A boy who succeeds in getting his dream toy, an enterprising high school student who uses her creativity to earn income, and a modified version of a well-loved folk song—these are just some of the content used to teach youngsters the value of saving money and preparing for the future.
The materials, which come in the form of videos, are part of the training tools developed by BDO Foundation, the Department of Education (DepEd) and Bangko Sentral ng Pilipinas (BSP) to promote financial education among public school students from kindergarten all the way to senior high school.
“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.
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.
The videos include “Walk Hard for the Money,” which tells 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.
Another video, “Bente Bente,” conveys the same message to young school children to the tune of “Tong Tong Pakitong-kitong.”
Inspired by the Filipino folk song Magtanim ay Di Biro, “Umutang ay Di Biro” also uses music to tell older students to save their allowance, limit spending and pay debts on time.
“Ganda ni Girlie,” meanwhile, describes how a high school student’s resourcefulness and creativity help her earn income even in her youth.
“Save to Have a Million: Junior Edition” discusses the right attitudes in handling money through a game show.
Other than the videos for the students, the financial literacy learning tools also 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.
BDO Foundation will be developing more financial education materials 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.