FINANCIAL LITERACY EDUCATION FOR COMMUNITY EMPOWERMENT: LESSONS FROM I-ASNAF ACT PROGRAM
DOI:
https://doi.org/10.35631/IJMOE.831067Keywords:
Asnaf, Community Empowerment, Entrepreneurship, Experiential Learning, Financial LiteracyAbstract
Financial literacy is essential for the sustainability of businesses particularly among economically vulnerable entrepreneurs such as asnaf. This article provides insights on financial literacy education through i-Asnaf ACT program organised by Faculty of Accountancy UiTM. More than 400 participants across Malaysia have benefited from the program that provide relevant knowledge on entrepreneurship through two modules which are the use of web-based HitungUntung and STOM applications, and financial management, cash flow reporting, and financial statement preparation using an advanced Excel worksheet. Recognising that effective financial literacy education requires more than the transmission of financial knowledge, this article explores the learning processes embedded in the programme through the lens of Kolb’s Experiential Learning Theory (ELT). This article conceptually explores how the programs reflect the ELT such as abstract conceptualisation in the introduction of accounting knowledge, concrete experience through hands on activities, reflective observation through group discussions, presentations and facilitator’s feedback, and active experimentation involves applying relevant knowledge in real practices by participants. The article provides insight on how financial literacy education can integrate conceptual knowledge, practical experience, reflection, and real practices in the design of community-based financial literacy program.
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