MANILA, Philippines - Learning to save and spend wisely should start at an early age, the Bangko Sentral ng Pilipinas said, as a new Money Matters for Kids exhibit opened this week.
“We are trying to generate courage for the public particularly children to move towards the formal financial system,” BSP Deputy Governor Nestor A. Espenilla, Jr. said in a briefing.
The BSP has long pushed for financial inclusion to enable more Filipinos have access to financial services such as credit.
The Money Matters for Kids exhibit, which will run until Aug. 18 at the Metropolitan Museum of Manila along Roxas Boulevard, is part of the central bank’s efforts in providing economic and financial education to the public.
“One of the things we have learned from our studies is that ordinary people don’t really want to go into banking offices because they feel intimidated,” Espenilla explained.
He cited as an example, sari-sari store owners who would be discouraged to enter banks as they would feel the need to dress formally before transacting with smartly-dressed bank officers.
As a result, people would opt to borrow from informal money lending businesses such as the so-called “5-6” financiers.
“But we’re encouraging our banks to accommodate all people from all walks of life and make it comfortable for them to experience banking,” Espenilla said.
The exhibit has a section where kids will be taught to use the automated teller machine (ATM) and learn about bank officers such as managers and tellers.
The central bank believes this will help the children familiarize themselves about opening bank accounts, and making deposits and withdrawals.
The exhibit ultimately encourages the public to funds in banks instead of keeping these at home so more money would be available in the financial system for loans and investments.
Despite an improvement in the country’s savings rate to 27 percent at present from only 14 to 15 percent a decade ago, a lot of Filipinos are found to have no bank accounts and are still keeping their savings under matresses.
“This exercise is a process of acquainting our children to be comfortable in using the financial system… and to understand the value of money,” Espenilla said.
The BSP earlier put up a Money Matters for Kids exhibit at the University of the Philippines in Los Baños, Laguna and another in Gateway Mall in Quezon City. The central bank is planning to open a fourth one in Cebu City in October this year.
“What we want is to bring this to key locations outside Metro Manila and make the public comfortable with the banking system,” Espenilla said.
Aside from bank services, the exhibit also features information on coins and notes, and even has a mock grocery shop where kids will be taught how to budget and to distinguish between wants and needs.