In today’s world, financial stability is a cornerstone for a brighter future. Yet, many Filipinos grapple with financial management, creating an imperative for collaboration among NGOs, government bodies, and individuals. Startling statistics from a financial summit expo depict that a significant 80 percent of Filipinos lack savings for future security.
However, there’s a glimmer of hope. A pivotal discovery emerges from the study, revealing that young individuals initiating savings early, often during their teenage years, develop superior financial habits. These savers are better equipped to secure their financial future, showcasing adeptness in personal finance management and effective retirement planning, as affirmed by the Bureau of Labor Statistics.
Moreover, a growing body of research indicates that individuals well-versed in financial literacy make more prudent financial decisions, accumulate greater savings, and build stronger financial portfolios.
Initiating Financial Literacy Among Youth
Junior Achievement (JA) Philippines, in collaboration with Wells Fargo International Solutions LLC – Philippines (Wells Fargo), is poised to continue bridging the financial education gap for young minds. Their JA Personal Finance Program, now in its second year, caters to the skill needs of Senior High School graduates in public schools, offering essential training and educational materials focused on enhancing financial literacy.
Krishna Alejandrino, JA Philippines Executive Director, emphasized the organization’s vision for the program, stating, “We are immensely grateful for partners like Wells Fargo, illuminating the importance of ensuring students’ financial literacy. As Benjamin Franklin said, ‘An investment in knowledge pays the best interest.'”
Echoing this sentiment, Mike Whyte, Country Head – Philippines at Wells Fargo, expressed, “Wells Fargo is honored to collaborate with JA Philippines for the second year in advocating for financial literacy. By educating youth on saving and smart money management, we aim to empower families and communities for financial wellness.”
The Wells Fargo and JA Philippines’ Personal Finance Program equips Filipino high school students with essential financial insights, enlightening them on money-management strategies, earning, budgeting, savings, credit, and investment.
The JA Personal Finance Program Year 2 aims to deepen the financial literacy of 10,000 senior high school students through interactive sessions and practical applications.
This program comprises two main components:
J.A. Personal Finance Component 1: Focuses on essential money-related concepts through five key learning sessions, addressing financial goals, earning, budgeting, savings, and smart shopping.
J.A. Personal Finance Component 2: Provides advanced training for Year 1 graduates, covering risk management and investment understanding.
By instilling these fundamental financial principles, the JA Philippines and Wells Fargo program empower young Filipinos to develop personal financial plans, paving the way towards a brighter financial future for the nation.
About Wells Fargo Philippines
Wells Fargo International Solutions LLC – Philippines plays a pivotal role in Wells Fargo’s global business strategy, providing operational and technical expertise to support its international operations, knowledge services, and corporate support teams.
