By Azman Zakaria
SEOUL - Universiti Putra Malaysia (UPM) succeeded in producing 'Smart Money Kit: Bright Kid Smart Money', an innovation to increase awareness among parents and educators on the practices of prudent financial management.
The innovation had emerged UPM as the winner of the 'Order of Merit: Best Invention for Children' after triumphing over participants from other countries at the World Inventor Award Festival (WIAF) 2014 in Seoul, South Korea on 13 December 2014.
Department Head, Resource Management and Consumer Studies, Faculty of Human Ecology, Dr. Mohamad Fazli Sabri and a Post Graduate Education Service officer at the Family, Adolescent and Child Research Centre of Excellence (FACE) from the same faculty, Nurhayatul Nira Ramli, took home a certificate, a medal and a trophy each.
'Smart Money Kit: Bright Kid Smart Money' is a successful innovation to increase awareness among parents and educators on the practices of prudent financial management.
The kit is aimed at fostering awareness of the importance of money management among groups of children aged between 6 and 12 years.
Several literature reviews have shown that children who are exposed to the financial management skills and knowledge in their early age, would have a positive impact on their daily financial practices when they reach adulthood.
It is a comprehensive educational kit containing six basic units; get to know your money, financial goals, needs vs wants, savings, spending and budget, as well as the basic concepts of Islamic banking.
Play-based learning methods, suitable for local and international use and leisurely activities which are compatible to respective age groups, contribute to the advantages of this product.
Dr. Mohamad Fazli said the recognition proved that the result of local research innovation was not only beneficial to Malaysia but also contributed significantly to the international community.
"The recognition can be a pathway for local products to get into international arena," said Dr. Mohamad Fazli who is now actively carrying out research in the fields of consumer finance, consumerism and financial education among children and senior citizens with Bank Negara Malaysia and the Credit Counselling and Debt Management Agency (AKPK).
According to KINEWS, the competition was aimed to recognise inventors’ contribution, thus WIA-Festival has opened its avenue and opportunity for them to highlight their careers in invention by achieving the prestigious 'World Inventor Order of Merit’ award.
Also present at the event were Dr. Unchalee Sanguanpong from Thailand, Andi Dwi Putra from Indonesia, Dr. Patrick Lok, David Chong and Assoc. Prof. Mustafa Man from Malaysia, Mrs. Glorlita Indico from the Philippines, Prof. Farouk Gad from Germany, Ms. Quyen from Vietnam and Ms. Charun Sandiipanis from SriLanka.
To this very day, 'Money Smart Kit: Bright Kid Smart Money' has participated in seven local and international innovation competitions, managed to bag seven medals, two best awards, namely The Best Kass Individual Invention Award at the International Invention, Innovation and Technology Exhibition 2014 (ITEX 2014), Diamond Award along with RM5,000 cash for the Professional Category at the 2nd Invention, Design and Articulation (i-IdeA 2014) which was organised by UiTM Perlis.
This product has also won two silver medals both at the Malaysia Technology Expo (MTE) 2014, and the International Research Invention and Innovation Exhibition (IRIIE) 2014, organised by International Islamic University Malaysia, another bronze for the Open Category: Social Science Innovation at the 4th Exposition of Islamic Innovation (i-Inova 2013), which was held at Universiti Sains Islam Malaysia (USIM).
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