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Financial literacy and adolescence

by UNN Feed



The annual World Economic forum at Davos happened last week. If you recall, our President Bong Bong Marcos attended the 2023 edition; and that was a great success in establishing globally what his assuming the office represented, and introducing him to several of the European heads of state and political leaders, who regularly attend the forum. The friendships and relationships created back then have gone a long way. For example, when the opportunity for our seafarers to work for European shipping lines was imperiled and averted last year.

This 2024 edition was themed “Rebuilding Trust,” and one of the pillars for reaching that goal is ensuring we all speak the same “economic” language. Mentioned as an essential here was propping up financial literacy in every nation – so that a greater number of people can appreciate what’s being done to drive them forward economically, and to better protect themselves when needed. 

THE WORLD Economic forum at Davos; and recalling last year’s edition, when our President attended. (mb.com.ph) 

So that had me picking up on a video created for the forum. In Denmark, it’s mandatory for teens to learn how to manage their money. At ages 13-15, they take lessons on financial literacy, how to budget and save, how banks and bank loans operate, and how to exercise their rights as consumers. The program has been in place since 2015, and evidently works as the country has a financial literacy rate of 71 percent, one of the highest in the world. And to make it practical, over 20,000 students across 700 schools take part in Danish Money Week annually. This is when financial sector professionals visit classrooms, and highlight the importance of knowing about money.

Singapore launched MoneySense in 2003, a national financial education program that covers basic money management, financial planning, and investment knowledge. While New Zealand has a free financial literacy program…

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