BSP, StanChart teach basic money mngm’t to students
Standard Chartered Bank and Bangko Sentral ng Pilipinas (BSP) jointly conducted financial education sessions to more than 800 elementary students from Maypajo Elementary School in Caloocan City.
BSP deputy director of the corporate affairs office Jay Amatong said the central bank believes in starting early to develop a young generation of financially-educated citizens.
“Saving is not about the amount saved. By exposing Filipino children to the many possibilities of what they can do now to make their future brighter, it teaches them the discipline to be prudent and be forward-thinking,” he said.
He pointed out the young generation would be able to improve their economic welfare and ultimately contribute to the development of the country’s economy
Mai Sangalang, country head of corporate affairs/ brand and marketing at StanChart, said the bank believes that education provides the foundation for longterm economic growth.
“Through our global program on financial education, we seek to uplift the level of financial literacy of our youth and help them understand the importance of financial security and equality,” Sangalang said
In partnership with Philippine Business for Social Progress and the Department of Education, the event was held in celebration of Global Money Week, a global money awareness celebration which aims to educate children and youth on money management to empower them to make smart financial decisions throughout their lives.
While financial literacy may be higher among Filipinos who are well-educated, wealthy, and who use financial services, a global survey still showed that Filipinos still rank low in financial literacy.
A survey conducted by S&P Global Ratings showed that only 25 percent of Filipinos are financially literate which means that 75 percent of Filipinos have no idea about inflation, insurance and even the idea of having a savings account in a bank.
For three years now, StanChart and the BSP have partnered in educating students on the basic concept of money and practical ways on how to manage their finances wisely.