Money-Wise Minds Campaign: A Call For Inclusive Personal Financial Management Education

Money-Wise Minds Campaign: A Call For Inclusive Personal Financial Management Education

0 have signed. Let’s get to 100!
At 100 signatures, this petition is more likely to be featured in recommendations!
Money-Wise Minds started this petition to Public and

WHY IS HAVING FINANCIAL KNOWLEDGE IMPORTANT?

             It was inevitable that significant changes within our society were made to contain the damages that the global pandemic could bring. Because of such changes, our financial, professional, and social environment was greatly affected on a massive scale. COVID-19 has caused vast economic damages to our country which led to rising hunger and poverty rates, inequality, and millions of Filipinos losing their livelihood, worse yet, even their very lives. In such trying times, it is even more important to be financially prepared now more than ever and have the knowledge of how to plan and manage one’s finances because it can help serve as a buffer against unexpected financial emergencies and secure one's future amidst the overwhelming uncertainties brought by the viral outbreak.

WHAT IS THE PROBLEM?

            The current financial mindset of most Filipinos is worrisome. According to the National Economic and Development Authority (2021), when Filipinos receive their salary, they are most often inclined to spend first and only save whatever remains after the expenses incurred, which means that there’d be no savings if none is left after spending the money. Other reasons as to why they don’t save according to ABS-CBN (2017) include insufficient funds, leaving important financial decisions to fate, lack of knowledge on how to save, being buried in debt, and believing that it is too late to save. It is easy to say that most of these problems could be resolved by being properly educated on personal finance. But the problem is, Filipinos lack the specific knowledge that is needed to make sound and informed financial decisions (Lucas, 2018). Evidence shows that the youth have lower financial literacy compared to their elders (RFLE Trust Fund, 2013). It is to be expected that a lack of financial education during one’s youth will lead to vulnerabilities and negative consequences later on in their life. In light of our country’s alarmingly low financial literacy levels, it is clear that inclusive personal financial management education is imperative and should be given the attention it deserves.

HOW CAN MONEY-WISE MINDS CAMPAIGN HELP?

           Money-Wise Minds hopes to become an advocate of financial awareness and will aim to provide easy-to-understand resources which are targeted towards the youth. Such resources will contain information regarding basic personal finance principles as well as sound practices in earning, spending, saving, and investing. We seek to educate young minds and mold them into financially knowledgeable and responsible individuals who are capable of pursuing their goals whilst not being shackled by their insufficient financial literacy. Additionally, this campaign will serve as a call for action to end financial ignorance in the Philippines.

References

ABS-CBN News (2017, September 25). 5 reasons why filipinos don’t save money. Retrieved from: https://news.abs-cbn.com/business/09/25/17/5-reasons-filipinos-dont-save-money

Lucas, D. L. (2018, May 28). Many filipinos seen as still “financially illiterate”. Philippine daily inquirer. Retrieved from: https://business.inquirer.net/251498/many-filipinos-seen-still-financially-illiterate

National Economic and Development Authority (2021). Financial literacy for filipinos: Understanding for better living. Retrieved from: https://nro13.neda.gov.ph/financial-literacy-for-filipinos-understanding-for-better-living/

RFLE Trust Fund (2013). Financial education for youth and schools. Retrieved from: https://www.oecd.org/daf/fin/financial-education/TrustFund2013_OECD_INFE_Finl_Ed_for_Youth_and_in_Schools

 

SUPPORT THE CAUSE!!

Check Out Our Official Facebook Page

0 have signed. Let’s get to 100!
At 100 signatures, this petition is more likely to be featured in recommendations!