Teach 15,000 rural kids to save and invest

 
$1,792
$8,208
Raised
Remaining
Aug 18, 2011

Children in Davao gained access to savings account

Children's right to participate also include the opportunity to be a part of a financial system.  This will give them the right mindset about savings and the confidence to make wise economic decisions.  The Aflatoun program through its child-friendly savings component provides children the easy access to open a savings account; a small step that could spell a bright future for children.   

On August 9, 2011, the school children in Panabo City felt proud as they received their first savings passbook.  For less than a dollar, they were able to open a savings account; a school-wide savings program in partnership with the local credit union, Panabo Multi-Purpose Cooperative.  As these children learn the concepts of savings and responsible spending, planning, and budgeting in the classroom through the integrated Aflatoun modules, they were inspired to allot a portion of their daily allowance to savings.  In a country considered as having the lowest savings rate in Asia, this effort is a big leap to a financially-responsible and savings-conscious Filipinos.  

Parents are happy as well to have this kind of program implemented in schools.  "Who would have thought that for P30 ($0.60), my child can already save in a safe and secure savings account that also earns interest?" beamed Aling Tess, a parent of one of the pupils.  The parents are also inspired by what their kids are doing.  Most of them also opened a savings account with the local credit union partner.  "I want to set a good example to my daughter" added Aling Tess.  Children learn what they live.  

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Organization

Project Leader

Lasalette Gumban

Youth Program Officer
Quezon City, Philippines

Where is this project located?

Map of Teach 15,000 rural kids to save and invest