The value of thriftiness and the wise use of money are behavioral outcomes that the Aflatoun Child Social and Financial Education would like to impart to the rural school children in the Philippines. Last July 19-23, 2010, 10 schools in the province of Leyte were visited and more than 5,000 pupils were given orientation about the value of financial literacy. The children were also being introduced to the child-friendly savings model in partnership with the local cooperatives.
The child-friendly savings model allows children to open an account with less than $1 and without the usual bank restrictions through a safe savings account. Each week, they can save for as low as $0.50. They have their individual savings passbooks also where their savings and withdrawals are recorded. This is a good opportunity for poor children to be involved in a financial system. This exposure will inspire them to be wiser in handling their resources so that in the future they will be better equipped to manage their finances. Because some of the schools are far from the cooperative banks, a representative from the cooperative visits the schools to collect and record the savings of the children. Bringing the bank to the schools will ensure that children will have full access to the savings activity and will have the opportunity to experience the financial system while they are young.
NATCCO is very much grateful to the supporters of the program. Your contribution is giving hope to the financially-disadvantaged rural school children to break the cycle of poverty through the wise of use of resources and financial education. If you have some questions about the program, we would be glad to hear your thoughts about it. Your thoughts and opinions would really add value to our program.
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Youth Program Officer