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imoney.my

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Founded Year

2012

Stage

Acquired | Acquired

Total Raised

$6.5M

About iMoney

iMoney is a Malaysian bank comparison website. It provides an online platform containing up-to-date, unbiased information for the entire repertoire of banking products and services in Malaysia.On August 26, 2020, iMoney was acquired by JurisTech Systems, terms of the transaction were not disclosed.

iMoney Headquarter Location

Unit No 50-4-3, Level 4 Wisma UOA Damansara No 50 Jalan Dungun, Damansara Heights

Kuala Lumpur, 50490,

Malaysia

+603 2106 5434

Latest iMoney News

10 things your children need to know about money

Jun 18, 2021

This week has been My Money Week 2021, a nationwide initiative aimed at school age children. Here are iMoney’s top tips to enhancing their knowledge The debate about teaching children more about personal finance in school has raged on for many years (Photo: Getty) June 18, 2021 12:09 pm This week has been My Money Week 2021, a nationwide initiative aimed at school age children to help them develop the skills and knowledge of money matters which are fundamental to helping them thrive in later life. The debate about teaching children more about personal finance in school has raged on for many years and indeed, financial literacy has been part of the National Curriculum since 2014. Even so, many schools don’t teach personal finance as a standalone class and academies and independent schools have no obligation to teach it at all. This leaves parents in the unenviable position of having to educate their children on some of life’s most complicated and, yet, vital subjects. What’s a pension, why save into one? Should you spend all your money each month or save it? What’s the point of saving in cash when interest rates are so low? What’s inflation and how does it affect the value of money? Get financial advice and industry news, to you help manage your money Email address is invalid Given the systemic lack of personal financial education in the UK over many decades, it’s not unlikely that many parents don’t even know the answers to these questions. And yet knowing, so that each of us is able and equipped to plan our finances in a way that allows us to live our lives comfortably, is fundamental. Moira O’Neill, head of personal finance at DIY investment platform interactive investor, warns the need for greater financial education in today’s society, where FOMO (fear of missing out) and YOLO (you only live once) cultures run riot, is even more pronounced. “We are living in an increasingly complex world in which the onus to ensure financial stability is increasingly being transferred away from the state to individuals,” she says. “Teaching children about budgeting and saving from an early age and building on this with other financial principles such as investing throughout their education allows them to develop responsible financial behaviour that will put them in good stead once they reach adulthood.” Perhaps unsurprisingly, T. Rowe Price’s 2021 Parents, Kids & Money survey found the pandemic’s effect on families’ financial wellbeing has compelled more parents than ever to have money conversations with their kids. With all of this in mind, iMoney has pulled together 10 tips which all children need to know about money. 1. Start early There’s no such thing as too young to learn about money. In the same way you explain going to school for the first time, reading stories and finding out how much room on the broom there is, so parents can explain what money is and how it works when paying for the weekly shop. Children are just smaller people after all. 2. Get a piggy bank Pocket money is the ultimate practical way to explain the concept of saving versus spending. £1 a week can be spent on sweets or, if you save it for 10 weeks, you could by the toy you’ve been hankering after yourself. Make a chart so children can count down the weeks and set the objective with a real goal in mind. If it’s a gruffalo as big as they are, they’ll be able to visualise the reward saving can offer. 3. Open a Junior Isa This is a tax-efficient way of helping to get your child in a good financial position by the time they’re ready to leave school and go to university or move out. Rather than picking investments without reference to your child, get them involved. Shall we invest in this wind farm that we saw on holiday? When you deposit into their account, do it together. Not only will it help them engage, if invested in a diverse portfolio of assets, they could end up with enough to pay for university or a deposit on their first home. 4. Earning money All children can be given the opportunity to learn how working results in reward. Tidying their bedroom, helping to clean the bathroom or weed the garden with you can be rewarded with payment, which can top up their savings and get them to their most-wanted item faster. 5. Agree a fixed sum for pocket money Whether you’re giving your six-year old 50p a week or your 16-year old an allowance of £100 a month, agree a sum and stick to it. By giving a finite amount, you’ll encourage your children to learn the art of budgeting to live within their means. 6. Giving and receiving You probably won’t want to rear a small bundle of avarice, so encourage your children to learn the value of giving as well as receiving. Donating to charity where the outcome is tangible is a great way to introduce this. Sponsor a donkey, name a bumble bee after them or give to a children’s charity and show them how they are helping to make a difference to other people’s lives. 7. The magic of compounding Money invested in a broad range of companies long-term should deliver growth. By reinvesting dividend income, you earn returns on an exponentially increasing amount of money. When your child is older, go through their junior Isa statements with them so they can see the effect that compounding has on their money over time. 8. Reward good behaviour If they’ve saved and worked hard to earn that extra pocket money, praise them and reward them. The harder they work, the greater the rewards – and the sense of achievement. Brewin Dolphin experts suggest that if tasks are completed without prompting, pay a small bonus. Conversely, if tasks aren’t completed successfully, consider a deduction. Consider a monthly statement to show their earnings, and how these have accumulated. 9. Talk more If you’re facing a financial decision, involve your children in the conversation about what choices you’re making and why. This can be a particularly good way to introduce the idea of pensions and mortgages – something that usually proves a rude awakening later in life, right at the point when you’re overwhelmed by the new experience of going through applications. 10. Beware fool’s gold Last but very much not least – there is no such thing as a freebie. Financial offers that look too good to be true, ARE. This goes for protecting them on social media platforms where fraudsters are increasingly tempting children into acting as money mules with offers like “All you have to do is receive this payment into your account and then transfer it to that account and we’ll give you £100.” Talk about scams and fraud and teach them to ask “what’s in this for them?” every time. Double checking offers with an independent search online and on the Financial Conduct Authority warnings list is an absolute must. Topics

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