial literacy to people who may not understand it. The challenge is to make this concept easily understandable.”
Pierre Imhof, the CEO of Baiduri Bank with Pengiran Azaleen bin Pengiran Dato Haji Mustapha, Head of Retail Banking and Branch Network of Baiduri Bank. – JAMES KON
Imhof agreed, saying it is important for the younger generation to fully understand financial matters.
“Our role is to go to school to meet students through the JA programme,” he said.
For the public, he revealed that the bank has a free financial health check carried out by 42 financial planners in the branches who can provide financial advice.
Pengiran Azaleen also shared that Baiduri Bank is invited to private and government institutions to give talks on financial planning. “It’s an ongoing process… The bank is also involved in pre-wedding courses for Muslim couples where we provide advice on financial planning.”
Findings of a 2015 study on national financial literacy had shown a lack of financial literacy in the majority of the respondents, including young adults.
The CEO of Baiduri Bank commented that the findings provided an understanding of the situation and indicated more progress is needed. “The study justifies that we are right to start early in educating the youths and provide financial advice to the public.”
Pengiran Azaleen said the statistics can help the bank come up with ideas and a programme focussed towards a targeted segment of the community for “an everlasting impact”.
With the uncertain economy, Imhof advised the public to spend in line with their available income. “If you spend beyond (your income), make sure that you have the cash flow to repay the overspending.”
Meanwhile, Pengiran Azaleen’s advice is to spend on investment, which will provide an income and give sustainability.
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