Financial literacy to transform the lives of girls in the Philippines and Indonesia through Plan International’s partnership with Visa
Plan International has partnered with Visa, the world’s leader in digital payments to improve the financial and business literacy of girls and young people in the Philippines and Indonesia. The partnership aims to boost financial education among youth and young entrepreneurs from disadvantaged backgrounds and build on the combined strengths of both organizations to help girls take better control of their careers, lives and future.
As the key to unlocking economic growth in many developing markets, young people need to master crucial financial knowledge to maximize and create their own opportunities. Financial literacy has proved to be a core life skill for individuals to participate in an increasingly complex society, to better manage their money and improve their quality of life. However, low levels of financial literacy can hinder this potential. Improving awareness and skills on financial management, especially among young people transitioning from school to wage employment and small-scale entrepreneurship, therefore is essential.
About the partnership, Vice President of Inclusive Impact & Sustainability at Visa Patsian Low said, “At Visa, we believe empowering young people, especially girls, with knowledge of formal financial systems has significant economic benefits. Our partnership with Plan International will impact the lives of thousands of young people by providing them with education and skills that will enable them to become financially independent adults who contribute meaningfully to their families and communities. This is just one way we are delivering on our purpose to uplift everyone, everywhere by being the best way to pay and be paid.”
Girls and young women especially need useful financial literacy, namely how to manage their finances, pursue income opportunities, pay for expenses, and plan for the future, to facilitate their transition into living independently and boost their capacity to make decisions for themselves.
“Having access to useful and affordable financial products and services that meet their needs, delivered in a responsible and sustainable way ensures that vulnerable and excluded young people, especially young women, are resilient and are actively engaged in decent work of their choosing. Plan International strongly believes that our partnership with Visa will contribute significantly to strengthening market-driven skills, promoting financial inclusion, and building resilience that enable young women to compete in a 21st century labor market,” stated Bhagyashri Dengle, Executive Director, Asia Pacific, Plan International.
In the Philippines, this project aims to enhance and localize the financial literacy content in Plan’s ‘Hope Town Hero’ app. Aside from work readiness skills, the app also teaches basic financial literacy skills such as building a healthy money mindset and it has an in-game tool that lets learners create financial goals and their monthly budget. Visa’s financial education modules will be integrated into the offline-capable, game-based app to amplify the reach, quality and impact of the program. The project targets to reach 5,000 young users and will be implemented in complementation with other projects under the Youth Economic Empowerment and Disaster Reduction and Management programs: Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), Tacloban, Cotabato and Metro Manila.
“The Hope Town Hero App captures the interests and hobbies of youth on digitalization. With the scenarios and interactive activities embedded in the app, we learn more about financial literacy and practical skills while enjoying the mini-games in a safe digital environment,” shared Mohamidin, 24 years old, youth leader from the Philippines.
In Indonesia, Visa’s Practical Money Skills and Practical Business Skills platforms will be part of Plan’s signature Girl’s Leadership Academy (GLA) program. The GLA workshops will provide a solid foundation of financial literacy for 50 girls and young women to transition from dependent to independent roles in financial responsibilities. In addition, Plan will reach out to around 10,000 young people – including 7,500 girls – to provide access to financial and business education via social media learning channels. Plan builds a network consisting of girls and young women across Indonesia, especially to reach those in rural areas, so they can have equal opportunities to learn.