This Is How To Handle Your Money

Financial Literacy Begins In School...And At Home

- By Cecile J. Baltasar

A crucial part of the Insurance Commission's (IC's) push to strengthen the country's insurance sector is to empower Filipinos with financial literacy and risk management skills. IC Commissioner Reynaldo Regalado is steadfast in his call for players in the industry to support financial literacy programs and optimize technological innovation to increase the public's access to financial products and services.

There are necessary changes for this advocacy to thrive in the country. One element, which is already being carried out, is the commission's collaboration with schools and universities to promote financial education among K to 12 students, as well as those in the tertiary level.

STARTING YOUNG

With lessons adjusted according to grade level, the key financial concepts being taught in Philippine schools remain the same. Students are learning the basics of earning, saving, spending, and budgeting. They are also taught about the nuances of donating and investing their money. In higher levels, children are given practical lessons on consumer protection and entrepreneurship. Also valuable are lessons in the finite value of money and resources, the process of acquiring these, and managing assets.