Sen. Bam to Parents: Teach Financial Literacy to Children

Sen. Bam to Parents: Teach Financial Literacy to Children

Senator Bam Aquino calls on parents to put this two-month summer vacation to good use by introducing their children to financial literacy, saying it’s a good jump-off point to a successful career in business and entrepreneurship.

“Financial literacy is a good jump-off point in business and entrepreneurship. Who knows, maybe the owner of the country’s next big company could be your son or daughter,” said Aquino, chairman of the Senate Committee on Trade, Commerce and Entrepreneurship and Committee on Youth.

Aquino said parents should establish a small business that can be run by children, like a candy store, ice candy or a sago-gulaman stand.

“This way, we can teach our children the importance of saving and spending money wisely.  While doing the small business venture, we can have quality bonding time with them this summer vacation,” the senator emphasized.

Aquino believes that by starting them young, today’s children will be equipped with knowledge and foundation to become the next big names in business and entrepreneurship in the future.

“A sound financial knowledge and skill set is needed to start a good business and turn it into a success,” Aquino said.

As an example, Aquino cited the Tagum City Youth Laboratory Cooperative (Mindanao), which was adjudged as one of the Ten Outstanding Youth Organizations (TAYO) for its project: “Financial Literacy for Youth Program”.

The senator said that TCYLC went around schools in Tagum City to teach students the basics of saving and encourage them to join the cooperative.

TCYLC started with 48 members, with savings amounting to P8,000 four years ago. At present, it has more than 1,000 members and about P2 million in savings.

Recently, Aquino’s two committees conducted hearings on several measures seeking to teach students about financial literacy in schools.

During the hearing, Aquino was informed by the Department of Education (DepEd) that it has already started teaching financial literacy in elementary schools.

“According to recent studies, financial literacy should be taught in the elementary level, especially to Grade 3 and Grade 4 students,” Aquino emphasized.

Aside from the DepEd, other agencies such as the Commission on Higher Education and Technical Education and Skills Development backed proposal to teach financial literacy to young students.

Aside from financial literacy, these bills seek to establish funds where students can borrow seed money to start their own small business.

 

Photo source: DTI Website

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