Inclusion of financial literacy in school curriculum sought

MANILA, Philippines - Sen. Grace Poe is pushing for the inclusion of financial literacy in the high school curriculum to teach students about fund management as a tool to end poverty.

Citing a study by Standard and Poor’s which showed that 75 percent of Filipinos have no idea about financial concepts, Poe said there should be a heightened effort on the part of government and even the private sector to improve financial literacy in the country.

“Financial literacy is a tool that can be used to break the cycle of poverty. We can start with improving the personal financial education of our youth,” Poe said.

She said the government and the private sector could work together to strengthen financial education among Filipino youth.

By exposing young Filipinos early to financial literacy and consumer protection, Poe is hoping they would have a better appreciation of how to maximize the use of their funds.

She recalled the story of a lotto winner who lost his P14-million winnings in just four months due to poor fund management and investing in dubious, double-your-money schemes.

“We cannot protect consumers from these scams so long as the vast majority of our people remain financially illiterate. Financial literacy and consumer protection must be a common effort, a shared responsibility,” Poe said.