LIAM targets 15 million youths via #NoFOMO Social Wellness Challenge on social media
LIAM invites youth to participate in the #NoFOMOChallenge by creating a short video content based on three key elements of wellness namely physical, emotional, and financial wellness.
Kuala Lumpur, 8 February 2023 – The Life Insurance Association of Malaysia and its 16 member companies today unveiled a new fun challenge targeting the young generation through a short video competition on social media called #NoFOMO Social Wellness Challenge (#NoFOMOChallenge).
The #NoFOMOChallenge was launched today by the Director of Financial Inclusion Department of Bank Negara Malaysia, Encik Nor Rafidz Nazri together with LIAM President, Ms Loh Guat Lan, LIAM CEO, Mr Mark O’Dell and APU Vice Chancellor, Professor Dr. Ho Chin Kuan, at the Asia Pacific University of Technology & Innovation (APU) in Bukit Jalil, Kuala Lumpur.
Riding on a tagline, Live Well, No Fear of Missing Out, the #NoFOMOChallenge invites youth to create a short video content using humour, memes, tragedy, or drama based on the three key elements of wellness namely physical, emotional, and financial wellness.
The campaign aims to inculcate wellness habit among the young generation, inspire and nurture them to be creative and innovative, raise insurance awareness against unforeseen risks and promote the importance of financial planning using social media platforms like TikTok, Instagram and YouTube.
Speaking at the launch, Nor Rafidz Nazri who also represented the Financial Education Network (FEN), an inter-agency platform that are committed to raising the level of financial literacy in Malaysia, commended LIAM and its 16 member companies for their effort and commitment in providing the #NoFOMOChallenge platform for the young generation to showcase their talents and creativity.
“I believe, LIAM being FEN’s official partner could further elevate personal financial risk management agenda within the mainstream financial education initiatives. The #NoFOMOChallenge will not only instil good habits through the physical and emotional challenge, but also teaches them on financial planning and reinforce the knowledge on protection,” Rafidz added.
One of FEN’s key achievements is the National Strategy for Financial Literacy 2019 – 2023, which outlines strategic priorities to elevate financial literacy and promote responsible financial behaviour of consumers across all life stages. The aims of the National Strategy are to empower Malaysians to save, manage and protect their money; plan ahead to secure a sustainable future; and protect against fraud and financial scams.
“Financial well-being is the ability to lead a meaningful, and content life – free from financial worries, and able to withstand income shocks or changes in life circumstances. In fact, long-term financial stress has been recognized across society for its impact on productivity. For example, research showed that employees who worries about personal finances experienced negative impact on their performance at work. Hence, the ability to build financial capability and resilience are important elements of a person’s well-being,” said Rafidz
The financial attitude that favours present over the future has been translated into behavioural traits which could be observed clearly through the findings of FCI Survey 2021. The three related trends observed include:
- 30% of Malaysians feel that their debts are burdensome, and this seems to be a long-term problem among salaried workers in Malaysia.
- Personal financial risk management is not a norm among Malaysians.
- 27% of Malaysians are very worried on the ability to meet their old-age expenses.
Rafidz explained that FEN and the broader financial education community will need to develop effective responses to meet these gaps.
Meanwhile, LIAM President, Loh Guat Lan said that LIAM has been engaging proactively with the young generation for many years. As the young generation is a key target segment in the industry’s consumer education agenda, LIAM believes that it is crucial for the young people to be well equipped with financial knowledge and exposed to personal financial planning so that they can make better informed decisions and become financially responsible adults.
“The ongoing consumer education is seen as a strategy to combat misconceptions on insurance, to educate on key issues and to guide them to become educated consumers. Through the #NoFOMOChallenge, we inculcate social wellness habits among the youth, to inspire and nurture them to be creative and innovative as well as to promote the importance of financial planning. It is a crucial part of the overall well-being and a key to achieving your life goals” she added.
Loh said that the #NoFOMOChallenge targets to reach 15 million people through campus roadshows at 40 universities nationwide, 12 classroom workshops, engagements with students’ clubs and societies, educational microsite at www.nofomo.my, Fun TikTok challenges, IG postings and KOLs postings on social media. The use of social media and KOLs are seen as a strategy to educate and raise awareness about wellness and the importance of financial protection among the young people.
“The industry needs to do more to educate and engage the young people about the importance and benefits of insurance protection and to develop products and services that are more relevant and accessible to them. We need to adapt to the changing preferences and lifestyles of the youth that align to their needs, making the industry more accessible, relevant, and closer to the young generation,” said Loh.
LIAM CEO, Mark O’Dell said the #NoFOMOChallenge offers over RM42,000 worth of cash and prizes including a grand prize of RM10,000 cash and a brand-new iPhone 14 Pro Max, 10 Consolation prizes worth RM2,000 cash each and a total of 120 weekly prizes of RM50 e-wallet credits each.
“I urge all the young people to challenge your creativity and thinking skills by producing short videos on wellness and post it on your social media platform - Tik Tok, Instagram or visit the NoFOMO website at www.nofomo.my for details. With the challenge, you could also become the advocates or influencers and encourage your peers to be healthy. Physical, Emotional and Financial Health could be a good starting point. In the age of social media, why not encourage short video content that can inspire a whole generation of Malaysian youth to live healthier,” said Mark.
The campaign has kicked off with the first roadshow on 1st December 2022. Closing date of entries is 15 May 2023. For more information, visit www.nofomo.my and follow NoFOMO page on Tik Tok and Instagram.
