Financial habits start as soon as a child learn about money. Educating the children about saving, spending, and even setting a financial goal must begin sooner than you think. The challenge is how to make finance for kids interesting, fun, and easy to understand.
BDO Foundation, in partnership with the Department of Education (DepEd) and Bangko Sentral ng Pilipinas (BSP) has come up with financial literacy teaching materials in the form of a video. This training tool was developed to promote financial education especially for public school students from as young as kindergarten all the way to senior high school.
Wouldn't it be nice for a 5-year old to know how to save up money from loose change to buy a toy he's been dreaming of?
“Young people are into watching videos. We thought it would be best to come up with financial literacy videos that would not just entice, but more importantly, educate them,” said BDO Foundation president Mario Deriquito.
He also said the strategy to leverage storytelling and music was meant to provide entertainment while educating children on the very important subject of personal finance. “The beauty of stories and songs is that they are easy to remember. Kids appreciate the materials better because they can easily imagine being the characters in the stories. This makes the materials so powerful in teaching and inspiring,” Deriquito continued.
Financial Education Videos for Children
There are five financial education videos for students have been released to date. These aim to catch students’ attention and enable them to learn about the value of money at the same time. The said tools, developed by BDO Foundation in partnership with DepEd and BSP, were deployed to public schools nationwide by virtue of DepEd Memo No. 32, series of 2019, signed by DepEd Secretary Leonor Briones
Walk Hard for the Money tells the story of an elementary school boy who chooses to walk to school instead of commuting despite being given allowance. Along with other money-making efforts, these eventually pay off, allowing him to buy an electric scooter, which he later rides to school.
"Bente Bente"
Using the catchy tune of "Tong, Tong, Pakitong-kitong" this video also conveys the same message of making efforts in saving up money.
"Umutang ay Di-Biro"
Inspired by the music "Magtanim ay di-biro", this video teaches older students to save their allowance, limit spending and pay debts on time.
"Ganda ni Girlie"
Girlie shows how a high school student’s resourcefulness and creativity help her earn income even in her youth.
“Save to Have a Million: Junior Edition"
By using a game show format, this video discusses the right attitude in handling money.
The videos for children are just part of the financial literacy learning tools. Other materials include lesson plans, discussion guides, and financial education videos for teachers and non-teaching personnel.
“It is very important that the students start the habit of saving while they’re young,” Deriquito emphasized. “This is our strategy for greater financial inclusion among Filipinos in the long run.”
A survey conducted by global financial services firm Standard & Poor’s revealed that only 25% of Filipino adults are financially literate. This is lower than the global average of 33%.
“We hope that the videos encourage the students not just to live for the moment, but prepare for their future by saving and spending wisely now,” Deriquito added.
Expect more financial education materials to be developed by BDO Financial together with DepEd and BSP in the future.
The foundation also has financial education programs for overseas Filipino workers and their families, army personnel and their families, and small farmers. Its programs will further be discussed in a web series on YouTube.
BDO Foundation is the corporate social responsibility arm of BDO Unibank.
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