WHY TEACHERS CAN BE IDEAL FINANCIAL EDUCATORS
Looking back, you might remember a teacher who made a lasting impact on your life, someone who shaped your future for the better, and whose influence remains a guiding light in your heart and mind. Who would that be?
In the case of blogger and financial planning expert Fitz Villafuerte, that teacher is truly someone he'll never forget. She is none other than his own mom.
As an elementary public school teacher, his mom taught all subjects to her advisory class. Still, there was a subject that she taught young Fitz, through patient advice and example, that many, if not most Filipinos, have had no chance to learn–proper money management or personal finance.
Little-known subject
No one is born with the proper knowledge of how to spend money wisely. Most Filipino parents themselves were not formally taught, as they were growing up, how to spend, based on a budget–or for that matter, how to properly use savings, investments, and insurance to secure one's financial freedom and even build wealth.
As a consequence, study after study conducted on Filipinos show the same results: Many Filipinos end up with huge debts, many don't have bank accounts, many don't have insurance, and only a rare few are able to invest.
Putting all of that together, it looks like many of us are setting ourselves up for a financially difficult life, especially when we reach our retirement years. And what about our family members? How will they cope with financial difficulties if they never learned personal finance, as well?
According to Fitz, the financial management lessons that his mom taught him were really basic. Yet, these laid the foundation for him to find success later in life.
"Because I learned the importance of saving at such a young age, I likewise became familiar with the concept of delayed gratification early in my life. This concept would turn out to be a powerful mindset, which developed into grit, patience, and persistence. And having these traits helped me attain a lot of goals in life," said
Fitz.
Fitz' experience also underscores the importance of getting financial education early in life. The earlier a child learns it, the sooner he will reap the benefits of proper spending and saving.
"My mother handled the money in our family, and she would often do her budgeting while taking care of me. I still remember her writing our household expenses in a notebook, all the while talking to me about the value of saving money, and the concept of needs versus wants.”
"I also remember her getting me an illustrated children's book, The Ant and The Grasshopper. It's one of Aesop's fables, which taught me about the importance of preparing for rainy days."
Paying it forward
As a financial planner who helps people manage their money, Fitz said financial education has become a personal advocacy for him. In a way, his life now is an expression of his mother's twofold legacy to him as a son: teaching and proper money management.
Fitz’s experience of being educated on financial matters at a young age, is what BDO Foundation is aiming to replicate.
BDO Foundation president Mario A. Deriquito said, they are working with the Department of Education (Deped) and Bangko Sentral ng Pilipinas (BSP) to provide training, as well as learning and teaching materials to public school teachers, so they are equipped to teach financial education lessons to their students.
"BSP is right in making financial inclusion a priority. Financial education not only helps Filipinos manage their finances better, but also expands financial inclusion and boosts the country's economy,” Mr. Deriquito said.
Among the financial education materials produced for teachers are videos, which discuss the ideal attitudes and traits they should have when it comes to handling finances.
One particular video produced for teachers is “Save to Have a Million: Teacher’s Edition.” It uses a game show format to orient teachers on saving, wise spending, and investing.
There’s also “Scamatayan,” a play on the Tagalog word "kamatayan." The horror-comedy video gives pointers on what teachers should look out for, to avoid scams and other dubious schemes that could drain their hard-earned money.
Empowered, teachers are able to impart more knowledge on proper money management to their students through the Financial Literacy Learning Tools, which were made available earlier this year.
Under this partnership program of BDO Foundation, Deped, and BSP, these materials are being made available to Deped for use in its various training programs for teachers and non-teaching personnel. The goal is to reach Deped’s more than 800,000 teachers, who would then pass on the lessons to some 24 million students in around 47,000 public elementary and high schools nationwide. The videos, together with the discussion and lesson guides, are available in the Deped learning portal and are disseminated nationwide through Deped Memoranda 32 and 107, series of 2019.
For someone who has experienced a teacher’s (and a mother’s) brand of loving care like Fitz, BDO Foundation’s financial education programs help plant the seeds of proper financial management to younger generations of Filipinos.
"BDO Foundation's efforts are commendable because these programs will definitely help teachers avoid financial stress. When our teachers achieve financial independence, they'll have more time and energy to focus on their vocation," Fitz said.
Having been mothered, taught, and raised by a public school teacher, Fitz, of course, has so much respect for teachers. His reflection on their role in society rings true in our hearts this National Teachers’ Month.
"[Teachers are] the first influencers of young minds. And teaching is more than just imparting knowledge. It also inspires change. In the Philippines, where there's still a lot of room for growth and progress, we need teachers to spark that change and create a society that's inspired, motivated, and dedicated to make our country better."
“Without teachers, we wouldn’t be who are today. Without teachers, our country wouldn’t be what it is now. So, if we want our fellow Filipinos to become more financially responsible, we start with our teachers,” Mr. Deriquito said for his part.
So with that, why don't we send our favorite teacher some flowers, chocolates, or even a special, heartfelt message over e-mail or chat? He or she surely deserves our gratitude and appreciation. Happy Teachers' Month, Ma'am! Sir!