Visa’s financial literacy programme enters sixth instalment

17:43 | 09/05/2017

Practical Money Skills, a financial literacy programme for students, is back for its sixth instalment, and is this year asking students to submit photographs that depict their daily struggles in managing their money.

visas financial literacy programme enters sixth instalment

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The programme has been run annually since 2012 by Visa and the Central Committee of Vietnam Students’ Association (CCVSA), with support from the State Bank of Vietnam.

The launch of the 2017 programme comes just after the Vietnamese government announced an upcoming major overhaul of the economy: by 2020, the majority of financial transactions in Vietnam are to be completed electronically. However, according to a recent survey conducted by Visa, only half (51 per cent) of Vietnamese respondents gave themselves a pass (6-10 points) on their knowledge of personal financial management.

According to Sean Preston, Visa country manager for Vietnam, Cambodia, and Laos, this is the issue that the programme is seeking to address.

“Vietnam’s economy has been changing rapidly in recent years, with more people now moving into the country’s middle and upper classes,” Preston said. “As the Vietnamese government seeks to reshape the economy in the next three years, it’s vital that consumers have a solid grasp of how to manage their finances—whether it’s simple things like creating a weekly budget, or more complex issues like taking out a loan for a vehicle or property.”

“By working with students across Vietnam, we are working with the next generation of community leaders, entrepreneurs, and mothers and fathers, to make sure that they have the kinds of skills that are necessary to thriving in the new economy.”

This year’s programme consists of two main phases. The first phase starts on May 9, 2017 and tasks students with telling stories about personal financial management through captioned photos. This could include everything from photos depicting struggles with the weekly shopping list, to not overspending when socialising with friends, to saving money for a holiday.

The best 50 entrants will be selected to participate in the second round of the programme which takes place on September 1. Six exhibitions and financial literacy seminars will be held in six cities with the largest number of participants.

visas financial literacy programme enters sixth instalment

To conclude the programme, the finalists will stand to win a range of exciting prizes worth up to VND15 million ($660) in Visa prepaid cards and a pair of flight tickets to Singapore – the biggest financial centre in Southeast Asia.

Last year, the programme was opened up to students right across the country. In 2017, Visa and the CCVSA have gone even further, drawing on CCVSA’s network to open up the competition to Vietnamese students that are studying overseas.

“As a leading organisation of students, we have partnered with Visa for a number of years to run this programme with the aim of helping young people develop the right mindset for their financial future. With the upcoming government plans to shift the economy, we believe this programme is a necessary investment and essential preparation for the future,” Nguyen Minh Triet, permanent vice chairman of CCVSA said.

visas financial literacy programme enters sixth instalment

A range of programme resources are available on the programme’s Facebook page, Instagram and YouTube to teach students the basic concepts of spending responsibly while learning to save and budget wisely. The official programme website (kynangquanlytaichinh.com.vn) continues to provide useful advice from programme mascot Pocket, together with handy financial formulas and other tools.

Within the 2017 programme, Visa will also give away 5,000 copies of “The Guardians of the Galaxy” financial literacy themed comic book. The comic pairs Marvel’s iconic superheroes with Visa’s financial smarts, which makes learning about finance management fun and entertaining for students. The books will be given to students participating in online and offline activities initiated along the event.

By Hong Anh

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