I have a teenager and one of the things that I want him to learn is how to handle his money. He gets an allowance from me for lunch and I make sure that I give him an extra. I've taught him that he needs to put away 20% of what he gets from me. I'm really hoping that he learns to save.
A few weeks ago, his cousin was able to attend an event sponsored by Kidzania and BPI where his cousin learned what it's like to "work" and earn money.
Researchers and educators across the world have proven that play-based learning is crucial on children’s intellectual growth and development. For the known ardent advocate of financial literacy for kids, BPI Family Savings Bank (BFSB), providing children with active and playful hands-on experience is crucial in instilling financial responsibility.
This drove the Bank to further its financial literacy efforts and tap theme park KidZania, where both would form a learning environment to prepare children for the challenges and demands of the future. Since 2016, over 800,000 children have learned the basics of banking and financial responsibility through this partnership.
KidZania is an indoor city run by kids, where they can earn and spend kidZos, or KidZania’s currency, when taking part in activities, as in the real world. Children can fill over a hundred roles across 65 establishments, where they can work for companies in various industries such as publishing or pharmaceutical, or pay for services rendered in a beauty salon or training in a school.
Financially savvy kids
“Ultimately, they gain financial awareness as they have the liberty to manage their own kidZos—from budgeting to spending and saving,” Go said. “Kids learn that they can earn money by being productive and useful, that they can use the money for their needs and wants, and that they can save money for their future, to achieve bigger dreams.”
Go said this is all part of BPI’s vision of “Building a Better Philippines”, where every Filipino has access to financial services and possesses practical knowledge about saving and investing.
Inside KidZania, there is a special BPI branch where kids are given special accounts and ATM cards for their kidZos, the currency used in the theme park. Their savings gain interest over time, which the kids can spend in their next visits. BPI is the exclusive bank partner of KidZania.
Reinforcing financial literacy
Go said an example of a very useful product for kids is the Jumpstart savings account which is available through BPI and BFSB. Jumpstart is for children aged 10 to 17 years old and requires only a minimum deposit of P100. A portion of the funds can be protected from unplanned withdrawals, and parents can easily transfer money to the account for allowances. The Jumpstart Debit Card can also be used for cellphone reloading.
“People can rest assured that BPI will continue to educate and make saving easy for this generation. Through our partnership with KidZania and our other financial education programs, we hope to make lives better for a lot of our fellow Filipinos,” Go said.
For more information about BPI’s Jumpstart and other savings products, visit https://www.bpi.com.ph/bank/savings.
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