MANILA, Philippines: What about senior high school students’ topics on investing, saving, plan, and taxes?
Lordan Suan, a representative from Cagayan de Oro City, has suggested incorporating economic literacy education into the senior high school education to assist students in making wise financial decisions in the future.
House Bill No. was filed by Suan. Fears that few Filipinos have a solid understanding of financial literacy led to the Financial Literacy Education bill, or 9162.
Reports of Feature
According to him, the initiative acknowledged the have “to increase financial literacy in the nation to improve the economic well-being of every resident and society.”
The proposed measure, according to Suan, in the senator’s descriptive word, “aims to provide students with the knowledge, skills, and attitudes needed for informed financial decision-making, managing personal finances,” and “contributing to national economic development” by integrating financial education into the educational system.
He continued, “We can give young people the knowledge and skills they need to understand the economic environment, make informed decisions, promote their financial well-being, and contribute to a healthier economy” by teaching financial literacy in basic education.
Suan cited the Bangko Sentral ng Pilipinas (BSP) 2021 Financial Inclusion survey, which found that many Filipinos “do not know or have less exposure to financial literacy,” when he filed the bill in September of last year.
According to the survey, 70% of respondents correctly answered half of the questions and 2% were able to correctly answer all six fundamental financial literacy questions.
‘Worrisome’
30 percent of respondents were familiar with the idea of simple and compound attention, while 42% were aware of how prices affected their purchasing power.
Only “a tiny fraction, or 7 percentage, had participated in a workshop or webcast to improve economic literacy,” Suan emphasized.
He described the findings as “worrisome” because few people, if any, have any knowledge of calculating monthly interest rates and the majority do not comprehend straightforward and compound interest works on benefits.
Furthermore, according to Suan, only half of the people expressed interest in taking part in the BSP’s financial literacy coaching sessions.
In order to cover subjects like private banking control, budgeting, saving, investing, credit and debt, insurance and taxes, etc., HB 9162 proposed including financial literacy in the senior high school education. be imparted to individuals.
The Financial Literacy Curriculum and the Required Training Supplies, which are “age acceptable and designed to provide students with the skills and competencies to make good economic decisions,” may be developed in collaboration by the Department of Education, BSP, and Finance.
Through the development and improvement of the curriculum through additional assets, training, and educational materials, the three organizations will also carry out teaching programs for teachers on financial education and work with various financial institutions. Murky.