The Bangko Sentral ng Pilipinas (BSP) has launched the Youth Financial Inclusion (YFI) initiative to address the low levels of financial literacy among Filipino teenagers. The program aims to empower young Filipinos with the knowledge and skills needed to make informed financial decisions.
The Bangko Sentral ng Pilipinas (BSP) has launched the Youth Financial Inclusion (YFI) initiative to address the low levels of financial literacy among Filipino teenagers. Deputy Governor Bernadette Romulo-Puyat highlighted that only 27% of Filipino teens aged 15 to 19 have bank accounts , and a mere 21% have savings.
This program, launched on January 20, is part of the National Strategy for Financial Inclusion (NSFI) 2022-2028 and aims to encompass various aspects such as account onboarding, financial education, consumer protection, and advocacy, policy, and regulatory support.Romulo-Puyat emphasized the significance of engaging young people in financial literacy efforts, including incorporating their feedback to enhance understanding of crucial topics like spending, investing, and safeguarding against financial scams. She acknowledged the substantial influence this age group, numbering 31 million, possesses on the economy. The YFI initiative includes programs like an ambassador program, a hackathon, and the YFI Congress, providing Filipino students with platforms to share their insights on financial inclusion.Data from the ASEAN+3 Macroeconomic Research Office (AMRO) reveals that the Philippines boasts the second-youngest population in the region, with a median age of 24.5, projected to peak in 2092. National Youth Commission (NYC) chair Joseph Francisco Ortega stressed that Filipinos' lack of financial management and planning knowledge could have detrimental long-term economic consequences. The BSP's survey indicates that 44% of Filipinos lack bank accounts, with 45% attributing this to insufficient funds and 40% citing the absence of required documents. While the BSP does not specify a precise financial literacy target for the medium term, it aims to have half of Filipinos saving in formal financial institutions by 2028 and increase the percentage of Filipino adults with an 'acceptable' level of financial literacy. This encompasses understanding concepts like inflation, simple and compound interest rates, and asset diversification
Finance FINANCIAL LITERACY YOUTH PHILIPPINES BANGKO SENTRAL NG PILIPINAS BANK ACCOUNTS SAVINGS
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