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.
Project Reports on GlobalGiving are posted directly to globalgiving.org by Project Leaders as they are completed, generally every 3-4 months. To protect the integrity of these documents, GlobalGiving does not alter them; therefore you may find some language or formatting issues.
If you donate to this project or have donated to this project, you will get an e-mail when this project posts a report. You can also subscribe for reports via e-mail without donating or by subscribing to this project's RSS feed.
Youth Program Officer